August 28, 2004

"Mexican remittances head for new record"

From the AP:

Remittances sent home to Mexico by workers abroad reached $7.87 billion in the first half of 2004, 25.9 percent higher than the same period of 2003, the country's central bank reported Wednesday.

Experts say remittances are rising, but that some of the increase is due to increasing use of more easily monitored electronic or bank transfers; in the past, many workers sent their money home in cash, which is harder to track.

Remittances rose to four-fifths the value of oil exports in the first half of the year, according to the Bank of Mexico. Remittances have surpassed foreign investment and tourism revenues, and are the second-largest source of foreign income, behind oil...

Nothing like an unhealthy dependency, and nothing like people sending money out of the country. While economists will no doubt say that those who send money out of the country also spend money here, in the international relations context this is quite unhealthy.

Remittances are a huge income source for Mexico, and they're going to fight like hell to make sure that they keep getting that money and more. That means more meddling in our internal politics, and more borderline deals between Bush and Fox. That means they're going to attempt to protect their "trade routes" that they use to send people into the U.S.

Remittances are not a healthy, long-term industry for Mexico. Instead of trying to create jobs and new industries in Mexico, they're just going to send more people to the U.S.

And, those U.S. companies that profit off remittances are going to protect their turf as well. First Data Corp, owner of Western Union, is now opposing Tom Tancredo.

Posted to Immigration2004 at August 28, 2004 12:22 PM

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