An often-used criticism of the government of Guam is its reliance, or over-reliance, on the federal government.
Pandemic unemployment assistance and the Supplemental Nutrition Assistance Program have supported our vulnerable families. Federal funding for more than 30,000 public school students and highway funds that are improving our transportation infrastructure are just a few of the big-ticket items that are crucial to our fragile economic recovery.
But these federal programs weren’t just pandemic party favors. They were the tools of broad economic policy and relief.
By granting emergency unemployment, supporting child care, investing in our roads and bridges, issuing housing relief, and stimulus checks, a national effort spanning both political parties worked to inject cash into our hands and, by extension, our local economy.
Buying local, where possible, should be a positive outcome of these policies. Maybe a few dollars saved on child care or power bills can mean an extra bag of fresh produce at the farmers market or sashimi at the Fisherman’s Co-op.
As island residents, we know that so much of what we consume is imported. This makes our economy hyper-sensitive to world events like supply chain challenges, a turbulent oil market and inflation.
Moreover, our reliance on importation means our dollar likely circulates through the local economy faster than it does elsewhere, subjecting Guam to a constant form of capital flight.
We get that the struggle is real. And your hard-earned dollars should go where they make sense. But with federal money such a significant part of Guam’s economy, it would be nice to keep that money on Guam as long as possible.
But what can we do to fix this?
Beyond the hard news and events that affect our daily lives, these are subjects we look forward to exploring in the year ahead.
What are the subjects, you want to learn more about and what ideas and solutions can you contribute here?
We want to hear from you the tips and ideas you may have for making family and small business entrepreneurship ideas and budgets work for you.