Mr. Alfred Sears, QC, like other people, is calling for for a "new economic model" for The Bahamas.
He suggests there are tax breaks and other concessions granted to foreigners and never offered to Bahamians and there is an anti-competitive dominance of certain sectors by a small number of firms that helped create a culture of economic dependency in The Bahamas.
He further called for vision and courage and an economic strategy based on resilience and sustainability.
But let's dive into his recommendations a little:
1. He laments the country's food and fossil fuel dependency and suggests the country incentivise domestic food production and manufacturing.
Food Dependency: How many decades are we to listen to people discuss this subject as if there is a way to be self sufficient with our food production? How many subsidies need to be provided with no results? How many more BAMSI's do we need to fund to no avail?
Fuel Dependency: As for wind and solar, I would suggest watching this video via You Tube: Planet of the Humans.
Manufacturing: History seems to indicate that the size of our market and the cost of doing business it is doubtful any meaningful manufacturing can take place.
2. The country should move away from "Las Vegas Style" resorts to a product based more on culture, history and the performing arts.
There is a track record of smaller low density "resorts" and that's fine, but these are usually is more remote locations and do not employ large numbers of people.
3. Embrace the digital economy.
This is fine as long it is not another government mandated currency where privacy comes into question and it is open to manipulation like fiat currency is today.
4. Abandon protectionism and Concessions for Foreigners but Give them to Bahamians.
On the one hand it seems he is suggesting giving concessions to foreigners is bad and I agree, yet he wants more concessions for Bahamians.
Concessions and subsides are never good for the taxpayer, no matter who gets them. It's the proverbial robbing Peter to pay Paul.
5. Offered concerns about the debt level of the country.
This is a legitimate concern and one that been voiced by numerous entities and individuals over the decades yet the state and debt continue to grow unabated leaving no headroom for legitimate crisis like we are currently experiencing.
6. Culture of Economic Dependency.
While this comment was directed at or to food and liquor merchants I am not sure the specific policies he is referring to that would make The Bahamas resilient and sustainable?
Liquor and food merchants have grown over the years as the Bahamas economy has grown. Does he propose taking franchises away from one group and give them to another?
Much of what Mr. Sears proposes requires private sector and individual development unhampered by Government policy. Two things that seem out of reach because of politics.
I suspect though that he thinks the dead hand of Government will solve these problems in the short term by turning a few knobs, and forcing some to give while others take, as if announcing a public policy changes human behaviour and human action.
Economies are dynamic based on individual action as if guided by an "Invisible Hand".
