Submitted by Old Onion Bags
The taxation assault that was unleashed on Barbados, has brought about what is occasioned today …a total slow down of the economy and negative or no growth pattern during the five year implemented. It was a mistake to increase VAT from 15% to 17.50% in order to bring additional revenue in a time of recession as was warned by Mascoll, Justin Robinson of UWI and Owen Arthur of the opposition. If I remember right, the analogy was to be likened to “an air plane taking off with four open parachutes”… It was suggested that this would stifle any growth, the struggling economy was stimulating on its own at that time.
Regardless of the warnings of these recognized economists, the tax increase was implemented with the predicted results…a barren economy..stagflation occasioned with increased inflation and a decline in”real” revenues.
Has anybody even as much as flinch to remove or introduce any other corrective fiscal measures to rescue this economy from entering total morass.? No… to-date instead, we hear of more monies to be taken from our NIS fund. More money to fuel us down a Four Seasons path with no foreseeable end in sight. Furthermore, we now hear of the blame game, with finger pointing and no cohesion in the ranks…while the country continues its downward spiral path.
“Look to the light at the end of the tunnel.”…What light..? For all we see is a Emera..and a ever increasing fuel adjustment clause, rubbing salt in our wounds adding further insult to injury, for yet another bad investment decision by this administration.. the selling of the BL&P shares.