Mexico has been having economic problems for years, but the situation is getting worse every year.
Some blame corrupt government officials for taking exorbitant salaries and benefits.
When Andrés Manual Lopez Obrador (AMLO) ran for office, he promised to slash salaries of government officials after he takes office on December 1.
In the wake of AMLO’s victory, his political party gained control of the Mexican Congress and have been passing laws to fulfil AMLO’s promises.
Consequently, nearly 200 employees, including some top officers, of the Bank of Mexico have resigned.
Although not officially in office yet, AMLO just announced that Mexico is in economic bankruptcy.
(Wolf Street) – Around 200 central bank employees, including 20 senior executives, have left their posts at the Bank of Mexico (Banxico) since presidential elections on July 1 handed a resounding victory to populist Andrés Manual Lopez Obrador (or AMLO). Unsurprisingly, their sudden departure has a lot to do with money.
One of AMLO’s manifesto pledges was to slash salaries for senior government officials and bureaucrats as part of sweeping cost-cutting measures. So far, he’s kept to his word. Last week, Congress, now under the majority control of his party, Morena, passed a law that will make it impossible for any state employee to earn more than the president. The gross monthly salary of the current president, Enrique Peña Nieto, is 209,135 pesos ($11,700). AMLO has pledged to cut the salary in half when he takes over the post on December 1.
The law will come into force in January and will apply to all three federal branches of government as well as regional and local government institutions. This could be a major problem for employees of Banxico, since all of them are considered public officials and many of them earn more than the current president. The average monthly salary of a Banxico board member is 365,000 pesos ($19,400), around 70% more than Peña Nieto’s and over 230% higher than the salary AMLO has pledged to pay himself…
Some fear the announcement by AMLO about the state of the country’s economy will drive many more Mexican nationals north into the United States.
President Trump needs to take immediate action to increase border security today, not tomorrow.
He needs to place several thousand armed law enforcement officers and agents along the border and give them orders to prevent any and all illegal crossing of the border.
America may be a land of immigrants, but most of ancestors came her legally and besides, America cannot afford to take in every refugee from everywhere.
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