Thursday, February 01, 2007

Record $23 billion sent to Mexico in 2006

Mexican immigrants sent a record amount of money back to their homeland in 2006 - $23 billion. Together with the growing number of migrants, the decreasing cost of sending money to Mexico is a factor in the continuing increase. Mexico's Central Bank noted in its quarterly report that the reduced costs to send money – due to greater competition by banks and other businesses – are a reason for the increase.

In recent years, U.S. banks and other businesses have tried to capture the money transfer business. In 1999, the cost to send $300 from Dallas to Mexico was $27. Last year, that same transaction cost $11.50.

State legislatures in Arizona and Texas have proposed taxing the money to pay for social services such as health care and education.

In 2006, labor participation rates were nearly 85 percent for Hispanic males, compared with about 76 percent for white males, according to the U.S. Bureau of Labor Statistics.

3 comments:

  1. There are several so-called legal immigrants working in our factory, from various of places, Mexico, Hati, Viet Nam, Russia, etc. and our company lets them go home every year to up-date their green cards, in the mean time they are sending money home and building their houses and eventually they plan to go home and hire their own people as slaves to serve them...go figure!

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  2. And how much was gained by US businesses through use of cheap illegals labor? What is this crap by anonymous in his post about slaves? Sure maids and the like but many countries employ them.

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