Mexico's Big Hope: Get 5 Million U.S. Retirees
Andres Oppenheimer
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Mexico is silently working on proposals aimed at drawing millions of U.S. retirees to this country, which could eventually lead to the most ambitious U.S.-Mexican project since the 1994 North American Free Trade Agreement.
President
"It's one of the pillars of our plans to trigger economic and social well-being in both countries,"
Calderón brought it up during a U.S. - Canada - Mexico summit in
Now that
A GROWING MARKET
There are already an estimated 1 million Americans living in Mexico. And according to Mexican government estimates based on U.S. Census figures, that number is likely to soar to 5 million by 2025 as the U.S. population grows older and more Americans look for sunny, cheaper places to retire.
The U.S. Census projects that the number of U.S. retirees will soar from 40 million now to nearly 90 million by 2050. Already, 5 million American retirees live abroad, of whom 2.2 million are in the Western Hemisphere -- mostly in Mexico, the
The key to luring more U.S. medical tourists and retirees to Mexico and other Latin American countries will be getting hospitals in the region to be certified by the
According to Mexican government estimates, healthcare costs in Mexico are about 70 percent lower than in
So what will Calderón specifically propose to Obama? Most likely, the Mexican president will suggest starting with a low-profile agreement that would allow the
IT JUST MAKES SENSE
My opinion:
Mexico and much of
You won't read much about it now because neither Calderón nor Obama will emphasize it publicly while the drug-related violence in northern Mexico is making big headlines, and while the political wounds from the recent U.S. health care debate are still open in
But I'm increasingly convinced that, as the violence in Mexico subsides and the healthcare debate becomes a distant memory in
I wouldn't be surprised if Calderón and Obama take the first baby steps toward a U.S. - Mexico healthcare agreement by finding a way to pay for
Demography, geography and economics are pointing in that direction. With the U.S. population getting older, a record U.S. budget deficit, rising U.S. healthcare costs, and Mexico and other Latin American countries badly needing more tourism and investments, this should be a win-win for everybody.
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