This editorial by Arturo Huerta González originally appeared in the November 25, 2025 edition of La Jornada de Oriente, the Puebla edition of La Jornada*, Mexico’s premier left wing daily newspaper. The views expressed in this article are the author’s own and do not necessarily reflect those of* Mexico Solidarity Media*, or the Mexico Solidarity Project.*
On Friday, November 21, 2025, the President of the Republic expressed “her confidence that the Mexican economy will close 2025 with favorable results and maintain a positive trend in 2026, arguing that the country is going through a period of economic strength supported by the model promoted by the Fourth Transformation.” She reiterated her predecessor’s argument that economic strength cannot be measured solely by Gross Domestic Product growth, as this metric has limitations in reflecting progress in poverty reduction, access to education, or the decrease in inequality—factors that also demonstrate the real generation of well-being. The problem is that the economy showed an annualized decline of -0.2% in the third quarter, resulting in no increase in formal employment. This lack of productive growth has led the economy to become more dependent on imports and capital inflows, for which high interest rates and budget cuts continue to be implemented, further deepening the economic contraction. This is compounded by the financial problems of indebted sectors (both public and private), prompting the government to reduce investment and spending on education and health, thus deteriorating the population’s standard of living despite social policies.
The President stated that the economic slowdown is “mainly due to external factors, including the drop in demand from the United States—especially for automobiles—and global tariff dynamics.” It should be noted that all Mexican Presidents consistently attribute the decline in economic activity to external factors. The 1982 crisis was blamed on the fall in international oil prices and the rise in international interest rates. The 1994-95 crisis was attributed to the rise of the Zapatista movement and the assassinations of Colosio and Ruiz Massieu. The 2020 crisis was blamed on the COVID-19 pandemic. They never accept that the problems the economy faces are consequences of the economic policies they implement, policies that undermine endogenous growth conditions and lead us to depend on export performance and capital inflows.
Locking in Mexico to an economic marriage with the US will only replicate and deepen the crises of 1982, 1994, 2008, and 2020 as the dual crises of capitalism & hegemony deepen, with indebted American consumers less capable of sustaining a domestic consumer market.
The President boasts that “Mexico continues to be an attractive destination for foreign direct investment.” This demonstrates the lack of an economic policy to foster domestic growth, leaving us dependent on foreign investment. The problem is that, despite this influx of capital, the economy is not growing. Transnational corporations profit, but they do not stimulate domestic production because they rely heavily on imported components and transfer a large portion of their profits back to their parent companies. This creates pressure on the external sector, forcing the economy to continue promoting further capital inflows to finance it, at the expense of a growth-oriented economic policy.
Meixcan farmers are in the third day of a national strike, with blockades across the country, protesting US corn dumping & other agricultural issues.
Like her predecessor AMLO, she continues to celebrate that “the strengthening of the peso is evidence of the confidence of international markets.” What the President fails to mention is that this is achieved through high interest rates, budget cuts, and the influx of foreign investment promoted to increase international reserves and cheapen the dollar. This has led to stagnant economic growth, increased external debt, and the growing foreign control of the economy.
The strong peso and the resulting cheap dollar cause imports to displace industrial and agricultural production, increase unemployment, keep wages low, and widen the trade deficit—all of which reduce economic growth and increase the need for capital inflows.
The President also said that “the review of the trade agreement will provide even greater certainty for investors.” She continues to bet on the USMCA as if it were boosting domestic production, while what we are witnessing are protests by basic grain producers who are protesting their exclusion and the negative impact of imports of these products. The government offered producers a dialogue with members of Congress, senators, and representatives from the Ministries of Agriculture and Economy, which took place on November 18 and 19. Farmers from 28 states attended, but only two members of Congress were present. These two representatives stated that basic grains would not be removed from the USMCA and that there were no conditions in place to meet their demands. The absence of parliamentarians and authorities from the meeting, and their repeated refusal to grant the basic grain producers’ requests, demonstrates that they do not grasp the consequences of their actions.
President Sheinabum continues to bet on the USMCA as if it were boosting domestic production, while we’re witnessing national protests by campesinos protesting the USMCA & the negative impact of importing heavily subsidized US crops.
As long as restrictive monetary and fiscal policies and the free movement of goods and capital, which favor the interests of the banking sector and those who sell us products from the USA, continue, there is no way to satisfy the demands of agricultural producers and transporters, so the mobilizations of those affected will continue demanding that economic policy address national needs.
Agricultural producers, along with the country’s truckers demanding road safety, have stated they are no longer interested in dialogue, but rather that their demands must be met. They announced they would hold road blockades on Monday the 24th on various highways to protest the government’s failure to address the agricultural crisis, which is having negative impacts on the entire country due to the importance of staple grains for food self-sufficiency and sovereignty.
The government and Congress cannot continue to ignore the various demands being voiced across the country. The calls against corruption among public officials and for the imprisonment of officials and members of Congress with ties to organized crime are legitimate, as are the demands for national security and the protection of domestic production, rather than the continued favoritism shown to imports and U.S. agricultural producers, as has been the case. Many demands remain unmet, and failure to address them will only fuel discontent and further protests, weakening both the government and the parties that do not champion national demands.
Arturo Huerta González is Professor of the Graduate Program at the Faculty of Economics of UNAM since 1975, a columnist responsible for the Alternativa Económica column at La Jornada de Oriente*, and the author of* La crisis en Estados Unidos y México: 10 años después*.*
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