Ambrose M. Bennett
THE Truth is the CNMI’s Economic Forecast does not look bright but indeed headed for a cliff with no definitive plan to prevent our economy from literally falling-off-a-cliff, just begging the Feds to save us, which is Lazy PATHETIC stewardship! Tariffs & Taxes are the only things on the Economic Menu for ALL of America and like any economic reform, sometimes it takes time for the full effects and reality to set in with the average citizen, which is when they start to see the rise in prices across the board and even the shortage of goods due to tariffs. It would also be good, decent and fiduciary for the Governor & our Delegate to weigh in on what the CNMI can expect from the Tariffs, especially when imports from the U.S. will have already faced Tariffs before their arrival in the CNMI. However, the bigger question for our leaders is “who will collect these Federal Custom’s Tariffs” given the shortage in the Federal Workforce that is already adversely affecting Guam or if the CNMI will claim “impotence in the ability to collect for the Feds” on these goods imported directly to the CNMI from other countries,” as Customs is under the CNMI.
Being an actual & recognized economist from an HBCU who is in full agreement with all the Nobel Economists who have said “Trumps tariffs are DUMB & disastrous,” and they even predicted “total disaster for America with the Trade Wars of Trump,” which spells big trouble for the CNMI. In fact, the Stock Market has already started to respond “in-kind” with stocks falling across the board. I have said before that “whenever there is an economic ailment on the mainland of America that by the time it reaches the CNMI it has become a full-blown & even a deadly virus to our miniscule & fragile economy” that can’t withstand any adversity. For over two decades Republican Governors have failed to invest in “Local Business Development & Growth,” to do simple ventures like raising cattle, chickens & eggs. But OUR Representatives seem to think it’s OK for the Governor to give away 22 years of our taxes without OUR consent to a Hawaiian-based conglomerate and even the personal income of owners, so disrespectful & unfair to all the local people & business taxpayers! I guarantee WE will regret this Tax SCAM!
WE already experienced the Republican scheme of “No Taxes” with the Casino that had to be corrected and here WE go again with no taxes collected with “no guarantees on OUR investment-returns” with an unknown number of J&P’s businesses of no taxes collected for 22 years, which is simply a business rip-off of OUR taxes. The Governor clearly created “a competitive advantage for J&P over ALL the other businesses & the people who pay taxes on their income in the CNMI. With this kind of economic skullduggery in play by Arnold, the CNMI’s Economic Forecast is just “more of the Same-O Same-O Republican subterfuge, taxes & tax schemes, inflation, austerity & begging the Feds but no Economic Recovery Plan — sad! It seems Arnold may have found a “loophole” to get away with giving our taxes away but there is still nothing in place nor a plan to counter any of the adverse tariff’s reforms imposed on the CNMI by Trump’s “Destruction Plan for our Democracy” that goes far beyond our economy to impede on Constitutional Laws & our Justice System. But the CNMI’s biggest challenge remains with “no Economist & no Economic Plan,” as a failure to plan is a plan for failure- for TRUE!
The CNMI’s economy has become what economist call “a risky one crop economy,” depending solely on “tourists” to run our economic engine — a danger we teach to avoid in high school economics! We now are living the real results of having one crop (tourists) going bad or lost with nothing else to fall back upon for revenues and still No Economic Plan — just begging the Feds AGAIN! The CNMI has become more like a “Federal Hand-Out State” to keep afloat that is functioning more like a Third World Economy in the quality of life, which is why “Dreamers for a BETTER Life” continue to leave. The CNMI’s economic failures to diversify our economic base with new industry(s) & new tourists’ attractions are compounded when we have Governors who waste the Billions that are meant to help our Economy. However, Trump is capable of bias and helping the CNMI’s Economy, but he will want something in return for TRUE so be-ware! I stressed as far back as 2001, that the CNMI must prepare to create new industry(s) for the Garment Industry’s departure due to the ending of the World Trade Organization (WTO) — a casino was the only response. Now the CNMI can see the need to create the new industry(s) that I pleaded for to replace the revenues generated by the Garment Industry, which is really responsible & basic economic planning & stewardship. However, it seems that CNMI poli-tricks of austerity, taxes & subterfuge are more important than “Local Economic Development & Growth” beyond begging the federal government. All our shortcomings are going to be exposed & even exploited under Trump & Arnold, but as we say in my culture, “the chickens have come home to roost” when the reality of our many economic failures and the adverse effects of Trump’s Tariffs are realized along with the mistake of giving 22 yrs. of taxes in the 10s of millions for WHAT — DUMB, as WE the People deserve BETTER and WE will regret it!
The simplest solution to our Economic devastation is an Economic Plan. So WHY are our elected leaders and the People not DEMANDING an “Economic Recovery PLAN” from the Governor when there are thousands of protests on the mainland over the economic decisions of Trump. But Arnold knows that if he offers a plan, it will mean real accountability for him to deliver, which he wants to avoid at ALL costs to HIS People. Prayers for the average CNMI citizen, as our Economic Forecast seems to be the Same-O Same-O with No Economic Recovery Plan.
One People, One Direction.
Ambrose M. Bennett is an Economist who minored in Sociology, a Political Scientist, a retired teacher & former CNMI Board of Education Member, a James Madison Fellow (U.S. Constitutional Scholar), a Fulbright-Hays & lifetime Humanities Scholar who resides in Kagman III in the U.S. Commonwealth of the Northern Mariana Islands.
