Yes, you read that right. According to The New York Times, Mexicans are now sending money north, WAY north. Millions of Mexicans largely depend on remittances sent from family members who have migrated to the United States (in 2003 it was about about 18% of the population who were DIRECTLY affected). In 2008, remittances to Mexico were $25 billion. But as the the economy in the United States has taken a turn for the worst, remittances to Mexico have greatly slowed down and Mexican families are actually sending money to family members in the U.S.
The New York Times article, which describes some personal stories through speaking with family members in the southern Mexican states of Oaxaca and Chiapas (two of the three poorest states in the country) said :
Unemployment has hit migrant communities in the United States so hard that a startling new phenomenon has been detected: instead of receiving remittances from relatives in the richest country on earth, some down-and-out Mexican families are scraping together what they can to support their unemployed loved ones in the United States.Online Sources: The New York Times, Pew Hispanic Center, Migration News, Changing Structure of Mexico by Laura Randall
Image: The New York Times
1 comment:
We are going to be hearing more about this rarest of ocurrences in the media due to the financial hardships we are experiencing here in the US. It's hard right now for a lot of people, especially for those who are already underpaid and living in some of the most expensive places in the US...southern california. On the other hand, there is still a large amount of money being sent into Mexico at the same time. This event will always be a constant trend. And it begs the question, how do these remitters afford the high agency fees that are imposed. ATMCASH is here to offer relief to these individuals looking for a more economical way of sending money. My family members and I have used this service monthly for a year to send money to Argentina, New York and California and it's great. The more we send, the more we save. Definitely a wise choice for anyone who sends money.
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