Cayman is a world leader in some instances, while an increasing number of persons each year have to go on welfare. Why is this?
Cayman is one of the leaders in offshore business – recently I read we had lost 7.8 percent of our business to outsourcing. We must address the issues we face now. Cayman is blessed. We still have a population of perhaps 65,000, but it must happen now, before we reach the 100,000 mark.
In Singapore, one of the countries that is attracting our companies, the cost of living is 44 percent less and the wages 20 percent less than in Cayman. This tells the story. Legislators, please help.
Government presently collects a stamp fee on several things (checks, policies, documents, etc.), which probably amounts to an average of 0.5 percent to the average consumer each month. If government would include bank transactions – electronic transactions, drafts, wires and deposits – going with a minimum figure (for example, .00007 percent), then it could remove duty from food, gas, diesel, propane and reduce license fees. This would bring the high cost of living down 25-30 percent; all will benefit.