Tuesday, November 24, 2009

Mexicans Send Money North To Help Relatives In U.S.

From Boom2Bust:

...And, in a surprising turn of events, Mexicans are now sending money north to family members in the United States who have fallen upon hard times. From the New York Times last week:

During the best of the times, Miguel Salcedo’s son, an illegal immigrant in San Diego, would be sending home hundreds of dollars a month to support his struggling family in Mexico. But at times like these, with the American economy out of whack and his son out of work, Salcedo finds himself doing what he never imagined he would have to do: wiring pesos north.

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....MORE

January '09
How Bad is It? Immigrants Leaving Great Britain, U.S.
Not emigrants, these are immigrants leaving....
In August '08:
Illegal Immigrants Returning to Mexico in Record Numbers

September '08:
California’s doldrums sending some immigrant laborers home

Then in October '08:
Polish immigrants leaving Britain: What the Poles did for us
Britain's Polish workers are heading home in search of a better life – and it's our loss, says Harry de Quetteville.
Finally, in the last month there has been a flurry of stories,:
Decision to return to Mexico becomes a question of family for local immigrants
Tough Economy Making Illegal Immigrants Return to Homelands
New loan program seeks to aid Mexican workers returning home
Immigrants Return Home

Amazing signposts on the road to economic perdition.
It's been going on a while, each recession gets a bit worse, from a 2002 Federal Reserve Board Open Market Committee transcript:
“There is growing anecdotal evidence that this may be due to Mexican immigrants departing the United States in search of a better life in Mexico”