Monday, May 29

To trust Uncle Joe

MIAMI, FL.- It is in everyone’s interest that Biden do well in leading the economy of the United States, especially Mexico and the poorest Mexicans.

In 2021, the economy of this country had its highest growth since 1984, despite the Covid and the shortcomings in the supply chains.

This is an enormous achievement for the Joe Biden administration, since moving an economy the size of the United States, at that rate, is a daunting task.

That they don’t recognize you here, it’s your problem and that of your lousy social communication team. South of the border is something else.

Mexico is obliged to trust Biden, because nothing can be expected from President López Obrador. Nothing constructive, I mean.

Enrique Quintana explained on Wednesday in these pages, in his column coordinates, that the world economy will grow 7.1 percent compared to 2019, emerging countries 9.4 percent above the year before the pandemic, and the United States almost 6 percent.

The Mexican economy will be one of the worst in the world, as it will be 0.7 percent below 2019. And that in 2019, without a pandemic, the economy had negative growth (below zero, then).

So, whether you like it or not, you have to trust Biden and not AMLO.

In one year, the Biden administration created 6.4 million jobs. There is inflation, yes, but they are going to control it with interest rates.

There are 116.3 million salaried workers here, earning an average of $1,100 a week (non-seasonal figures), according to 2021 data from the Department of Labor.

That’s where the 50 billion dollars that Mexican families received last year come from.

They are historic remittances, the product of the following combination: President Biden’s successful economic leadership, and the also historic rebound in the number of Mexicans displaced from their country.

In a recent report, Goldman Sachs (one of the world’s largest investment banks) points out in this regard that “the solid flows of remittances have been adding support to the current account and private consumption (in Mexico), particularly for families of low income, who are the overwhelming recipients of such transfers”.

Thus, contrary to all the discourses prescribed for years by those who govern Mexico today, the progress of the United States is beneficial to the poor of our country, and not the cause of their poverty.

The vitality of the US economy has prevented a social collapse in Mexico in the last two years.

“Go eat at the neighbor’s house, and don’t forget to send wool”, is, in fact, the official recommendation.

Collapse has also been avoided thanks to an instrument that did not turn out to be the grave of the national economy or of the country’s sovereignty, as its detractors and spoilers predicted, but rather a lifeline: the North American Free Trade Agreement ( NAFTA).

The greater the growth of the United States economy, the more products are imported from Mexico.

That means jobs, economic activity, social security and income for Mexicans. Also for the treasury.

That is why it is so important that Biden does well.

That Biden does well and continues economic growth in the United States is a condition of national security for Mexico.

Of course, do not underestimate the ability to self-destruct when it comes to demolishing.

While the storm passes, or to continue as well as the Mexican government indicates, you have to bet that the uncle Joe.