Contributed By Michael Spence
It's time for Jamaica to break free from the shackles of a Motorized Pyramid Scheme Economic Model (MPSEM) and transition towards a Real Productive Economic Model. This new approach prioritizes employment, consumption, import substitution, and exports, while reducing non-essential imports like luxury vehicles and cosmetics.
Key strategies include:
- Boosting employment and consumption
- Encouraging import substitution and exports
- Reducing non-essential imports
- Abolishing direct income taxes, with incentives for all workers and businesses (similar to those offered to hotels and agriculture)
- Eliminating specialized tariffs for select individuals and businesses
- Creating a level playing field for all Jamaicans
Additionally, the focus should shift from new taxes and borrowings to production and development. The National Housing Trust (NHT) model needs reform, as it resembles a pyramid scheme, favouring only a few contributors.
Let's work together to build a more equitable and productive Jamaica.
Michael Spence
micspen2@hotmail.com
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