« | »

Illegal Mexicans Only Sending $30B Home

From where else but the tireless champions of illegal aliens at the New York Times:

Money Sent Home by Mexicans Almost Stagnant in 2007

January 31, 2008

By Mike Nizza

The money sent home by Mexicans working abroad — known as remittances — is the country’s second-greatest source of foreign income, after oil exports. But the flow has been leveling off after years of growth.

According to figures released on Wednesday by Mexico’s central bank, remittances grew just 1 percent in 2007, to $23.9 billion. Not too many years ago, annual increases of as much as 20 percent were common.

Around the world, remittances from people working outside their native country have maintained a growth rate of about 10 percent as more people migrate across borders for employment. About $300 billion is sent home every year, three times the global total of official foreign aid, according to Jason DeParle of The New York Times, who wrote a series of articles last year on the phenomenon.

Mexicans are clearly missing the extra cash from relatives up north, as Elisabeth Malkin South of The Times found after a visit to the Mexican village of El Rodeo in October. And more statistics backed that up:

“One out of three people in these new states who was sending a year ago is not sending it home today,” [Donald F. Terry] of the Inter-American Development Bank said. “There are some 500,000 families who aren’t receiving this year.”

Another report cited Mr. Terry’s explanation for the trend, saying that “uncertainty of the future” has increased as a crackdown on illegal immigration and a weakening American economy have combined to reduce opportunities for Mexicans working in the United States.

Still, questions are likely to persist over whether the American economy is being damaged by remittances, or, conversely, strengthened as they recede. Here’s what Julia Preston, immigration reporter for The New York Times, said in a question-and-answer session last year:

I suggest looking at the bigger picture. As the Times correspondent in Mexico for six years until 2001, I frequently saw the impact of remittances. The funds go directly from immigrants to their spouses, parents and children. The money is often used to refurbish homes, streets and schools; to sustain the elderly; to beautify village squares and start small businesses. They have lifted many Mexicans out of abject poverty and into the consumer market, helping to stabilize Mexico’s economy and expand the demand for American goods. Mexico today is our third largest trading partner, with $332.4 billion in trade in 2006, behind only Canada and China. Mexicans are buying more American stuff every day.

Isn’t it funny how we never hear about the billion of dollars being sent out of the country by illegal aliens.

After all, that is money that can no longer be used by the US, which would mean more jobs and more economic growth.

Couldn’t this story have just as easily have been framed as showing how removing so much money from our country might put us into a recession?

But of course the New York Times would never see it that way.

They would never want to have to resort to mowing their own lawns or minding their own babies.

Meanwhile, these selfsame illegal aliens will be receiving a hefty “tax rebate” for taxes they have never paid in, all in the name of stimulating the economy.

Never mind that they will send that out of the country as well.

This article was posted by Steve on Thursday, January 31st, 2008. Comments are currently closed.

20 Responses to “Illegal Mexicans Only Sending $30B Home”

Sorry, comments for this entry are closed at this time.

« Front Page | To Top
« | »