Mexico feels economic effects of U.S., global woes
Inflationary pressures are rising. Remittances are falling. Mexico's economy is slowing. So is job growth, writes Marla Dickerson from Mexico City.
Mexico's central bank released a string of bad news Wednesday confirming that the nation is feeling the effects of a U.S. slowdown and exploding global prices for food and fuel.
The Bank of Mexico revised its inflation expectations sharply upward to a high of 6% for the fourth quarter. That's well above the 5.26% annualized rate recorded in June and double the central bank's long-term target.
Mexicans have long fled to the United States when things got tough at home. But tight employment conditions north of the border may dissuade some from making the trip.
Money wired home by Mexicans living outside the country, most of them
working in the U.S., totaled $11.6 billion through the first six months
of the year, according to figures released Wednesday. That's down 2.2%
from the same period last year -- the longest sustained drop since the
Bank of Mexico began tracking the flows in the mid-1990s.
Read on about Mexico's financial woes here.
I do not understand why Mexican citizens do not protest in their own countryfor the rights they claim to deserve in the United States. They cause their families to be split if they are caught illegaly in the United States. American taxpayers cannot afford to continue the support of all these people. It is not racisim, it is simply the fact that Mexico, of whatever home country, should show the compassion for their own citizens.
American taxpayers are angry with our politicians because they force us to support another country.
Posted by: liz | July 31, 2008 at 03:03 PM