Another one for the “WOW…Really?” category.
Yesterday Ernesto Cordero, head of Secretaría de Hacienda y Crédito Público (Mexican IRS), declared that “there are families which have a six thousand pesos income and it suffices for them to have a credit loan for housing and a car… they also send their kids to private schools and afford to make tuition payments.” Just in case you think some content is lost in translation, here is the verbatim declaration:
“…Con ingresos de 6 mil pesos al mes hay familias mexicanas que tienen el crédito para una vivienda, que tienen el crédito para un coche, que se dan el tiempo de mandar a sus hijos a una escuela privada y están pagando las colegiaturas.”
For my non-mexican readers, six thousand pesos is roughly $500 USD.
I have no idea which Mexico Cordero is living in… but it’s not were the rest of the 112 million mexicans live. There is just no way that a mexican family can live decently and make payments on a car and house, let alone pay for private tuition, on $500 USD.
Maybe Cordero thinks that we should take the US example of acquiring debt there is no way we can pay and then we can have our own reloaded version of the 2008 crisis.
This next song’s dedicated to Ernesto Cordero. May he live to be six thousand years old so that he can continue to share his wisdom with mankind eternally:
Note: Original reference to this song on the topic was made by Ferriz de Con this morning (credit where credit is due, just not on my house and car and not based on a six thousand pesos income).