The money that individuals working abroad send to their families in Mexico fell for a third month this year.
And some fear further, possibly catastrophic declines in this vital source of income for the Mexican economy if the U.S. Senate approves the 3.5 percent tax on remittances the House green-lit in its version of the One Big Beautiful Bill Act.
Bank of Mexico (Banxico) data released this week shows Mexican families received $4.76 billion in wire transfers, checks, money orders and cash from abroad in April. That’s more than a quarter-of-a-billion-dollar decline from the $5.14 billion received in March, Banxico reports.
It also represents a 12.1 percent year-over-year decline – the biggest dip since September 2012. Mexico last year received $64.7 billion in remittances representing 4 percent of its gross domestic product.
Yeah, you'd fight too if that kinda money was involved. What you really wonder is what the Donks are getting out of the deal. Everyone assumes it's votes and political power because of the way the Census counts people, but I wonder.
1 comment:
Another factor here is I wonder whether there are some good results from the precipitous drop in drug shipments to the USA. When I was looking through Mexican crime rates when my kids wanted to go on a quick trip to Ensenada (right by Tijuana, trip was nixed), I was shocked to see how pervasive drug violence was there. Hopefully a lower need for drug shipments is cleaning some of that up.
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