Wisdom from The Action Wisdom In Action

Note to Obama: Even Cuba Uses Austerity Measures

From Yahoo News.

"Cuba on Monday said it is laying off nearly half a million workers, an eye-popping figure in any country, but especially in a nation where the government so totally dominates the economy."

...

"Raul Castro has warned for years that the state could no longer afford to subsidize every part of Cuban life, nor pay workers who contribute little. In April, he floated the idea that up to 1 million workers were superfluous and must go."

...

"To soften the blow, the statement — which appeared in state newspapers and was read on television and radio — said the government would increase private-sector job opportunities, including allowing more Cubans to become self-employed. They also will be able to form cooperatives run by employees rather than government administrators, and increasingly lease state land, businesses and infrastructure."

...

"Monday's announcement also said Cuba will overhaul its labor structure and salary systems to emphasize productivity so that workers are "paid according to results."

The labor overhaul comes less than a week after Fidel Castro caused a stir around the globe when he was quoted by visiting American magazine writer Jeffrey Goldberg as saying Cuba's communist economy no longer works."

Free markets come to Cuba at last, and capitalism won't be far behind. One more Communist wall falls down because a leader recognizes what happens when too much government interference gets in the way of productivity.

When will Obama wake up and get out of the way? Very soon, Cuba's recovery will outpace our own, and wouldn't THAT shame Obama!

Posted by Cute at 7:09 PM

Labels: economy, financial (non-tax), politics