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Remittances to Mexico Rose 25 Percent After Trump’s Election

Article publisher: 
Breitbart
Article date: 
January 4, 2017
Article category: 
Immigration Impact
Medium
Article Body: 

Mexicans sent billions of dollars back to Mexico in November after President-elect Donald Trump’s election win.

Immigrant workers and illegal aliens rushed to take money out of the American economy and send it to their home countries, Reuters reports:

Mexicans abroad sent home nearly $2.4 billion in transfers in November, 24.7 percent higher than a year earlier, marking their fastest pace of expansion since March 2006, according to Mexican central bank data on Monday…

Bank BBVA Bancomer has forecast that those Mexicans will have sent a record $27 billion in remittances into Mexico in 2016, an increase of more than $2 billion over 2015.

Not only do Americans give Mexico millions in foreign aid each year, Mexicans take in some $20 billion to $25 billion annually in remittances, according to the World Bank, much of it from the U.S. In total, foreigners took $54.2 billion in remittances out of the U.S. economy in 2014, with Mexico and China receiving the greatest sums from their citizens abroad.

American taxpayers are thus forced to pay for the welfare and schooling of millions of Mexican citizens and their children while enduring the costs of crime (gang activity, drug trafficking) and stagnant wages that unchecked immigration brings.

“The $ 20 billion being sent to immigrants’ grandmothers in Chiapas is forever eliminated from the American economy— unavailable for investment in American companies, the purchase of American products, or hiring American workers. That’s a cost of immigration that Americans are never told about,” conservative author Ann Coulter wrote in the influential Adios America about remittances...

Trump issued a memo in April 2016 telling Mexico he would tax remittances flowing out of the U.S. economy, or the Mexican government could issue a one-time payment of $5 billion to $10 billion for a U.S.-Mexico border wall...

 


 

CAIRCO Research

Border security and porous United States - Mexico border fence

Remittances - a massive transfer of wealth out of America