Thursday, October 2, 2008

Everyone's wallet is a little lighter these days

In a repeat of last month, Mexican's living in the U.S. sent home 12 percent less money in August. Because 12% is bigger than 7%, this also takes the cake for the biggest drop in history.
It's staggering that in the first 8 months of the year, over $15.5 Billion was sent across the border.

As expected, "a slowing U.S. economy and stepped up immigration enforcement by the U.S. government, including record deportations and increased border security, are behind the drop."

The big question is, what will happen when the economy inevitably does turn around and the housing slump is over? We've made great strides so far but now is the time to really step up and fix this problem.

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