There are several reasons why Jamaica and the rest of the world have a lot to fear ahead of today’s midterm elections in the United States, noted chairman of Wisynco Group Limited, William Mahfood.
Immigration and trade are two of the key issues that will be affected by the outcome of the elections, and Mahfood pointed out that if Americans vote positively on locking out nationals from other countries, that could spell trouble for the US, as well as the rest of the world.
“The whole world has a lot to fear today. The continued agenda of the Republican Party of division, as well as their agenda on the removal of free trade worldwide, could have significant impact on our region and the world. America is the largest economy in the world, and if they close their borders to goods from other countries, or make it expensive for goods from other countries to access the market, economies worldwide will start to stumble,” Mahfood told The Gleaner yesterday.
In addition, the former president of the Private Sector Organisation of Jamaica said, “The US economy already has a very high debt level,” pointing out that the country could eventually run into serious economic troubles.
“The Republican Party has already started the process of reducing corporate tax and personal income tax. What you’ll find is that their debt-to-GDP (gross domestic product) will continue to grow. That will cause more difficulty, as their economy starts to feel the effects of trade deficits and also increased levels of debt,” Mahfood said.
Leave A Comment