which table are you using for these percentages? TABLEG1 – CENTRAL ADMINISTRATION – SUMMARY OF GOVERNMENT OPERATIONS shows that yoy may revenues are slight down less than 2%. if we think of the taxing of allowance, increase in excise tax and increase in vat there shouldn’t be a decrease in revenue. In the expense side we see a drastic drop of 50 million. I don’t know any program that would have lead to government saving of that much other than mass layoffs. As there is no report of mass layoff we must assume that some if not all of this reduction is due to the expense being put off to the next month, yoy according to the table revenues are down 6.5% and the expenses are down 2,89%. net fiscal balance without capital expenses has increased another 30 million from last year figure

David I am no economist, but my reading has included the works of Mark Twain whose famous remark that there are three kinds of lies: lies, damned lies and statistics always makes me question the ways the figures are used.

I therefore found the Governor’s remark about the debt for the prison suspect. Not the figures themselves, but the way they were used.

Next thing, there is nothing unusual or complimentary in ratings companies or international financiers like the IMF or World Bank relying on the figures published by the Central Bank. They have to get them from somewhere and they do so from Central Bank’s the world over. Our Central Bank has been a professional outfit for decades under four Governors before the incumbent.

What I have noticed is that the present holder of the office has flip flopped on a number of pronouncements/predictions in recent months. This is understandable since Government’s economic policy seems to be failing, or at least not living up to expectations. My reading of press reports indicates that criticism of the Dr Worrell has hinged on the omission of information or the way it has been used. Are you saying that the Governor like Caesar’s wife is beyond reproach?

I am uncertain how much comfort I, as an average citizen should take from your premise that “government is on the right track as it battles to curb expenditure, maintain employment, reduce the deficit and defend the dollar.” This Government is responsible for the huge deficit. It did not inherit it. Its a bit like asking a carpenter to replace the roof he put on that blew off in the first high wind. Would you?

Arthur and Mascol are doing what they do best. Offer nothing of any consequence but criticise everything every chance they get.

They have simply replaced David Thompson with the Central Bank Governor.

@David

You are correct they are going after him with some vigour.I can’t remember any previous Governor of the Central Bank being attacked this relentlessly by the political class. When Owen fired one of his predecessors we were never given an official reason (Owen giveth and Owen taketh away).

Stuart, Sinckler, Boyce et al are all fair game that is the nature of politics but simply being critical because the pronouncements about the economy are not in keeping with a particular script is disingenuous (economics is not an exact science, if you put 100 economists in a room and present each with the same vexing issue on the economy you’ll probably get 150 different solutions).

I think that there is a method to this madness, Owen & Co. wants to politicise the position, in effect the incumbent holding the reins of Gov.of the Central Bank will be seen as an extension of the Government and if the BLP regains power they can appoint a known Party stalwart to the position and no one will bat an eye.

Does the name Clyde Mascoll ring a bell?

what was the fiscal deficit when the DLP took up power? What is it now? Who was responsible for it between 2008 and now?

Being an ordinary working class Bajan, a lot of the economic debate goes over my head. That said, my main concern is the ability of Barbados to provide job opportunities for its people, in particular its young people. The Government recently announced a Human Resource Strategy policy but to be honest it just seems like a lot of words to me. In my simple thinking one problem of Barbados is that we consume more than we produce and much of what we consume comes from outside of Barbados. I have read that Minister Sinckler thinks that there must be restructuring of the Barbados economy. I am not sure what he means but if it means reducing our dependence on a few sectors and producing more of what we consume then I am all in agreement with this objective. So to tie this objective with the objective of reducing unemployment brings me back to the human resource development concern. I think that Barbados should not only promote a “Buy Bajan” campaign, there should be a web of incentives to produce more goods locally and disincentives to buying goods from outside of Barbados. Such a programme should be tied in with the enhancement of the skills capability of Bajans. To this end I believe that we should promote an apprenticeship system which would operate in conjunction with educational institutions. Germany has a model of such a system which can provide some ideas for a Bajan model. See http://www.bbc.co.uk/news/14185334

This is not an original idea on my part. Many years ago then Prime Minister Sandiford attempted to introduce tax incentives to businesses that would not only increase their number of employees but would also engage in training of these workers. I am not sure how successful this initiative was but we should revisit this idea.

@ Just Thinking About It
Clearly you are NOT thinking. The fiscal deficit refers to the current account not debt as cited in your examples. But hey if it makes you feel better to point a finger in the other direction go right ahead. I hope Chris gives you back your allowances in August, if you pay taxes that is. I am looking forward to getting back mine.

@Moneybrain,

True words well said. BUT on the last point I think you get a bit of wishful thinking ‘ very best concepts for creating the environment for job growth’.

Yes, I agree on looking for the best concepts for looking at the way forward and keeping our society and economy going.

BUT, it is becoming so apparent that the USA is in deep trouble economically, the extended recession is about to go into further shock which will be a lot to bear.

Plus, as you say, Europe is in a mess, better hope Italy and Spain do not get worse, this would result in a horrid amount of contagion, as the large European banks are VERY exposed, thus the financial markets would take a hammering, possibly resulting in a major European financial restructuring.

Never fear though, I expect the ‘major world players and behind the scene brokers’ to engineer the Third World War, to take our minds off this, retake control of the Middle East and eliminate portions of populations.

Postwar rebuilding will be expected to refuel and reenergise the major economies.

Think this is far-fetched?

Watch and see. Why you think for a while some of us here have preached food security, relying on our own devices etc….

What a time….you think the world plane hit turbulence already….you aint seen nothing yet.

jack spratt
My getting a feel of the man in the street is not their partisan ideas but a general understanding of how their day to day living has been impacted, mainly the old and the poor in our society. The rich will just modify their livestyle a bit but the old and the poor are most times on the verge of poverty but these are the ones who laid the foundation for many of our “big shots” to be living the life they now live and with little regard for those who chartered the course for them. I’m not talking just about politicians but doctors, lawyers, managers, directors etc who have made it because of free education introduced by Errol Barrow back in the early 60’s in the era of the “baby boomers.” Today many of these highflyers are ashame to return to the little village they came from or even to tell their children about their childhood days. It is from these villages that I return and get a grasp of their living standards that then allows me to see how a country is doing.

OFF TOPIC

This is the way things work in Caricom countries.

‘Barber shop’ company gets $300 MILLION computer contracts

http://www.kaieteurnewsonline.com/2011/07/21/barber-shop-com-300-million-computer-contractspany-gets/

Seems to me David that the opposition of Jerome Walcott and Kerry Simmons have no appetite for this topic as it exposes them for being what they are bold faced liars.

balance
I will not argue with you on that one, what i know is that “free education” was giving to ALL students entering secondary school back in 1961. I CAN ATTEST TO THAT BECAUSE I WAS ONE OF THE RECIPIENTS OF THE SYSTEM. My parents had paid the frist term’s fee at the secondary school I attened but was later refunded when the DLP won the government. They are many many persons who have made it BIG in this country, who might have been just an average citizen if “free education” for all was not
introduced.

scout , my understanding is that free education for all was available with the introduction of the newer secondary schools. after 1961, fees were abolished for attendance at the older secondary schools like harrison college.

@balance

Your lenses are truly rose coloured.

@Matt

Noble suggestions but guess what?

human rights organizations and trade unions

No need for any long discourse,I question the credibility of the central bank govenor given his known close association to the DLP.

in local politics all kinds of stories posturing as truthful but nothing more than speculative are have beenand are bandied about to the credit osr discredit of whichever political party one likes.what the dlp did after 1961 was to make access to the older secondary schools free of cost benefittiing rich and poor alike but access to free secondary education was available prior to 1961 at the newer secondary schools. read leonard shorey’s comments on the issue for enlightenment.

It is the same all over the world!

Charley Reese’s Final column!

Charley Reese’s final column for the  Orlando  Sentinel…He has been a journalist for 49 years.He is retiring and this is HIS LAST COLUMN.Be sure to read the Tax List at the end.This is about as clear and easy to understand as it can be. The article below is completely neutral, neither anti-republican or democrat. Charlie Reese, a retired reporter for the Orlando Sentinel, has hit the nail directly on the head, defining clearly who it is that in the final analysis must assume responsibility for the judgments made that impact each one of us every day. It’s a short but good read. Worth the time. Worth remembering!545 vs. 300,000,000 People-By Charlie ReesePoliticians are the only people in the world who create problems and then campaign against them.Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?You and I don’t propose a federal budget. The President does.You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.You and I don’t write the tax code, Congress does.You and I don’t set fiscal policy, Congress does.You and I don’t control monetary policy, the Federal Reserve Bank does.One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don’t care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility. I can’t think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.If the tax code is unfair, it’s because they want it unfair.If the budget is in the red, it’s because they want it in the red.If the Army & Marines are in  Iraq  and  Afghanistan  it’s because they want them in  Iraq  and  Afghanistan  …If they do not receive social security but are on an elite retirement plan not available to the people, it’s because they want it that way.There are no insoluble government problems.Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like “the economy,” “inflation,” or “politics” that prevent them from doing what they take an oath to do.Those 545 people, and they alone, are responsible.They, and they alone, have the power.They, and they alone, should be held accountable by the people who are their bosses.Provided the voters have the gumption to manage their own employees…We should vote all of them out of office and clean up their mess!Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.What you do with this article now that you have read it… is up to you.This might be funny if it weren’t so true.Be sure to read all the way to the end:Tax his land,Tax his bed,Tax the table,At which he’s fed.Tax his tractor,Tax his mule,Teach him taxesAre the rule.Tax his work,Tax his pay,He works forpeanuts anyway!Tax his cow,Tax his goat,Tax his pants,Tax his coat.Tax his ties,Tax his shirt,Tax his work,Tax his dirt.Tax his tobacco,Tax his drink,Tax him if heTries to think.Tax his cigars,Tax his beers,If he criesTax his tears.Tax his car,Tax his gas,Find other waysTo tax his ass.Tax all he hasThen let him knowThat you won’t be doneTill he has no dough.When he screams and hollers;Then tax him some more,Tax him tillHe’s good and sore.Then tax his coffin,Tax his grave,Tax the sod inWhich he’s laid…Put these wordsUpon his tomb,’Taxes drove meto my doom…’When he’s gone,Do not relax,Its time to applyThe inheritance tax.Accounts Receivable TaxBuilding Permit TaxCDL license TaxCigarette TaxCorporate Income TaxDog License TaxExcise TaxesFederal Income TaxFederal Unemployment Tax (FUTA)Fishing License TaxFood License TaxFuel Permit TaxGasoline Tax (currently 44.75 cents per gallon)Gross Receipts TaxHunting License TaxInheritance TaxInventory TaxIRS Interest Charges IRS Penalties (tax on top of tax)Liquor TaxLuxury TaxesMarriage License TaxMedicare TaxPersonal Property TaxProperty TaxReal Estate TaxService Charge TaxSocial Security TaxRoad Usage TaxRecreational Vehicle TaxSales TaxSchool TaxState Income TaxState Unemployment Tax (SUTA)Telephone Federal Excise TaxTelephone Federal Universal Service Fee TaxTelephone Federal, State and Local Surcharge TaxesTelephone Minimum Usage Surcharge TaxTelephone Recurring and Nonrecurring Charges TaxTelephone   State  and Local TaxTelephone Usage Charge TaxUtility TaxesVehicle License Registration TaxVehicle Sales TaxWatercraft Registration TaxWell Permit TaxWorkers Compensation TaxSTILL THINK THIS IS FUNNY?Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.What in the heck happened? Can you spell ‘politicians?’I hope this goes around THE USA at least 545 times!!! YOU can help it get there!!!GO AHEAD. . . BE AN AMERICAN!!!

@checkit-out

The numbers which Sinckler referred to up to June conflicts with what Arthur was suggesting.

please explain david to what comment are you referring to infer that my lenses are truly rose coloured.