Submitted by Old School
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Mascoll and Arthur made much of the fact that there was a difference between nominal and real GDP growth in 2010 and that the Central Bank was hiding the true picture. Sinckler pointed out that it had happened in 2003 as well and there was no contradiction from Owen.
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Mascoll kept claiming that a major cause of the fiscal deficit was not the global recession but the DLP padding the public sector payroll. He claimed the DLP had added about 4 or 5 thousand to the payroll since 2008, we now find out that is far from correct. Instead of the 34,000 public servants claimed by Mascoll we find out we have less than 28,000.
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Owen made much of the fact that even though there was a global recession and we would be affected, that due to poor DLP management, Bim was falling behind its peers and was ranked 197 out of 217. We found out that the same ranking of countries in 2002 had Bim at 181 out of 191, during a far milder recession than the current one.
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For me the ability of Owen and Clyde to portray themselves as Trained Economists espousing purely economic views based on their training has been shattered.
I had also begun to think that the DLP was not well placed to manage the economy during a crisis time. However, the facts seem to suggest to me that the economic outcomes are not that different from the last recession in 2001/2002 when the BLP were in charge.
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