Mexico’s middle class is struggling

In recent decades Mexico, like many emerging markets, has witnessed the growth of its middle class. Incomes have risen—Maria and Samuel bring in around 20,000 pesos a month, an increase of more than 50% in real terms since they first got together 16 years ago. More people like them have bought cars, fancys, smartphones and nice clothes.

Miriam Corona works as an accountant at an office-furniture shop in Mexico City. Her salary of 16,000 pesos a month was cut in half when the pandemic started, she laments from her living room in Pantitlán, an eastern neighbourhood of modest houses, restaurants and shops. Ms Corona and her son, a university student, have got by only because they live with her brother and mother. “We limited what we spent,” she says. Neither she nor her company received extra handouts last year.

Despite his populist rhetoric, Mr López Obrador has not done much to improve matters. Since coming to power in 2018 the president has focused on the poor, doling out funds for social programmes to support them. Meanwhile, his lackadaisical approach to foreign investment, which fell in 2019, has hurt the slightly better-off, says Luis Rubio, an analyst and co-author of a book on Mexico’s middle class.

As long as they keep growing your GMO Corn and using Monsanto Cancer Plugs they will be fine. Step out of Line and a Biden will slap you down.

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