Midstream change in policy

In recent years, the Northern Mariana Islands has suffered from two serious assaults on its economy, namely: the Asian Crisis and instability sowed by a vicious federal takeover agenda.

Equally destructive is our penchant to change boats in midstream through policies that change every other full moon, so to speak. It is the most dreadful experience investors had to endure when dealing with island governments, specifically, the constant imposition of political solutions to business ventures at the embryonic stage.

Lately, we acknowledge with full measure the plunge in revenue generation as to force the constant juggling of funds for Fiscal Year 2000 from $246 million to $210 million. Despite this serious revenue contraction, we still are fearful of the task at hand to undertake what works for the CNMI. In the process, we resort to appeasement and call it “reform”.

In the process, we have decided to cap the number of workers for the apparel industry. At the same time, there’s the Free Trade Zone (FTZ) which, if successful, would mean more foreign workers here. Isn’t the ill-conceived intent of capping of apparel workers to reduce the number of guest workers here? It’s a grand exhibition of saying one thing and doing the exact opposite oblivious to the most vital question in economic planning: What if…? Isn’t this a sterling case of trumpeting “inconsistency” that immediately translates to instability of these isles as an investment venue?

Perhaps the issue is somewhat complex for the nimble minds of policymakers who offer superficial answers solely premised on ad hoc political approaches to long-term investment issues. It goes to illustrate their inability to look positively “beyond the years” in order to encourage wealth and jobs creation for posterity. Or do we attribute these shortsighted approaches to one’s penchant as a simpleton at the expense of the future of our children?

Our policymakers need to grow up and take serious assessment of the current economic downturn destined to get worse before it gets any better. New paradigms must be allowed to descend on these isles given that old approaches no longer work. If the role of leadership is to better the lot of the people you represent, then it goes without saying that your track records in this area is hardly anything to boast about.

For once, all must buckle down to instituting policy stability in an island economy that is as fragile as anything we can find on planet earth. Stability should and must be the battle cry of policymakers to revive revenue generation “as we know it”. Si Yuus Maase`!