Dear Source,
One of the key ingredients towards rebuilding our islands’ economy must be driven by increasing our small business sector. Statistics clearly show that small businesses generally contribute more towards creating a healthier economy. My candidacy will strongly support and advocate legislation to strengthen the proliferation and growth of small businesses in these islands. We must recognize that the profits generated from small business are re-distributed, almost immediately, back into our community. It is also understood that profits from big businesses leave our shores faster than the speed of light. This situation undermines our already fragile economy and creates economic stagnation.
The economy of any state nation or territory can become strengthened or weakened depending on its trade surplus. Although there are other economic factors which can generate income, most economists and political leaders show heavy concern regarding trade deficits. This is measured by the amount of goods/services exported vs. those imported by a state, country, or nation. Since the Virgin Islands has very little natural resources to either harvest or manufacture, the overwhelming majority of the products we consume are imported. Therefore, our trade balance is always in deficit. We continue to allow profits earned to travel outside this territory, providing income, taxes and jobs for other economies. This is to be expected but the VI trade deficit is totally dysfunctional. We must find ways to lower this deficit by producing products we can consume locally or at least export to our neighbors. If elected, this effort will become one of my top priorities working in concert with my colleagues.
Our global economic market place is changing rapidly right before our eyes. In a few more years major and minor business transactions will take place on the Internet. This could result in a further loss of revenue for our territory. As your legislator, working with my colleagues, efforts shall be made to secure either local or federal grants for our territory to conduct research in order for us to corner the market on either existing products sold in our territory or the introduction of new alternatives for the future growth of our economy.
Glen J. Smith
St. Thomas
