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.

[grammawhamma]

I''''m from an ag community, and I can tell you this: we have a large number of illegal Mexican farmworkers, but here''''s the catch. Who would be working in the fields (making less than minimum wage) if they weren''''t?
Posted by mdalerwill at 06:28 PM : Oct 02, 2008

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The solution is simple. Take the low risk prisoners out of our crowded jails and send them out to do the work the illegals are now doing. Gee they might even learn a trade as they work off their sentence. Win/win situation.

[mdalerwill]

I''m from an ag community, and I can tell you this: we have a large number of illegal Mexican farmworkers, but here''s the catch. Who would be working in the fields (making less than minimum wage) if they weren''t? Do you really think Generation Y are going to put down their ipods and stop watching television to go out in 100 degree-plus heat to pick grapes and peaches and cotton? It may not sound like it, but it''s hard work, harder than many Americans want to work. So whose jobs are they taking?

Oh, right, the construction industry jobs...except that no one is building right now because of the housing slump. I do have a close friend who lost his job in the construction industry, not to an illegal alien. The job is just gone with the soured economy.

Oh, yeah, the busboy jobs. Well, there''s a point there.

[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.

[babooph]

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

[babooph]

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

[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.

[winslowe1]

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

[bm6005]

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

[heero78-2009]

Adam and Eve were Americans?

[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

[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!

[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.

[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?

[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?

[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?

[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.

[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......

[ssm9451]

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

[mcv57]

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

[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.