Loss of anchor investments

The loss of key anchor investments in recent past has literally turned the CNMI into a torched desert land where nothing grows. We look around for an oasis, only to find them fearfully dry, if not nonexistent altogether.

The issue of reviving investment to the healthy level resembling the boom years of the mid-’80s is suspect at best, nowhere in sight at worst. Not when the CNMI is now called in various investment circles “corrupt” and a clueless “welfare state.”

We could rebuild where the blind leads the blind, inching revenue generation into paltry sums annually. Without an organized plan with realistic strategies on investment involving the thoughtful process with vision and commitment, it is futile.

It’s a dreadful journey that requires more than the useless skills of technocrats who obviously lack the vision to shift paradigms from bankruptcy to prosperity. The dark clouds of fear steadily descend as we second-guess our way in the dark alleys of persistent mediocrity.

People pine for leadership, any leadership that would forge a pathway out of familial economic misery. The huge loss in the buying power of families clearly depicts unprecedented hardship never before seen in our developmental history. Is this the price of failure?

Leadership has gone out to lunch far too long, donning the “business as usual” attitude, perhaps dazed at the task at hand: how to rebuild a disastrously listless economy.

Impeached former Republican governor Benigno R. Fitial toyed with plans from a small business group and legal eagles saying to each scheme, “This is it!” It depicts scattershot viewpoint hailing from statist politicians.

Cluelessness is in abundance, leaving the CNMI lacking in clarity and understanding of how much it has lost in foreign capital, its implications, and the consequence of a pile of debts inhibiting growth; the destruction and contraction of private industries from CUC’s costly power bills while splurging in deficit spending.

Leadership is caught in a bad hangover in what’s known as cargo cult mentality. It still looks around for its engine to fly its well-built bamboo reed economic airplane. Woe! Would Christmas drops be next on the agenda?

If leadership were mindful of its fiduciary duty, specifically the disastrous state of the local economy, then it would have moved with rational expectations to ease the deepening mess at home. Nothing positive has happened. A` Saina!

Exercised the power of detachment to understand the spiraling cost of living if only to measure its impact against what’s left of my pension and how this scourge has adversely affected others with far less income. Very troubling!

Call the economic mess secular stagnation or depression but the suffering persists daily throughout households Marianas-wide.

“CUC” power bill is the daily mouthwash and top of the chart of “new expletives” since last year such that you could easily get viciously slammed for mentioning the name of the utility agency. The name CUC triggers invitation for unsolicited tango in places like Rota. You’re better off talking about stray village dogs or a fishing trip to the reef.

Just for purposes of clarifying new costs that have started robbing families of their buying power. Let’s say you’re a retiree with a pension of some $500 bimonthly. The 25 percent cut lowers your take home pay to $375. Add 40 percent on the new health premium increase that saps your bimonthly income even more.

Definitely, the final take home pay is far less. This doesn’t include the impending increase in food commodities, power rates that skyrocket every time we go to sleep at night. Collectively, these costs have negative effects on the buying power of families. It’s troubling what most families have to endure, hoping the break of dawn is postponed indefinitely.

Families are faced with more egregious hardship when other obligations come into play, i.e., paying for the first family home, impending increase in food items, gasoline, among others. These added negative costs against the family purse while salaries remain the same for years or that you’re one of those in the 52 percent category of underemployment. In other words, you have a job that pays within the federal definition of poverty level income. Not very encouraging, is it?

How do we ease this egregiously miserable condition in households Marianas-wide? The answer is dangling before the nose of the boys on the hill, though not sure if this is the usual fatal mañana of “advancing to the rear.”

Through the grapevines a threat abounds that the 25 percent cut would be restored. Sounds pleasing to the ear but highly unrealistic fiscally.

The administration can’t even find the funds to meet the annual fee under the settlement agreement nor is it ready to pay off the $18 million owed CUC by government agencies. It can’t even meet paying off the $13 million owed DB retirement members who withdrew their contributions or $100 million for land compensation.

CHC is incapable paying the costly power bill of half-a-million monthly. The administration is also exploring piling more debts on the backs of our children with pension obligation bond to the tune of $60 million to $80 million. Where does restoration of the 25-percent cut fit in this dire fiscal radar?

Friends, no matter your political persuasion, our government is broke. It is for this reason that I’ve resolutely sought consideration of projects now at the entrance of Tanapag Harbor awaiting tugboat escort. It’s loaded with anchor or permanent investments!

Isn’t it true that we need investments to slowly retire secular economic depression? It needs decisive political resolve to begin moving the needle forward, no more, no less.