Dollar decline devastating
Published:Saturday | June 15, 2013 | 12:00 AM
THE EDITOR, Sir:
The value of the Jamaican dollar has reached an all-time low, and we are yet to hear any solutions from our leaders, except the call for us to be optimistic despite our obvious despair.
The political leaders of this country appear incapable of easing the cynicism that has taken root that Jamaica is a failed state, or, perhaps more accurately, that it has failed its people. It is particularly the youth that are continuously burdened with the reality that they are not living up to their full potential.
Everything is climbing rapidly, from tuition fees, to petroleum, to basic food items, to unemployment; the only thing that is not increasing is access to viable opportunities.
Young and unemployed
The current rate of unemployment among our youth of employable age, according to STATIN, is 50:1, which reflects an increase over the previous period. With all that is happening, one can only hope things will get better, but as it stands, the State is seemingly in no position to help its youth.
Some self-interested Jamaicans may be happy with this decline in the value of our local currency because they are earning in US dollars, but I must remind them that while they may be earning more in terms of the number of notes they have when leaving the bank, given the state of the economy, their dollars will not stretch very far.
It cannot be, as our finance minister is on record as saying, that a high exchange rate is good for Jamaica. That is a short-sighted perspective and is not conducive to production, which is the only way we will get out of this rut and foster confidence in this country and its economy.
Leaders, Opposition and Government, let's stop for a second and think about Jamaica and the people of this beautiful nation. We need bold and efficient leadership to govern this country so that we can achieve the goals set out in Vision 2030.
Too many university students are leaving these institutions deep in debt but high in ambition and are unable to gain meaningful employment. So many youths are now frustrated and want to migrate for a better life.
The country's potential for productivity is being actively depleted by crime, corruption, inefficiency, uncompetitiveness, and brain drain.
We must act now and bring forth solutions not only to the sliding dollar, but also for the many problems that are affecting our nation's youth. Show us that Jamaica is not a failed or failing state. Show us it can rise again and be the ideal place to work, live and raise families.
E.M.