Submitted by Looking Glass
Yes, we need somebody with a firm hand to guide the ship of state at a time of incredible peril (Advocate April/22/201). So far the actions and promises echoed by both parties suggest ongoing deterioration and servitude not a return to prosperity.
Interested in politics from age 9 the PM prepared himself painstakingly and thoroughly for political service (Nation 25/1/2013). Given such interest one would expect he would have studied other subjects in addition to law to learn and understand something about the social and economic aspects of the country. This apparently has not been the case. So far his actions suggest he understands little. He knows who is incompetent, whose white family avoids them like the plague and who embarrassed a certain Senator by begging for a job etc, but apparently nothing about the $62 million National Debt the DLP inherited and the ownership of assets like the Port, Airport, Gems etc. .
The 2006 IMF report noted “lack of scope for development, vulnerability to external shock, the need to address macro-economic imbalances, the high level of public debt, large external fiscal external account deficits, declining international reserves and noted the weakness in statistical information. The Report referred to the situation before the DLP took over. There was no industrial accomplishment to serve as a basis for non-cyclical job generation and no purposeful additions to fuel the economy beyond tourism. Without diverse production and no real surplus we will remain dependent. Read Fallacy In Shoddy Robes Dec/1/2010.
Now we are told the fiscal crisis is a direct result of the poor policy choices which started in 2008 that our external debt service has declined and will continue to do so in the next decade.(Nation Feb/1/2013). Our structural deficits are the result of imbalances between government receipts and expenditures. Those financed by borrowing increase the debt. Does the soul responsible for these comments really believe them or simply lying to the public to win the coming election? Either way it says a lot about the opposition who, among other things, used borrowed funds to finance the Foreign Reserve and is the only country in the world to sell its National Bank. Right now the utterances from both sides of the fence suggest lack of leadership which in country terribly short of resources spells doom.
Contrary to what some may think or believe our debt did not occur during the recession.
Private Sector debt is but a miniscule part of the total National debt. Check the IMF OECD World Bank Statistics on external debt. Learn about our selected foreign assets and liabilities, loans due and debt held non-residents. Mr. PM tell the people the total National Debt, the amount the DLP inherited, your contribution to date and the assets we no longer own. It will enhance the possibility of winning the election which you will most likely loose.
He accommodated an import company not a manufacturer to sell imported food items there, gives them duty free and VAT concessions etc, but no such concessions to locals. Unable to compete effectively the local businesses will in time lay off staff and or close down. With competition out of the way the company will in time raise prices and increase profits some of which will be “exempted.” Unemployment will increase and people will be worst off. No knowledgeable soul will do such a thing. It raises the issue what did it cost the company to be accommodated.
We don’t need more schools. Use the money to introduce programs/courses related to technology, business, agriculture etc. Expose the kids to the possibility of working for themselves. The economy as structured cannot absorb the University graduates.
We are told that work for anything less than working for an honest day’s pay will aid in stunting Barbados way forward.(Nation 21/1/2013). Check the proposed salary increase for MPs. Are the financially corrupt exempted and is he talking about himself?
Yes the PM may be a bad joke but it is unfair to blame the current government for the current socio-economic condition which did not happen overnight and is largely a product of the last regime. As the IMF and others indicated they inherited an empty bucket with which to water the garden. (Incompetence Who Is To Blame Feb/11/2012).
As the IMF Report indicated there was no industrial accomplishment to serve as a basis for non-cyclical job generation and no purposeful additions to fuel the economy beyond tourism. That we cannot bring or make tourists visit the country renders the economy subject to circumstances beyond our control.
Having sold the National Bank and other major assets the BLP now promises more privatization (Devaluation And Privatization (Nov/15/2013). Selling assets like transport and education means that kids will have to pay for their education and like the aged their bus fares. It will increase the burden to poor families and limit the children’s education.
Having promised to reduce tax and VAT the BLP now promises to allocate funds to sporting organizations and lower taxes for those in sports, creative industries and artists generating foreign exchange.(Advocate Feb/6/2013). How much foreign exchange and employment will sports and the artists generate? With unemployment and illness on the increase where will the funds come from to pay for services like health and salaries etc come from? Borrowing to finance them/ non-income generating activities will only increase the debt. You will have to borrowed more money than you did in the past.
Already we have lost much of what we owned and could be reduced to structural servitude: a shrunken middle class and a massive underclass. With population and unemployment increasing without job creation prosperity is a bad dream. Empty promises and innuendoes of prosperity buttressed by questionable propaganda are unlikely to save us, more so if people continue to live beyond their means. Reconsider your plans and proposals and stop blaming the Private Sector. It isn’t too late.