For those of you who are not aware, when illegal aliens send money back to Mexico, they are called remittances. They are not illegal at present, but they are vitally important to Mexico. When you think of the Mexican economy, you think of oil and tourism, but remittances bring in more money than either of those two things. Cutting off remittances would hurt the Mexican economy greatly. Remittances also hurt the US economy, since money in this country is used to buy products in Mexico, lowering our GDP by an equal amount.
The White House is planning on targeting remittance payments made by illegal immigrants in the wake of an ongoing migrant flood at the U.S. southern border, a senior administration official told reporters Tuesday.
The plans to target remittance payments come amid a broader shakeup at the Department of Homeland Security (DHS) and future executive actions designed to curb illegal immigration. The situation at the southern border has escalated in recent weeks, with thousands of migrants arriving daily to claim asylum.
Officials say the illegal arrivals are spurred by loopholes in U.S. immigration law that allow family units claiming asylum to arrive illegally and still be released into the interior of the country with a work permit.
Mexicans sent home $26.1 billion from January to November 2017, according to figures released Tuesday by the central bank of Mexico. That’s the most ever recorded and better than the $24.1 billion sent in 2016 over the same period.
Barring a major setback in December, the total annual figure for 2017 is on pace to hit another record high.
Remittances are one of Mexico’s top sources of foreign income, outpacing oil exports, which totaled $18.5 billion between January and October, according to the most recent figures available at the Bank of Mexico. Manufacturing exports are the top source of foreign income for Mexico.
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