so america’s real estate bubble has burst, the dollar’s getting its ass kicked, fear has gripped Wall street, Americans are drowning in debt, and tapping their retirement savings to remain solvent.
what to do? many are betting on Panama. dial up any travel website, or Pick up any magazine for retirees and you’ll find an article extolling the delights of this tropical paradise.
Michael Fernandez economic director of an industry group, says “there’s no bubble” in panama. he adds that it’s unlikely Panama will “experience a real-estate bust similar to the one that’s occurring in the U.S.”
there are over 200 high rise buildings bubbling up around Panama City. next to the panama canal, the construction industry is fastest growing part of the economy. an economy that government minister hector alexander says is growing at a healthy 9%.
with more and more Americans wanting to opt out of their costly downward spiral, panama, with its cheap labor, cheap health care, cheaper real estate, and cheap rum, is looking pretty sweet.
but if you’re a poor native this is not necessarily good news. Panama is slowly being invaded by wealthy foreigners. gas and food prices are rising. and as the majority get left behind Panama’s economic boom, anger and frustration builds.
recently i was asked to take part in a protest for workers rights. but it felt like they were way more committed to helping the poor than i am. some of these labor activists are getting beaten and shot by police.
hey, screw that. i care about the poor as much as the next man. but it wouldn’t be fair to my readers if their beloved cojito was gunned down in the street.