Baby Boomer Border Invasion (Alternet)

[katty]

Baby Boomer Border Invasion
By Mike Davis


more: http://www.alternet.org/story/42133/

What few people -- at least, outside of Mexico -- have bothered to notice is that while all the nannies, cooks, and maids have been heading north to tend the luxury lifestyles of irate Republicans, the Gringo hordes have been rushing south to enjoy glorious budget retirements and affordable second homes under the Mexican sun.

Yes, in former California Governor Pete Wilson's immortal words, "They just keep coming." Over the last decade, the U.S. State Department estimates that the number of Americans living in Mexico has soared from 200,000 to 1 million (or one-quarter of all U.S. expatriates). Remittances from the United States to Mexico have risen dramatically from $9 billion to $14.5 billion in just two years. Though initially interpreted as representing a huge spike in illegal workers (who send parts of their salaries across the border to family), it turns out to be mainly money sent by Americans to themselves in order to finance Mexican homes and retirements.

Although some of them are certainly naturalized U.S. citizens returning to towns and villages of their birth after lifetimes of toil al otro lado, the director-general of FONATUR, the official agency for tourism development in Mexico, recently characterized the typical investors in that country's real estate as American "baby boomers who have paid off in good part their initial mortgage and are coming into inheritance money."

Indeed, according to the Wall Street Journal, "The land rush is occurring at the beginning of a demographic tidal wave. With more than 70 million American baby boomers expected to retire in the next two decades... some experts predict a vast migration to warmer -- and cheaper -- climates.