Monday, October 8, 2012
MEXICO CITY---Mexicans working abroad sent fewer dollars home in August than they did a year earlier, the central Bank of Mexico said Monday, although each of these dollars bought more pesos this year due to a better exchange rate.
Remittances in August totaled $1.9 billion dollars, or 11.6% less than in August 2011, the bank said. The dollar bought just over 12 pesos during August of last year, versus about 13 pesos in August of this year, partially offsetting the remittance drop in peso terms.
Remittances in the first eight months of the year totaled 15.61 billion, for a 2.5% increase over the same period last year. More transfers were sent this year than in the same period last year, although the amount of each transfer was slightly lower at $321.36.
Family remittance are a bigger source of foreign-exchange inflows than tourism, and money sent home by Mexicans is seen as a major contributor to household consumption in Mexico.
Remittances reached a record $26 billion in 2007, and been recovering since 2010 after falling during the 2008-09 recessions in the US and Mexico.
So while Americans suffer massive unemployment, Mexicans working here illegally transfer more money to Mexico than Americans voluntarily spent in Mexico as tourists. How is it that our country can be in recession yet support a workforce of parasites who actually transfer wealth out of our country? The failed state of Mexico exports its population to undermine ours and our reaction is a small item in the financial news.
How is it that this massive theft from the public purse and assault on the American working population gets so little attention? One part of this scandal is that remittances from wealthy to poor countries is actually encouraged by both Bush and Obama administrations. Bilateral relationships with other countries at the expense of American workers is actually established policy.
And this will not change, no matter who gains the presidency this November. Neither Democrats or Republicans are so old fashioned as to view our sovereignty, our language, our culture or our population as worth representing. The Democrats prosper by importing poor easily led populations and the Republicans make money on cheap labor.