As the Great Recession enters its fifth year, many are asking what steps should the US take to get over the economic hump. Manufacturing jobs are not coming back as quickly as hoped and the overall unemployment rate remains stubbornly high. Regulations and quantitative easing obviously are not working to jolt the economy.
It is time for the US government to think outside of the box about long term solutions to get this economy on the right track. One place to start would be examining its 50 year embargo against Cuba. As we move more and more into an ever growing global economy, it makes no sense for the US to continue with its current policy against Cuba. Here are 3 key reasons why 2012 should be the year that the US ends its embargo against the Caribbean nation.
Economically
Let’s start with the obvious. Cuba would make an ideal trading partner for the United States for a host of reasons. It is the largest nation in the Caribbean, both in terms of population (just over 11 million people) and in geographic size. It is only 90 miles from the shores of US, making it incredibly profitable for US companies to be able sell agricultural and manufacturing goods to the island nation. Additionally, the US Geological Survey estimates that Cuba has 9 billion barrels of proven oil reserves. Newly discovered offshore oil basins may raise this number to 20 billion barrels, which would put Cuba in the top 20 reserves in the world.
Out of Date Policy
At one time the embargo against Cuba made sense. In the early 1960s, the new Cuban government nationalized private American businesses and property and aligned themselves with the Soviet Union during the escalation of the Cold War.
But this was 50 years ago, well before many current American and Cuban citizens were even born. Fidel Castro is no longer in power. The Soviet Union has not existed for over 20 years. The US has rebuilt ties with its former WWII enemies Germany, Italy and Japan; all of which are now strong allies. It makes no sense why it cannot do the same with its former Cold War enemies as well.
Double Standard
One of the chief reasons for imposing the embargo was human rights, as the communist Cuban government is a politically repressive regime. America has always symbolized economic, religious and political freedom in the world and has blasted totalitarian governments that do not give their own people these same freedoms. Yet despite this, the US trades hundreds of billions of dollars worth of goods every year with high profile authoritarian governments, most notably China. Unless the US is willing to have the same foreign policy with all communist nations; it makes no sense to trade freely with one, while at the same time suppressing another.