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Woes in American Economy has effect on Mexico
By Mike Fak(18,246)
Posted Tuesday, April 22, 2008
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One would think that the American economy would be our problem and not another country’s but reports show that a downturn in our economy is causing severe financial distress in Mexico.
Many Mexican families, who have relied on family members in the U.S. sending them some of their wages every month, are now seeing those monies curtailed or completely lost.
The practice of earning American dollars and sending some of them home to Mexico is called remittance by Mexican officialsand the remittances are a chief factor in the economy of Mexico which shows just how inept their government is at creating any jobs.
Last year, almost $24 billion was sent back to Mexico making the remittances the second highest source of income topped only by oil exports. Yes, remittances even topped the heavy Mexican tourism trade for income last year. It is obvious the Mexican government has no idea how to create a stable economy and so their failures are thrust on our country. That $24 billion easily could have been used to purchase goods and services right here thus stimulating our economy rather than being spent keeping another’s from falling into abject poverty.
The Mexican government, which keeps track of remittances, states January’s payments into their country were down almost 7 percent compared with the year before and showed the steepest drop in 13 years. They keep track of this statistic because remittances are a lifeblood to their economy’s staggering failures.
There are many factors believed to have caused the downtown in money coming into Mexico. In some cases, legal immigrants have lost their homes with the sub prime fiasco. Others have lost their construction jobs or had their hours cut back to the point they have little left to send back home. In still other cases, illegals have not been able to find any work and thus they have nothing to send back to their families.
This crisis is having resounding effects on the Mexican impoverished but the repercussions will soon be felt here in the U.S.
It is feared that with no jobs available and income from families in the U.S. drying up, that more Mexicans will try to cross the border looking for the Promised Land. The problem is the promises in this land are also drying up. Keeping our own economy afloat in these trying times is difficult enough. Trying to also salvage the economy of a country that has no model and no plan for creating work just makes the situation all the more impossible for us.
The borders are open between Mexico and America. The number of illegals will only grow as we continue to not protect our own interests. As long as we continue to spend billions on health care, welfare, food stamps and other aid for people whose own government should be paying these bills, the recession and the border problem will only get worse.
The blame is on us for allowing this to happen and certainly not on the desperate Mexican people who are trying to survive. If they can’t find jobs, or receive money in Mexico then they will come here and join the millions who receive tax money from us. It won’t stop until we put an end to taking care of the population of another country that has an obligation to take care of their own.
There is nothing good to come out of exporting jobs but there is also nothing good out of seeing wages earned in this country also exported. The days of our strong economy propping up another nation are over. We are already beyond any reasonable allowance of national debt and nothing we are currently doing is going to make anything better. Mexico has in effect become our welfare state and we don’t have the money to do the job. The turnstile is open and Mexican officials are waving good bye to their obligations as they head north asking us for help.
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Posted to ProBlogs.com on Tuesday, April 22, 2008
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