Loss of foreign investments

The CNMI has suffered heavily from the loss of foreign investments, primarily from the Land of the Rising Sun. The loss was preceded by the closure and deployment of the apparel industry that used to generate some $1.2 billion annually. The cumulative loss is about $5-7 billion.

The loss is horrifically disorienting as leadership, confused and dazed by it all, acquiesce by soulfully humming que sera, sera. It’s a reaction that confirms the failed promise “for a progressively higher standard of living” coupled by local failure to build brighter tomorrows.

There were honest differences of views on what entails building the blocks of self-government. We sued the feds on labor issues, a tool necessary to controlling and maintaining the foreign labor requirement of the CNMI. It triggered the unanticipated delay of requisite policies on labor and immigration. We didn’t see this coming but kept blaming the feds for it.

For the first time since the early ’60s, the CNMI, on net, has lost a lot of foreign investment capital as to be forced into austerity. It now suffers from financial paralysis as to be incapable of paying for healthcare nor could it meet biweekly payment of its government payroll. But it conveniently bluffs such setback with frequent and long junkets abroad and expensive dinners in high-end restaurants. We had to boast perceptual opulence amidst the mind-numbing financial chaos here.

In short, confidence and trust on investment went south. We’ve lost a lot of revenues and sit in air-conditioned offices staring at outdated newspapers while chewing betel nut hoping they accidentally turn into cash. But there’s nothing up that alley. It’s as empty as desert land after a prolonged drought season. Would investment like we used to know return like it did in the ’70s, ’80s and ’90s? Or would it trickle to shore in small passive waves? Is large investment history? Regardless, the fiscal pressure for more for far less is here to stay.

Family losses have also been incredibly horrific, i.e., loss of the first family home; inability to weather the tidal shift in utility surcharge cost; holding back on regular spending given cuts on work hours; the net effect is less consumer spending thus far less revenue for the local coffers. What then do we do?

Can employees look forward to recovering the loss of their 80 hours or is this an issue all can claim as the permanent hallmark of this administration? Is this setback likely to turn into joblessness signaling that all hope is lost in paradise? When would wealth and jobs creation begin anew? That the local government is literally bankrupt doesn’t grant leadership or anybody a teeny hole to sink into in hopes of hiding from what’s known as fiduciary responsibility, true? Hello, anybody home?

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Is leadership even poised to acknowledge the actuality, enormity and breath of the consequence of neglect? Does it have the ability to envision solutions to problematic issues before it with encouragement that it can be done? It’s sad and indeed frightening that most of the so-called leadership can’t see beyond the years for what it is: leadership. We’re more focused on less-than-substantive issues as to ignore what really matters. It’s a tale of how easily our elected officials are engulfed in the toxin and culture of dismissive arrogance that billows clearly from downstairs. They no longer wish to listen to the inner voices of the people they represent in our governmental institutions. But we also have a fitting place for political arrogance—the trash can!

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When you ignore or neglect a fiduciary responsibility such as planning for the future economic wellbeing of the CNMI, then it goes to illustrate the apparently shallow grasp of what it takes to strengthen local self-government. It begins with the self. Only we can grab the bull by the horn to walk a steady pace as we plow a newly cleared garden for planting. Otherwise, ours becomes honing the usual pastime of mañana as to completely shove off promises of a prosperous economic future. Whatever happened to your oath of office? Did you park it under plates and napkins in lavish dinners paid for by taxpayers? Or did you dump it in your back pockets for mañana?

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About the only respite or bridge of hope that is left in paradise are the white doves taking full command of everything down below, the pristine savannahs, and golden strands that brace the sandy beaches of home. After that you’re left on your own.

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Obamanomics and Obamacare have failed, leaving a huge void for Republicans to fill in next year’s presidential race. The likes of Gov. Rick Perry from Texas or Rep. Michele Bachmann leaves room for a very formidable partnership to claim the White House. Perry is strong on wealth and jobs creation. Bachmann a sure hand on most issues. She’s handled the “submissive” question so very well. Indeed, we need a new set of leadership to commence rebuilding the economic foundation of our country. Otherwise, we’d be seeing a “Debt Man Walking” all over the country from Pennsylvania Avenue. It’s time to reclaim what’s ours!

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[I] Delrosario is a regular contributor to the [/I]Saipan Tribune’[I]s Opinion Section[/I]