For the first time, more Americans are moving to Mexico than Mexicans are moving to the U.S., reports The New York Times.
The reason? Capitalists in the “Land of the Free” can’t resist Mexico’s cheap labor. It’s now just as cheap to manufacture goods for the U.S. market in Mexico than China.
Since The Great Recession, about as many Mexicans leave the U.S. as move here, the article says, but Americans are making a run for the border. Americans now comprise 75 percent of Mexico’s one million foreign residents, up from 50 percent a few years ago.
About 12 million Mexicans are thought to be living in the U.S.
American and Canadian retirees are moving to more touristy areas on the coast, but central Mexico is attracting auto manufacturers and software development companies.
With rampant crime and a lax regulatory environment, it’s a bit like the economic Wild West.
“Not everyone follows the rules here, so if you really want to make something happen you can make it happen,” said a businessman from California. “No one is going to fault you for not following all the rules.”
Jobs tend to flow to regions with low wages. Mexico’s daily minimum wage (about $5) is less than the hourly minimum wage in the U.S. ($7.25). In China, the minimum wage varies from city to city, but factory workers often toil long hours for less than $200 a month.
Here’s more news collected during my morning sprint across the Internet: