My take on President's New Year Speech
I had the chance of listening and watching the president today make his New Year speech. No doubt, he displayed leadership and showed concern about the current bad state of our economy.
I agree with him that these roads are terribly bad and need urgent action. But what I didn't understand while listening to him was whether he really believe that it is okay to continue running the entire nation from the center as it has been the case since 1966? After listening to Mr President, the plausible conclusion was maybe he was adding some new project to the 2018's capital budget.
In fact, from all indications, his speech only displayed the truth we have been sweeping under the carpet. The truth that the continued centralization of our economy rather than lead us to economic development will always only lead us down the path it has been leading us, which is economic stagnation.
What I can't understand is why has every president since the return of democracy strongly believe that it should be the role of the federal government to continue dispensing economic projects across the country.
My opinion is that if restructuring is not done soon and should the federal government continue to run such a wasteful economic system that is increasingly based on borrowed money, shouldn't we get to the point of total collapse, a point where it will be extremely difficult to reverse the situation?
Regional economic centers should be allowed to spring up and encouraged to replace the present federal economic center by adopting true fiscal federalism. This is if we want to save the situation before it's too late.