Mexicans In U.S. Sending Less Cash Home

12% Drop In Remittances In August Is The Largest Reduction Since The Bank Of Mexico Started Keeping Track

(AP)  Mexicans living in the U.S. sent home 12 percent less money in August, the largest drop on record since the Bank of Mexico began tracking remittances 12 years ago, the central bank reported on Wednesday.

Remittances began dropping early this year, economically stranding many small towns and neighborhoods that live off the stipends. The Bank of Mexico said remittances will likely continue to fall in the coming months because of the "difficult problems the U.S. economy faces."

The bank said remittances in August dropped 12 percent to $1.9 billion. That compares to $2.2 billion in August 2007.

Migrants living in the U.S. have sent home $15.5 billion in the first eight months of this year, 4 percent less than the same period the year before.

A slowing U.S. economy and stepped up immigration enforcement by the U.S. government, including record deportations and increased border security, are behind the drop.

Remittances are Mexico's second-largest source of foreign income, next to oil exports.

Nearly all of it comes from the United States, home to 98 percent of Mexicans living abroad. At least 11 million Mexicans live in the United States.

Mexico's economy has largely weathered the global economic crisis, buoyed by a national housing boom and government-funded infrastructure programs.

But Treasury Secretary Agustin Carstens said this week that Mexico will still be hit by the global crisis, as tourism drops and continued volatility deflates oil and other commodity prices. He has lowered his annual growth forecast for Mexico to 2.5 percent.

[miamimama3]

So? Why is this news? Most US citizens have less left over at the end of the month these days. Why would migrants be any different in this picture?

[dillypickles]

Goodness!!!! I did not realize that the dollar amount was that large!!! Billions of dollars going to Mexico!! That money would go far to help stimulate our economy!! We are literally funding almost everything in Mexico. Nice to see that they are feeling the crunch just a little bit. *snark*

This just boggles the mind and here Prez Bushie says that they are doing the jobs no one else wants .....bah!!! They are also sending that money back to their own country and then when they are discontent they protest in our country!! How does all of that help our country?? Our people??

Sheesh!!!!!!!!!!!!

[thevicar1]

GREAT NEWS!

Hopefully, it will begin to sukk so much to be in America, the dang criminal whetbacks will GO HOME!

[dillypickles]

I''m living on $500 a month disability.....am 60 years old & don''t have health care coverage and cannot get the free coverage that the Mexican-Americans get here because I''m Caucasian.....have begged and pleaded to no avail. My hope is that I''ll make it to 65 & get Medi Care. I have worked ALL my life and paid taxes and Social Security since I was 16 and now when I need just a little help.....am left out in the cold.

Others are in the same boat.....I know my case is not unique.....anyway.....that is why I''m a little ticked off at this situation.

Not to mention the million dollar severance amount that the CEOs of failing companies are getting and then to read that billions are supporting another country.........well.......

I did not even earn enough to get the stimulus check the first time .... nor did I get one this last time. Bah!! The ones who need it the most were the ones who did not get it................

[nwarky1]

The Mexicans are feeling the crunch a little. But when their children are sick, we pay, and we are paying for their old folks to come here and retire on our social security, and medicare.

Wake Up America.

The Mexicans are not doing this to you.... Your corrupt government is doing it to you.

Get honest folks that you know to run for office, and vote for them. It''s the only way to get our country back under control.

[erasmus81]

GREAT NEWS!

Hopefully, it will begin to sukk so much to be in America, the dang criminal whetbacks will GO HOME!
Posted by TheVicar1 at 02:06 PM : Oct 01, 2008

Now that''s not very nice. How are you going to feel when you have to come to Canada to get a job, and we all start talking about you like that? :)

[nwarky1]

My last statement does not in anyway mean that I support the south of the border criminals being here. I think we should put them on a rail and tar and feather them and ride them back across the border without so much as a Peso.

[nwarky1]

When we come to Canada, it will no longer be called Canada. It will be called the 51st state. Maybe I''ll name it Arcanada, or maybe New Canada. I like that.

[thevicar1]

Now thats not very nice. How are you going to feel when you have to come to Canada to get a job, and we all start talking about you like that? :) ------------------------------------- Posted by erasmus81


It will be worth it, once my pockets are stuffed full of those fantastic, priceless, Canadian Dollars!!! eh?

[nwarky1]

Geezus Christ and a couple of by gods, eh.

[nwarky1]

I speak better Canadian than I do Mexican.

[erasmus81]

"When we come to Canada, it will no longer be called Canada. It will be called the 51st state. Maybe I''''ll name it Arcanada, or maybe New Canada. I like that." Posted by nwarky1 at 02:18 PM : Oct 01, 2008

Haha. Good luck.

"I speak better Canadian than I do Mexican."

Well, it wasn''t too bad.

[lewiston14]

I speak better Canadian than I do Mexican.

Posted by nwarky1

Anybody from Canada can say TACO gee

[erasmus81]

"AWWWWW, poor Mexicans. If they are hungry I have an idea. Lets donate milk, we''''ll have it shipped over from China" Posted by getoffmine1 at 02:31 PM : Oct 01, 2008

Why would you have to ship it from China? Just give them YOURS. Oh, and don''t forget the chocolate bars.

[erasmus81]

"We''''re Americans, the day we need to come to Canda to work is the day we take it over and make the natives serve us. We did it before and we''''ll do it again. American''''s will always rule, that is the way God wants it." Posted by getoffmine1 at 02:33 PM : Oct 01, 2008

Geez, I hate to be mean, but have you taken a good look at things lately?

If you want to take over, I suggest you better haul all your military back from ???. You''ll have to excuse me, I lost track of all the different countries they are in. They must be pretty scarce at home.:)

[penskeone]

Funny how things work! The riches man in the world, is in Mexico! Carlos Slim, more money then Bill gates and warren Buffet together. yet that explains why 70% of the poppulation is in poverty.


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Posted by bloopfish



So what is your point?

[penskeone]

Who cares where Mexicans send their Money!


We always tend to blame Mexicans for our foolish Mistakes!

[frankinaz]

"We are literally funding almost everything in Mexico. Nice to see that they are feeling the crunch just a little bit.*Snark.*
Yes, but the joke''s on the Legal American citizen taxpayers: This country sends millions of dollars in aid to countries such as Mexico, and the government there taxes the money sent home by large numbers of Mexicans working in this country, who are mainly illegally here.
Then, the US pays the bills for the health, education, incarceration, and other costs associated with immigrants, again, mainly illegal ones from Mexico.
Therefore, with cash coming in from it''s people, foreign aid, natural resources and other means, why should present and future leaders of the Mexican government ever change their corrupt and greedy ways?
For generations, the Mexican Government''s top leaders
having gladly taken US aid, taken money that was
earned in this country by it''s citizens illegally here, stuck the taxpayers here with the costs of those people, and have laughed at the US all the way to their banks.

[mytoosense]

Mexicans living in the U.S. sent home 12 percent less money in August...

Wow, Bush is going to be pissed!!!

[missingamerica]

Can''t say anything bad about the Mexicans sending money out of the country.

If you do, you have to whack all of the wealthy people who have been using their multiple "tax cut" savings to invest in nations where they get higher returns...

Or when they invest in corporations that build factories in nations where they make fatter profits...

All due to the lack of labor and environmental laws in those other nations.

Sigh...I don''t think the Republicans have done a single thing that was good for the bottom 95% of America.

Besides get caught, once in a while.

[drivelphobe]

bloopfish...

NO one is against abortion in the event of a rape, incest or when it is necessary to save the mother''s life. It''s the selfish act of using abortion as a method of birth control that has every decent human being upset.

Get a grip!

[thevicar1]

The waiting lines of cars are long and burdensome. Those cars are on the Mexican side, full of Mexican citizens crossing over to spend their hard earned dollars in United States border cities. Ask the leaders of border cities like San Diego, El Paso, Laredo and Brownsville what would happen if Mexican commerce dried up in those cities and the others in between. ------------------------------------------------------ Posted by BajaJohn1


NO, ASK hard-working, honest, WHITE Americans HOW FAST they would move into those cities, if only they could get rid of the cockaroach-infested, filthy Taco-Benders first!!!

[synjyn2004]

I have been saying for the last few years - tax wired funds at 40%. If you file a legal tax return you would get that credit towards any tax owed. If not then we get the tax money they are not paying. Then it becomes less desirable to work here and support families across the border. And to wire you would need a SS#. If it turns out that one # shows thousands of funds transferred that does not match earned income amounts, put them in jail. I have had enough of this ***.

[dinkydog1]

I have been saying for the last few years - tax wired funds at 40%. If you file a legal tax return you would get that credit towards any tax owed. If not then we get the tax money they are not paying. Then it becomes less desirable to work here and support families across the border. And to wire you would need a SS#. If it turns out that one # shows thousands of funds transferred that does not match earned income amounts, put them in jail. I have had enough of this ***.


Posted by synjyn2004 at 04:19 PM : Oct 01, 2008

................

I don''t get it. Illegals avg. less than $10 per hour. If legal, at that wage they would pay no income tax and get a yearly check for an earned income credit. Why not let them stay illegal and keep the check?

[credibility2]

Oh the poor little criminal alien dears! Maybe their families could go to the Mexican government and get some aide to help them make ends meet now that our economy is slowing things down for the illegals.

[paris1969]

TheVicar1 wrote: "NO, ASK hard-working, honest, WHITE Americans HOW FAST they would move into those cities, if only they could get rid of the cockaroach-infested, filthy Taco-Benders first!!!"
..... these are the words of a demented mind ... I bet there are other groups you hate too!!

[tburzio]

Charity finds that U.S. food aid for Africa hurts instead of helps

http://www.iht.com/articles/2007/08/14/news/food.php

[erasmus81]

"but when you get on here sticking up for illegals who steal our resources I feel the need to point out we could take you if we wanted to" Posted by getoffmine1 at 04:16 PM : Oct 01, 2008

Actually I wasn''t REALLY sticking up for illegals. I don''t like people entering the country illegally either. I just wanted to know how you would feel and what you would do,though, if you were desperate and needing a job and money for your family to live.

And as far as being easy to just walk in and take what you wanted, do you think it would be that easy?
I think you may be surprised at what you would find.

[erasmus81]

"...but when you get on here sticking up for illegals who steal our resources..." Posted by getoffmine1 at 04:16 PM : Oct 01, 2008

So what exactly have you been doing about STOPPING the illegals from getting in, anyways?

[lovesamerica]

No one living in this country,making a living while receivcing public assistance of any kind, should be allowed to send money anywhere except back to the gov. that is supporting them. And no one living in this country as a citizen should be allowed to put their money in another country as a tax shelter. Live here toatlly or go somewhere else. I am tired of working 15hrs a day to support these types,while not getting ahead myself

[shimano35]

Go by any construction crew on any highway in any state and there will be illegals working for them. Nobody will stop them.

[credibility2]

An Obama initiative if he''s elected will find him funneling billions out in aid to help mostly African nations. The money should be reduced and diverted back to our own nation. There are many reasons why Africa has so many starving; things like corrupt governments, land that can no longer sustain agriculture, ignorance, a lack of education, poverty and over-population. Never mind the issue of a lack of jobs, since most of these people refuse to do anything but be tribal and living off of the land.

[mcv57]

I don''''t get it. Illegals avg. less than $10 per hour. If legal, at that wage they would pay no income tax and get a yearly check for an earned income credit. Why not let them stay illegal and keep the check?


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Posted by dinkydog1

Because most of the time its tax free and it steals it away from taxpaying Americans.

[mcv57]

Go by any construction crew on any highway in any state and there will be illegals working for them. Nobody will stop them.
---------------
Posted by shimano35

This is the reason why America is bankrupt: Government and Corporate Corruption. This Bail-Scam is just a smoke screen. Billions will be paid for forclosures; only to sell to illegal Mexicans who can not afford it. The Scam: NO REGULATION; NO ACCOUNTABILITY; AND MASSIVE CORRUPTION!!!

[ssm9451]

Why not just make Mexico another state and tax the h*e*l*l out it and everyone living there.

[dewbug2]

All yoonz guys is fulla baloney....i know why they ain''t sending money back....all the mexicats are HERE now....nobody lives there any more,there ain''t nobody to send it to......

[bhappy2-2]

The ILLEGAL ALIEN INVADERS have brought this country to its'' knees. We need to get rid of all the ILLEGAL ALIEN INVADERS, by any method that works. This includes shooting them when their ILLEGAL ALIEN INVADER feet touch American soil. If they can''t come here legally they DESERVE to be treated like the CRIMINALS they are.

[cattiej]

The illegals are sending less money home,I don''t think so...After all Western Union moved out of St.Louis,Mo and went to Mexico, the Dominican Republic and I think Peru. Now you no longer will get a Western Union from an American company saying your loved on died or is missing in action. Obama is the co-author of the comprenhensive immigration act to give the illegals amnesty and a almost free college education for the children of illegals...Does anyone know if they have found the birth certificate of Obama and just where he was born.It seems to be the topic of conversation on comment sites.What part of illegals don''t our corrupt Congress understand. they just take the money from the Mexican government lobbyists. How many of the banks are owned by Mexico in the U.S. & are going to receive a hand up with the bailout?

[cbsblogger]

Have you ever wondered how the Bank of America and other US banks who connived on ways to give mortgages to illegal aliens made out?

[bhappy2-2]

niceface69- The Pilgrims were not at Jamestown. They landed at Plymouth Rock. Totally different than todays ILLEGAL ALIEN INVADERS. Back then, there were no laws to prevent the immigrants. Today there are, they just aren''t enforced. Too many people making money off the ILLEGAL ALIEN INVADERS.

And, since I am part Native American, your jab has no effect on me. Nice try, though.

Are you an ILLEGAL ALIEN INVADER or just an ILLEGAL ALIEN INVADER SUPPORTER?

[cattiej]

There are lot of illegals working in Chinese restaurants, also a lot of illegal Asian''s to. I believe in immigration, not illegal aliens. I don''t want to hear the junk about the Indians back in the 1500-1600. This is too serious a subject at this time in history. We are NOT responsible for what people did 300-400 years ago.If you want to blame people of old, then lets go back to Adam and Eve..
Lets be serious, our country is falling apart, our citizens are ready to revolt, our Congress is corrupt because of the lobbyists and is only going to get more disconnected to the middle class and the poor people here in America. We are in an unjust war, thanks to Bush and Cheney.
McCain was a member of the Charles Keating 5, Savings & Loan s back in 1989.
Andrew McCain,(John McCain''s son) served on the Board of Silver State Bank, Henderson, Nevada before regulators shut it down back on Sept 1, 2008. So, I don''t know how McCain could say the country was in good finincial condition a week before George & Henry asked for 700 Billion dollars to bail out the Bank Bandits of other banks and mortgage companys in trouble.
Obama probably stands to make millions off this bailout and is in the pockets of the lobbyist too.

[cattiej]

I read last night that the Major of Los Angeles is going to built a lot of new homes,for poor people, with so called private money and some goverment money (that means the U.S. taxpayers). I think the article said that he was going to spend 5 billion. Another comment was that they would cost approximately $250,000 each. How is a poor person going to afford to pay the taxes in Ca. on a home of this price,who would give a mortgage to someone who makes maybe $20K or less a year?. They would get a mortage, lose it for non payment, the house would be bought by speculators or people who would rent them to Section 8 or illegal aliens. What a country!

[toolmangler-2009]

Mexicans In U.S. Sending Less Cash Home




Thats because we can''t afford to pay them anymore. They will have to immigrate to China. China owns America now

[heero78-2009]

Adam and Eve were Americans?

[bm6005]

Better idea, send all the illegals home to Mexico!!

[winslowe1]

With most of their families having sneaked in by now, there are fewer to send money to.

[slim1h2o]

A slowing U.S. economy and stepped up immigration enforcement by the U.S. government, including record deportations and increased border security, are behind the drop.

Keep up the good work INS, but more can be done.

[babooph]

Imagine if they had to pay insurance & tax bills ,like the poor slobs that are legal get stuck with !

[babooph]

Oops -got to respnd to someone Adam & Eve must have been democrats-they were naked.

[slim1h2o]

Imagine if they had to pay insurance & tax bills ,like the poor slobs that are legal get stuck with !


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Posted by babooph at 07:47 AM : Oct 02, 2008


Good point! Also, if they didn''t put three families in a one bedroom apartment, they wouldn''t have all that extra cash to send back home to begin with.