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Mexico’s Poor Forgo Goods as Income From U.S. Drops
Jens Erik Gould
Bloomberg
Thursday, Aug 7, 2008
In the Mexican town of Tarimbaro, construction has stopped on new homes, so sales at a hardware store are half last year’s total. A butcher who slaughtered a head of cattle a day now slays two a week. And Rocio Rangel feeds her son and daughter bread and coffee for dinner.
Rural Mexican towns are suffering as money transfers from relatives working north of the border dry up, the result of a weak U.S. economy. Remittances equaled 2.7 percent of gross domestic product last year and are Mexico’s second-biggest source of dollar flows after oil exports.
“My children need more than this, but we don’t have anything,” said Rangel, 36, whose husband hasn’t sent funds home from Florida in nine months.
(Article continues below)
Shrinking transfers, inflation at a three-year high and a peso that has appreciated 10 percent this year are eroding the purchasing power of Mexico’s poor, the 35 percent of the population that can’t afford basics such as clothing, housing and health care. Residents who depend on funds from abroad are cutting back on spending because of weakness in U.S. industries such as construction, the biggest employer of Mexico’s migrants.
In the first half of this year, remittances fell 2.2 percent to $11.6 billion, the first decline for the period since Mexico’s central bank began tracking the data in 1995. For the entire year, the bank forecasts they will drop as much as 3 percent.
Remittances grew only 1 percent in 2007 to $24 billion after a record 39 percent expansion in 2003.
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12 Responses to “Mexico’s Poor Forgo Goods as Income From U.S. Drops”
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August 7th, 2008 at 6:19 am
So doesn’t the US………Waiting In The Food Line
Scott Pelley Reports On Those Who Need Help To Get Groceries…http://www.cbsnews.com/stories/2003/01/08/60II/main535732.shtml
CAN YOU SAY: OUT OF TOUCH!!!!!?????
There’s nothing like emulating the Soviet Union, one of the worst regimes in history.
August 7th, 2008 at 7:21 am
The mexicans would come up here and screw our country up rather than straighten their own screwed country out. They would would have work too hard, they would rather RUN from their problems, basicially they are COWARDS, like half of our citizens, and because we have so many bleeding hearts in this country, we will let them screw up this country. The American citizen is being screwed all the way around, by our own government and the INVADERS.
August 7th, 2008 at 8:49 am
Let’s attack Mexico, make an example out of them.
August 7th, 2008 at 9:13 am
Atacking Mexico would cause them to set up a rebuilding program like in Europe (marshall plan) so that the elite(bilderberger group) would use to make money and put us further into debt. Just wall off the southern border and seize the assets of all employers who hire illegals and use it to build the double fence
August 7th, 2008 at 9:14 am
Mexico is a powder keg. It’s a major oil exporter whose production has clearly peaked. It has a president whose legitimacy is dubitable. It has a full blown guerilla war in the South, grinding structural poverty, a collapsing tourist industry, a historically unstable currency, on and on. In fact, there is a bit of Truth to the statement that the FEMA and Haliburton detention camps were built to house an impending boom in illegal immigrants that would in turn be rounded up. Before the Amerikan economy totally tanks, the Mexican economy will go, and that will send economic refugees north, probably inciting Civil War 2 here. Any and every local economy can only assimilate so many totally destitute homeless folks before it too capitulates. Thus we’re looking at some sort of dominoe action, where refugees from one collapsed city ultimately crash the economy of the next, which inspires the flight of more refugees to the next, and so on. The good news, in my opinion, is that this phenomenon will become tangible reality in the near future, meaning that this discussion will have to move from theoretics to specifics with enormous consequences. Yes, soon Amerika will experience the poverty it has denied has existed, poverty that was created so that we could enjoy the perceived wealth that we have seemingly “enjoyed.” Soon. Yes. Soon.
August 7th, 2008 at 9:16 am
Oh God, somebody stop the illegal immigrants, they’re leaving the country since they can’t get no more love from the system. Ugh, good riddance. Cry me a (polluted) river. Here’s an idea, let’s rebuild our own DAMN countries ourselves!!!
August 7th, 2008 at 12:42 pm
Great. Now maybe Mexico will boil over and explode and since we are building a fence, that will keep the lid on it. The idea of an exploding pressure cooker really appeals to me. Then Mexico will get what it deserves.
August 7th, 2008 at 1:36 pm
If the mexicans could get their elite off their backs they could have a chance at prosperity. They are so beaten down, one of their only alternative’s is to illegally enter our country to try to make a living. Helping mexicans strugle with their elite would help us at the same time. The mold they have used on the Mexicans are the ones they are using on us now.
August 7th, 2008 at 5:39 pm
to rw3: The US was built on slavery and the deaths of millions. More recently illegal immigrants you could say. Its a good idea to build a country yourself, in an honest and legal way without taking advantage of others. It would be a first for America and several other countries.
August 7th, 2008 at 7:24 pm
Oh christ, I feel so F’ing sorry for the illegal alien immigrants! The arrogant disrespectful, Re-Conquistadores! LOL
Who have been living off of American social programs while they send our money down to Mexico, using U.S. jobs to stimulate the F’ing ecoonomy of F’ing Mexico!!!!!!!!
Do you understand how F’ing frustrating it is, to relaize that our F’ing tax dollars, and our ancestors tax dollars, are F’ing subsidizing a bunch of illegal, racist, Mexicans who have absolutely no respect for Americans!?!
I say to the Mexicans,
Rot in hell!!!!
And I welcome a full blown war with your country.
^___^
August 7th, 2008 at 8:05 pm
There is no peak oil problem. Its a scam brought on by those in power to control the economy and the people. So is the Al Gore’s gorebal warming crap..
http://video.google.com/videop.....3600562261
August 11th, 2008 at 10:37 am
In the real future, after all this confusion ends, justice is dealt to the deserving by the universe. Humanity will feed each other, freely. Because you inner identity will not be tainted by the average knowledge of city dwellers, or the ignorance of backwoods thinking. The whole world will turn its eyes to charitable kindness and we then will realize our true destiny. The clues are all around.
Hail knowledge not war
Hail truth not deception
Hail reality in rightiousness
May war and death fail you if you are rightious. God bless all who fight and die in the name of exposing liars and stopping war with truth.