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The administration of President Donald Trump could soon be hitting a major source of Mexico’s income, and he might just tackle a large part of the illegal immigrant crisis at the same time.
For much of 2014, Mexico’s biggest source of foreign income came from the crude oil trade. In December of that year, shifting dynamics gave the country a new primary source of foreign income: Remittances from Mexicans working north of the border supporting families back home.
As Forbes reported, remittances passed oil to become Mexico’s largest source of foreign money. In 2015, remittances accounted for a whopping $24.8 billion, dwarfing the next two largest sources, oil and tourism.
Money sent home by migrant workers in the United States is cash that will likely not make it back into our economy — at least not directly. It’s strengthening Mexico at the expense of American families.
And Mexicans are not the only ones sapping the U.S. economy.
Breitbart reports that Central American workers in the U.S. sent $16 billion home in 2016. By 2018, this number rose to $20 billion.
The opportunity to enjoy the U.S. economy is what brings many people across our southern border, and Trump knows this.
Because the ability to send money back home from America brings is such a lucrative pull for economic migrants, the Trump administration is considering tightening the clamp around remittances altogether, according to The Wall Street Journal.
“A senior administration official on Tuesday said the White House is considering attempting to restrict the flow of remittances from the U.S., in order to discourage migrants,” The Journal reported.
The report contained no details on what would no doubt be a Herculean task, trying to restrict the flow of money in the 21st century.
Regardless of how it’s accomplished, it’s an idea whose time has come, former Kansas Secretary of State Kris Kobach told Siruis XM Patriot’s “Breitbart News Tonight.”
“The threat I propose is one that actually helps us if we follow through on it. That is the threat of ending remittances from the majority of people in the United States from Mexico who are here illegally,” Kobach said.
“That is a threat that we could carry through on that actually helps our economy because the money is not sent home, it stays in circulation in the U.S. economy and helps rev up our economy. It’s actually a good thing if we follow through.”
Besides the money staying in the U.S., there’s another factor to consider: With no hope of being able to send money back south, all those migrant caravans heading north may simply dissipate.
This could be a game-changing solution to the problem of illegal immigration that’s plagued both Trump and the American people for years now.
In the U.S., unskilled labor jobs would be forced to pay more competitive salaries, and with fewer foreign workers to undercut Americans, the workforce could experience a resurgence that may send the economy rocketing upwards.
Mexico, on the other hand, would suffer greatly.
Faced with a massive blow to its foreign income, the country would likely be plunged into an economic crisis. And with an influx of nationals either heading back home willingly or being deported, the country would soon learn that the law of supply and demand also applies to labor.
That means even the threat of such a move by the Trump administration could be enough to get the Mexican government to start working more seriously to stop the Central American migration from making it to the U.S. border.
Even without any details on public display, it’s a prospect that has to have the Mexican government terrified.