No loyalty to America - It’s merely a place to make money to send home

Today, millions of people come to the US merely to make money to send back to their native country - mostly Mexico.  After oil, money that Mexicans working in the U.S. send back home is that country’s second-biggest source of hard currency, ahead of tourism and manufactured goods. From 1997 to 2009, Mexicans living in the US - legal and illegal - have sent at least $187.4 BILLION dollars to Mexico. (See chart below) A Nov. 2005 report by the World Bank suggested that remittances sent through informal channels could add at least 50 percent to the official estimate.(1)    

The amount of money being sent out of the country today is unprecedented in US history. This is money that will not be spent stimulating the US economy.  

Money sent to Mexico from the US

Year

2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
.
Dollars - in Billions

21.5    (1)
25.3    (1)
26       (2)
23       (3)
20       (4)
16.6    (4,6)
13.3    (5,6)
9.8      (5,6)
8.9      (6)
6.6      (6)
5.9      (7)
5.6      (8)
4.9      (8)
 
Source:
1. http://www.dallasfed.org/research/swe/2010/swe1001d.pdf
2. http://blogs.worldbank.org/peoplemove/node/1119
3. http://mexidata.info/id1393.html
4. http://www.dallasfed.org/research/swe/2006/swe0601c.html 
5. http://www.dallasfed.org/research/busfront/bus0401.html 
6. http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=561166
7. http://www.thefreelibrary.com/EXPATRIATES+SENT+US$5.9+BILLION+IN+REMITTANCES+TO+MEXICO+IN+1999.a061477401
8. http://www.frbatlanta.org/filelegacydocs/McQuerry_IntlACH04.pdf  (See pg 9)