Economics & Job Creation
The JOC constructed its economic platform on the following seven basic economic concepts:
1) Jordan’s unemployment rate is astronomically high and this has to end;
2) Jobs must be created for graduates or the education system has failed;
3) High unemployment creates stagnation and fosters religious radicalism, especially amongst the young;
4) Currently, there is little competition for the “good jobs” because the nation’s best jobs go to those who are loyal to the king, and not whom are the best qualified;
5) Before the Pandemic, International financial agencies understood that Jordan was on the verge of bankruptcy due to mismanagement and graft. As such, they placed very specific financial loan requirements on Jordan. Additionally, the World Bank authored a hidden money report and found that secret Jordanian bank accounts had over $3 billion in them. This report, combined with the Pandemic’s onslaught, has created a dangerous situation in the country because the King has been forced to spend any and all of the country’s known reserves, virtually bankrupting the nation in the process;
6) Economically, Jordan knows that she cannot solve all of her problems alone. The country will clearly need help from the international business community if we are to create jobs that will provide Jordanians with economic security and enhanced lifestyles. Working with the corporate world, the “New Jordan” will provide tax breaks and incentives, as well as grants and stimulus packages to help create jobs, open offices and construct manufacturing facilities in the country;
7) Investment strategies, laws and programs will be reviewed, and updated to meet Western standards, allowing Westerners to share in the success of Jordan’s future. The focus will be to upgrade the investment markets so that Americans and other Westerners can (and will) invest in Jordanian businesses and economic projects.
This complex set of concepts requires the nation’s best minds to come together to create the “New Jordan”, and do so with international help. To foster this, the JOC will take a multi-pronged approach to solving Jordan’s economic problems. After enhancing public education, the JOC will introduce measures to solve a variety of international problems, including restoring the highest of standards for our financial policies and institutions before the world. These much needed reforms will help put the “New Jordan” on the right economic road, especially when laws and policies are enacted that prevent the theft of money by the King and his cronies. Because of the graft and institutional economic problems, international lenders have called for the institution of a variety of changes, most of which have not been adhered to.
Because of these problems, Jordan’s cash reserves and lines of credit have dried up. This has caused shortages in products and services that Jordanians are clamoring for, including, food to feed their families and modern tools to build a new nation. The JOC believes that it will take half a decade to lay a foundation that turns the country around and creates the type of thriving economy that creates jobs and equal opportunities for everyone. The goal is to leave no Jordanian behind, and as mentioned above, it starts with providing a quality education for each and every person living in Jordan. The JOC will achieve this as follows:
· Specific laws: Five types of laws will be created to support economic development. They are: 1) Transparency that opens up the “books”; 2) Anti-trust laws that create product and service competition; 3) The reformation of international investment programs, including the Jordanian Stock Market; 4) Tax benefits and incentives designed to attract both manufacturing plants and hiring of trained employees and 5) The establishment of anti-graft and terrorism concepts that will make Jordan a safe investment and tourist location ;
· Jordanian Budget: Jordan’s government currently raises enough money to tackle a variety of problems without having to go begging before the world. Published reports and Parliamentary actions indicate that in 2019, the Jordanian Budget was about $13 Billion, even though an estimated $24 Billion was collected. The JOC believes that the missing money has been wasted, funding the lavish lifestyle of the Royal Family. Here, we will do a financial review of the country, provide transparency and eliminate graft;
· ADDITIONAL BUDGET REVENUE: Without the Royal Family abusing financial resources (and cronies skimming off the top), more money will become available in the general fund, and that money will be reinvested in the economy. The major focus will be the creation of jobs and manufacturing facilities. We will also be able to help pay off international debt. Thanks to the implementation of a variety of transparency concepts, finances will be collected and properly accounted for. As a result, there will be an influx of money that will be used to pay off debt while establishing solid budgetary concepts and policies that will allow for continued economic and social growth. After a complete economic review, the JOC estimates that Jordan’s budget will double within 3 years, and sustain double digit growth for a decade after that;
· Corruption: The JOC will work hard to earn the people’s trust by eliminating wide-spread corruption supported by the King’s regime. It is estimated that a minimum of 33% of all funds collected by the government are “stolen” by the King and his henchmen. To eliminate corruption, we will be discussing, introducing and enacting strict anti-corruption laws that will be overseen by a Counter-Corruption Commission. The Commission will be empowered to investigate, search, arrest, confiscate and prosecute those suspected of economic corruption and insurrection. The savings will be used to help pay off our international debt;
· Tariffs: The United States of America, under President Trump, has shown the world the benefit of using tariffs and how they can be used to level the economic playing field. Used as an example, the JOC will adopt and implement policies that eliminate the current extreme tariff system that charges a variety of fees, including one of up to 200% for a family car. These tariffs push the cost of life’s basics beyond the reach of the average Jordanian, harm the poor, and are only in place to enrich the king and his cronies. We will start by eliminating any and all tariffs on products produced by the United States and United Kingdom and then review all trade agreements, one by one;
· SERVICING DEBT: Jordan’s external debt will be analyzed, prioritized and renegotiated with debtors based on a variety of internationally accepted concepts;
· Lower Income Tax while stabalizing Sales Tax: The “New Jordan”, under the direction of the JOC, will enact provisions that will expand and enhance Jordan’s economy. One of the JOC’s first actions will be to lower income taxes. The “New Jordan” recognizes that in order to create and expand the Jordanian Consumer Economy, Consumers need to have more money to spend. Taking this approach will turn a regressive tax into something that benefits the people. Again, the JOC believes Jordan will make up lost income tax revenue shortages by ending Royal corruption and the establishment of a stable, fair and equitable sales tax program. Combined these two programs alone will help create jobs, products and attract businesses;
· BUSINESS TAX INCENTIVES: Using international models, the “New Jordan” will implement a variety of tax benefits and incentives programs that are designed to attract both manufacturing plants and hiring of trained employees;
· Accountability/TRANSPARENCY: The “New Jordan” will enforce accountability and responsibility for public servants and state officials by establishing transparency throughout the government, including a transparent salary system and a government oversight committee. This will be done using concepts adopted by western nations, including the US Federal Government;
· Trade & Economic Cooperation – the world: A modern state must have direct interaction(s) with their neighbors and the world’s residents. The “New Jordan” will be no different. One of the main ways to ensure economic success will be the expansion of economic cooperation (trade) with the West, including the United States, UK, Germany, France, Canada, Australia and New Zealand. This will be done using several mechanisms, including eliminating tariffs that help expand trade and development agreements;
· ECONOMIC ZONES: The establishment of free trade agreements will foster the development of economic development zones. “New Jordan” will support these zones by creating policies that will not only help foreign goods enter Jordan’s market with zero tariffs, but create jobs while allowing Jordanian products to leave the country for foreign markets with minimal tariffs. This will benefit the world while creating jobs and income. This added income and choice of products will enhance consumer purchasing power and stimulate tax revenues;
· STOCK MARKET AND OUTSIDE INVESTMENT(S): In order to stimulate foreign investment and the collection of hard currency for development use by the Jordanian Government and Corporations, the “New Jordan” will review, revise and adopt new standards for the Amman Stock Exchange and the Jordan Capital Market. Additional changes will come to the bond, commodity and investment markets. The overall goal will be to establish standards and protocols that support outside, international investments by individuals and businesses. To do so, we will work with America’s Security and Exchange Commission to adopt policies that enhance protections that will make it palatable for westerners to invest in Jordan;
· Trade and Economic Cooperation – Our Neighbors: Expanding and reinforcing economic cooperation with our neighbors, including Israel on the manufacturing and delivery of imports and exports, will stimulate the economy and create jobs. Additionally, as partners, we hope to use Israel’s knowledge and expertise on water, energy, telecommunications and agriculture to enhance Jordan’s future in the economic market place. The best way to do this is by signing a free trade agreement between Israel and Jordan that benefits both parties and reinforces peaceful ties between both sides for generations to come;
· Marshall PLAN: After the Pandemic, many countries will face a variety of economic problems, and as such, the world will need a regionally based plan that countries can tap into to provide economic services for their people. Using Jordan as a launching pad, we are proposing a “Marshal Plan for the Middle East” that spreads the costs between nations while calling for regional development in a variety of areas. The projects outlined in these documents are designed to benefit all parties and will be released as a separate document (please ask for a copy);
· PIPELINE: In an effort to create jobs and enhance the country’s revenue, the JOC supports the refurbishment and use of an already underused pipeline that was established in Israel over 35 years ago and the development of a new pipeline between Israel and Jordan;
· NATURAL GAS: With vast discoveries of natural gas reserves in the in some areas of the Arab Gulf, as well as in Mediterranean off of both Israel and Lebanon, the natural gas line extending from Arabia to Haifa seaport in Israel, the “New Jordan” is poised to become a “facilitator” of this new-found wealth;
· BRIDGES & INFRASTRUCTURE: Currently existing bridges will be retrofitted or enhanced, while new bridges and public works projects will be planned, budgeted for and constructed. A focus will be on educational institutions and those connecting with our neighbors, including Israel. The JOC believes that this is vital for the “New Jordan” to do because it will facilitate businesses, the trading of goods, expand tourism, and support immigration from the Israeli side to Jordan. Combined, these actions will support the movement of goods and services throughout the region. This includes expanding the Alanby and Sheikh Hussein bridges, and building new bridges connecting Jordan and Israel in specially selected locations;
· ROAD/HIGHWAY: In an effort to create jobs and enhance the country’s revenue, the JOC supports the development of a highway from Israel to Saudi Arabia. This will not only create jobs and move goods and services, but help open up tourism and cooperation between countries;
· WORKERS COMPENSATION, UNEMPLOYMENT & DISABILITY: The “New Jordan” will introduce and support legislation that is designed to provide Jordanians with a secure future. The initiatives include, but are not limited to providing workers compensation, unemployment and disability benefits;
· RETIREMENT INVESTMENT PROGRAMS: The “New Jordan” will enact both private and public investment programs that will/can be used for the establishment of pensions for the elderly and those who may have not contributed to system earlier;
· ECONOMIC DISCRIMINATION: The “New Jordan” will adopt policies that ban and eliminate economic discrimination between all races, religions, creeds, lifestyles and sexes, with a direct focus on Jordan’s largest ethnic group: those of Palestinian heritage and under privileged groups like the Bedouins;