According to Bradley, the island has “returned to economic limbo.”
The economist was the guest speaker Monday during the Rotary Club of Northern Guam’s weekly meeting at the Hyatt Regency Hotel, where he provided world economic updates.
“Guam has returned to the economic limbo that we were in for more than a decade,” said Bradley.
He noted that Guam has had “a severe reversal of fortunes” since he last spoke about the economy earlier this year.
Bradley recalled his optimism when he made a presentation on March 10 about how Guam’s tourism was going strong and the military buildup was on track.
However, the following day saw the triple disasters devastate Japan. And a few weeks later, the military buildup started falling apart, he said.
Bradley said the military buildup was going as expected until May 12, when officials suggested the Defense Department reassess its plans for Guam amid criticism that the buildup was “unrealistic, unworkable and unaffordable.”
According to Bradley, Secretary of Defense Leon Panetta has repeatedly expressed his commitment in continuing America’s strong military presence in the Pacific, even during a time when the nation is seeking measures to trim its looming deficit. However, Guam has “three firm answers from D.C. — Yes,’ ‘No,’ and ‘Maybe,’” he said. “It’s really hard to plan under these circumstances.”
Bradley also spoke about the nation’s economy, noting recovery is “ongoing, but slow — too slow.”
Unemployment is still at 9.1 percent, with underemployment estimates at around 15.6 percent.
“The labor force is shrinking, in part because not enough jobs are being created and many workers are discouraged. … Many others are losing their employability,” said Bradley.
With the nation’s stagnant economy, Bradley suggests now is the time to invest in education, infrastructure, scientific research, and even the environment — anything that will create jobs and improve future prospects — instead of worrying about borrowing more money at historically low rates.
