Posted on 05/05/2020 9:38:39 AM PDT by yesthatjallen
Mexicans received more than $4 billion in remittances from the United States in March, a 49 percent increase from the $2.7 billion sent in February, marking the biggest month-to-month increase on record.
The February-to-March spike in remittances money sent to friends and family abroad by U.S. residents was the single largest month-to-month rise since at least 1995, the earliest year when data is available from the country's central bank, the Banco de México.
Mexican President Andrés Manuel López Obrador referenced the surge in remittances at his daily press conference Tuesday, framed as part of his commemoration of Cinco de Mayo.
"That's why we also want to thank Mexican migrants today, because yesterday the data was released that remittances grew in March, reaching $4 billion," said López Obrador.
According to Banco de México's numbers, the total number of remittances through any means electronic transfers, money orders, or cash and kind grew to more than 10.6 million individual operations, from 8.4 million operations a month prior.
Electronic transfers, which account for the vast majority of cross-border transactions, also grew most significantly, to 10.5 million operations, from 8.3 million in February.
SNIP
(Excerpt) Read more at thehill.com ...
The Mexican President calls them Mexican migrants, when they really are illegal aliens.
ALL illegal aliens MUST be removed and the rule of law restored if we want to keep our country.
Perhaps unrelated, but I walked through a patch of leeches years ago and didn’t even know they were there until I noticed drops of blood on my socks. Sneaky little critters.
Take 3% minimum.
Pay for the wall
The more migrants arrested the higher the percentage to the country of origin
Stimulus Checks ?
Most of it in $1200 increments I’m guessing.
It’s time we taxed “remittances” at say 25% or more.
That would remove one of the major incentives for illegal immigration.
Stimulus checks didnt go out until April. May be the migrants assumed they would receive checks,
I suspect that in many cases, the money was soon followed by the people sending it.
200,000+ non h1b migrants will be sent home to make room for Americans for jobs. Could be they know whats coming
Thats $4 billion in wealth leaving the USA.
Move it to 75%.
BINGO..., we have a winner!
Kinda hard to do since they didnt hit until April. Still too much leaving the United States:
My experience with Mexicans in the US is that they send to Mexico all of the surplus left after they cover their US expenses. With everything locked down, they have had no place to spend their money. Thus the amount available to send to Mexico has been large.
Consider. If there is 15% or 25% unemployment then that means there is 75% or 85% employment. We in the 75% or 85% who are employed have not been able to spend our money. The result is that there is a pent up amount of money in the 75% or 85% waiting to be spent.
Most of us have been paying down our credit card balances.
Who ever correctly anticipates what we will buy with the pent up money will become rich....unless the government determines that it is unfair to seize the opportunity.
I wouldn’t be surprised if this is also an indicator some are “cashing out” - sending everything they have before heading back down to Mexico. For some of them (especially restaurant workers), jobs won’t be coming back soon. In my area in NJ I’ve read a few stories where owners of restaurants operated by families for generations are simply closing permanently. The owner is old enough, and knows the heyday is gone for some time - people will not be going back in the numbers they had in the past for some time. Between virus fears and lack of disposable income, it will be tough here for a while.
I’ve also known a couple of people who would have worked longer decide to hang it up; working remotely is rough on them, and they’re old enough to retire.
A 1% tax would yield $40 million...
ILLEGALS are getting PAID by FedGov,working their off the books or illegal SS# “gig” and send money back to Mexico as Americans are suffering horribly.
“Most of it in $1200 increments Im guessing.”
hmmm. This March data. ‘Checks’ didnt start going out till late April.
That, and the cartels have lost their usual money laundering channels through "legitimate" Mexican owned US businesses overpaying for perfectly legitimate Mexican merchandise.
With those non-essential businesses shut down, did the cartels find another channel?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.