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bajamigo
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In Mexico, the poor get poorer
Mexico Recession to Add 4 Million to Ranks of Poor, Report Says
By Sebastian Boyd and Jens Erik Gould
July 2 (Bloomberg) -- The number of Mexicans living in poverty will increase this year by more than 4 million people from 2008 because of the
recession, according to the World Bank.
Mexico may need three years to return to the poverty levels it had before the recession, according to a report by World Bank economists to be
distributed at a meeting of regional finance ministers in Chile tomorrow. The report, obtained by Bloomberg News, defines Latin Americans living on
less than the equivalent of $4 a day as poor and those subsisting on less than the equivalent of $2 as extremely poor.
World Bank projections suggest that this year there will be “8.3 million more poor people than in 2008 in Latin America and the Caribbean,” the
economists wrote. “About half of the people that will fall into poverty are in Mexico.”
The economic contraction in the first half has been “severe,” according to the central bank, as the global crisis saps demand for exports and spurs
job losses. Goldman Sachs Group Inc. forecasts Mexico’s economy will shrink 8.5 percent this year, the biggest annual contraction since 1932.
Last year, President Felipe Calderon announced a program to boost aid to more than 5 million of Mexico’s poorest families by 22 percent to 655 pesos
($49.36) a month. His goal is to decrease extreme poverty -- defined as families unable to pay for a basket of basic foodstuffs -- by 30 percent by
2012. In 2006, 10.6 percent of the population was in the lowest income group.
The number of people living in extreme poverty in Latin America may increase by as many as 3.6 million this year, the report says.
An annual decline in gross domestic product of more than 3 percent in a Latin American country would result in a 4.4 percent increase in poverty, the
report said, calculating the figure using past economic data in the region since 1981.
Mexico’s unemployment rate rose to a record 5.31 percent in May as factories exporting to the U.S. trimmed payrolls as demand fell. Industrial
production in April fell the most since the peso crisis 14 years ago.
To contact the reporter on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net; Jens Erik Gould in Mexico City at jgould9@bloomberg.net
Last Updated: July 2, 2009 18:33 EDT
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gnukid
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Mexico is the best suited to bear the devastation of the worldwide economic destruction underway with it's own resources. In Mexico we laugh at the
idea of economic hardship, the Americans are and will be the worst to suffer with no end in sight. Do not feel sorry for Mexico-We are strong and
resourceful!
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gnukid
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Americans are simply in denial. It is time to wake up and understand why Mexico is so strong today even though the economy is hurting due to
monopolies and corruption. There is no denial in Mexico-there is self-reliance and strength in the individual and family.
America is in trouble in every way. Mexico has growth potential and a future.
I wonder why the American arrogance is strong while the nation is bankrupt yet The average Goldman Sachs employee take-home is US700,000?
California is bankrupt yet was/is the 4th largest world economy-but Mexico is in denial?
What will it take for the USA to wake up and see that being poor and self-reliant is not a weakness; but being arrogant and ignorant while supporting
the largest most wasteful government and military in the world is a weakness.
[Edited on 7-3-2009 by gnukid]
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DENNIS
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| Quote: | Originally posted by bajamigo
Mexico’s unemployment rate rose to a record 5.31 percent in May as factories exporting to the U.S. trimmed payrolls as demand fell. Industrial
production in April fell the most since the peso crisis 14 years ago.
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How would Mexico even begin to know the true rate of unemployment? How many people in Mexico are connected to a system that keeps track of employees?
Is there any method in place to count the casual construction workers and freelancers? The beggers and thieves? The homeless? Who counts them?
Nobody counts them and that figure, 5.31 % is a pure, disengenuous nonsense
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gnukid
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And the USA counts only *new* unemployment insurance applications which are limited to those who had a job and were fired without cause, not those who
are *actually* unemployed looking for work, either. USA's unemployed who want to work is substantially higher than reported. It's actually truly
unknown (though it could be known), yet reported daily as a totally false figure, how disingenuous is that? C'mon these types of articles and
discussions are like the pot calling the kettle black.
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DENNIS
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| Quote: | Originally posted by gnukid
USA's unemployed who want to work is substantially higher than reported. |
That has to be true.
In Mexico, unemployment is measured with a different scale. Longevity of one's unemployed status is one of them [it doesn't begin with the pink
slip] and a low rate has always been the goal to publish to give an illusion of a robust economy while trying to encourage foreign investment.
Anyway, in the US, crime would be a more accurate indicator of unemployment than today's methods of determination. Desperation is one large factor
in the commision of crime.
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k-rico
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| Quote: | Originally posted by gnukid
USA's unemployed who want to work is substantially higher than reported. |
I wonder how many US citizens collecting unemployment and therefore reported as unemployed and wanting to work are really looking for a job. Perhaps
some are spending a lot of time not at all related to looking for a job and enjoying a long "vacation." Many are also working "under the table."
What do you think? Maybe 25% of those collecting unemployment are goofing off?
[Edited on 7-3-2009 by k-rico]
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DENNIS
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| Quote: | Originally posted by k-rico
What do you think? Maybe 25% of those collecting unemployment are goofing off?
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We'll never know. At least those on unemployment have a work history. That's encouraging. There are areas within the welfare system that don't
leave me with that comfortable feeling. [not that unemployment insurance is welfare...it isn't]
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gnukid
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Benefits in the USA are limited to those who worked for a corp which paid into the fund (not the 20 million day workers) and eligibility is only for
those who lost work due to the position being discontinued. The benefits may last as long as a maximum of 26 weeks in most states and taxes must be
paid on that income as well. The total maximum value therefore is something like 26 x $331 = $8606 - $8606/3 or about $5000 and is limited to a very
small group. Unemployment reporting has little to do with the true state of the labor force except a small representation of the total percentage.
In Mexico many more employees may seek unemployment, in fact any worker may quit their job and they may demand their unemployment payment for no
reason. In Mexico unemployment is far more significant and substantial with opportunity for abuse. In fact on my street, most workers quit for Summer,
every Summer in order to cash out their unemployment and relax. Why wouldn't they?
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woody with a view
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| Quote: | Originally posted by k-rico
| Quote: | Originally posted by gnukid
USA's unemployed who want to work is substantially higher than reported. |
I wonder how many US citizens collecting unemployment and therefore reported as unemployed and wanting to work are really looking for a job. Perhaps
some are spending a lot of time not at all related to looking for a job and enjoying a long "vacation." Many are also working "under the table."
What do you think? Maybe 25% of those collecting unemployment are goofing off?
i know a guy who has mastered this technique. side jobs and vacations..... and a check every 2 weeks.... whatta country!
[Edited on 7-3-2009 by k-rico] |
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woody with a view
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Gnu
in cali it's $450/week b4 tax. times 26 weeks, plus 13 weeks thanks to the "stimulus" and now they're looking at IOU's....
living the dream?
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DENNIS
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| Quote: | Originally posted by gnukid
In fact on my street, most workers quit for Summer, every Summer in order to cash out their unemployment and relax. Why wouldn't they?
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A few reasons come to mind. One being, it's a good thing to have a job. You mean to say, your neighbors come into and leave the work force on a
whim? Doesn't quite give the impression of "tough times." More an impression of old Mexican priorities.......family and personal commitments first
and work, somewhere down the list.
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CaboRon
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by bajamigo
Mexico’s unemployment rate rose to a record 5.31 percent in May as factories exporting to the U.S. trimmed payrolls as demand fell. Industrial
production in April fell the most since the peso crisis 14 years ago.
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How would Mexico even begin to know the true rate of unemployment? How many people in Mexico are connected to a system that keeps track of employees?
Is there any method in place to count the casual construction workers and freelancers? The beggers and thieves? The homeless? Who counts them?
Nobody counts them and that figure, 5.31 % is a pure, disengenuous nonsense |
I agree .....
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DENNIS
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| Quote: | Originally posted by CaboRon
I agree ..... |
Thank you. 
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CaboRon
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| Quote: | Originally posted by gnukid
In Mexico many more employees may seek unemployment, in fact any worker may quit their job and they may demand their unemployment payment for no
reason. In Mexico unemployment is far more significant and substantial with opportunity for abuse. In fact on my street, most workers quit for Summer,
every Summer in order to cash out their unemployment and relax. Why wouldn't they? |
And they wonder why Mexico's GNP is so low ....
They have a lousy work ethic .....
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CaboRon
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Plunge in Mexico remittances is worst on record
Remittances from Mexicans living and working in the United States are continuing to fall.
"Money sent home by Mexicans working abroad fell by 19.9 percent in May, the biggest monthly decline on record as the U.S. recession slashed jobs,"
reports the Associated Press in Business Week.
"Remittances dropped to $1.9 billion from $2.4 billion in May 2008, the central bank said on Wednesday. The amount of money sent home in the first
five months of 2009 fell 11.3 percent to $9.2 billion compared with the same period last year.
"Remittances are the second-biggest source of foreign currency after oil exports in Mexico, and their decline has contributed to the country's own
economic downturn."
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DENNIS
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| Quote: | Originally posted by CaboRon
"Remittances are the second-biggest source of foreign currency after oil exports in Mexico, and their decline has contributed to the country's own
economic downturn." |
Hope this doesn't drive up the price of gas. That will just make matters worse.
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vandenberg
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In Mexico the poor get poorer
And in the good old USA the poor are thriving.
Get real, this is happening all over the world. What we need is more Husseins with stimulus plans to defer the poverty to our children and let them
figure it out.
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JESSE
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| Quote: | Originally posted by CaboRon
| Quote: | Originally posted by gnukid
In Mexico many more employees may seek unemployment, in fact any worker may quit their job and they may demand their unemployment payment for no
reason. In Mexico unemployment is far more significant and substantial with opportunity for abuse. In fact on my street, most workers quit for Summer,
every Summer in order to cash out their unemployment and relax. Why wouldn't they? |
And they wonder why Mexico's GNP is so low ....
They have a lousy work ethic ..... |
Here you go again, you just can´t seem to stop can´t you?
FYI, Mexico has the highest GDP per capita in Latin America. Now you might consider that bad if you compare it to the richest nations, but that would
be as unfair as saying an upper middle class or middle class family has poor income comparing it to a billionaire. Now as far as you work ethic
comment, you are again (what a surprise) flat wrong. Baja Sur workers (especially males) do have prehaps the lousiest work ethic in Mexico, wich is
not surprising to me since this place was just a quiet, relaxing, small town that was trusted into the schizo-materialistic world we all come from.
But the rest of Mexico is full of pretty good workers that are known for working hard, very hard for not much money.
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tripledigitken
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by CaboRon
"Remittances are the second-biggest source of foreign currency after oil exports in Mexico, and their decline has contributed to the country's own
economic downturn." |
Hope this doesn't drive up the price of gas. That will just make matters worse. |
Mexico needs to get serious in upgrading their oil fields and expanding them as well. Without doing so their second biggest source of foreign
currency is going to die a slow death.
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