Tuesday, 14 September 2010

Wonderful! Wonderful!

From The Guardian
Cuba has announced it will lay off more than a million state employees in a sweeping privatisation drive that will transform the island's socialist economy.

Authorities said layoffs would begin immediately amid loosened controls on private enterprise which, it is hoped, will kickstart the private sector and create new jobs for former public workers.

The official Cuban labour federation, which made the announcement on Monday, said 500,000 jobs would go by March and eventually 1m would be cut in the biggest economic shakeup since the 1960s.
I've looked up Cuba's economy on Wikipedia. As of 2009, it had a labour force of 5.1m, with 78% of the workforce in the public sector. Or about 4 million public sector workers. So, Cuba is going to reduce its public sector workforce by 25%, which will take it to about 58% public sector.

So, the Cuban people are going to get richer. Which is a massive plus.

Now, assuming that the US doesn't change its embargo, are those who blamed Cuba's ills on the US going to admit their error when the Cuban people get richer?

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