I heard on the news Thursday that Mexicans in this country sent $25 billion dollars to their families in Mexico last year.
And I bet other people here with their families in other countries do the same.
I would like to think I would too. That is where your first responsibility is – your family.
But as far as U.S. economics go I don’t think it is good thing. The money they are sending away is a generating money. The self-generating money would ideally get put back into the flow my buying good or services, which generate more American jobs, or maybe invested in stocks, bonds, or a form of savings, which is money to be lent for things to generate itself around.
But, when the money goes to another country: Poof! I doubt if it will find its way back to jump in the generating pool again and the economy is hurt a little bit more.
I could use that $25 billion.