Barbados Estimates 2012-2013 Revenue: You Tell Me BU, Are We As A Nation In TROUBLE

Austin

The current DLP keeps telling Bajans that things are “OK and NOT that bad in Barbados”,  however below is the overall summary of the DLP produced 2012-2013 Barbados Estimates.  The DLP has given Bajans (5) straight years of a major account deficits due to poor fiscal alignment, budgeting coupled with ZERO fiscal vision for Barbados.

  • Estimated Current Barbados Revenue – $2,656,139,783
  • Estimated Total Barbados Expenditure – $3,645,859,147
  • Estimated Excess of Total Expenditure over Current Revenue $989,719,364
  • Capital Expenditure at January 31, 2012 increased by 6.2% over capital expenditure for the same period in fiscal year 2010-2011
(excerpt from DLP produced 2012-2013 Barbados Estimates)

Now you tell me BU does the 2012-2013 Barbados Estimates summary above give you the “warm fuzzy” that things are OK in Barbados, keeping the PM in mind and the possibility of giving the DLP another term?

A Few Facts

  • In 2008 under the BLP corporate taxes earned $499 million dollars today under the DLP corporate taxes are bringing in $203 million dollars LESS than 4 years ago.
  • In the 2011-2012 DLP projected budget revenue was 2.5 billion, actual revenue was 2.4 billion, a budget “over estimation” of $100 million.

Now a little on our recent Moody’s report which did not downgrade Barbados but “WARNED” that Barbados national expenditures MUST be reduced to avoid a downgrade in the next period (see excerpts from Moody’s report below:

Rating Outlook:

Barbados’ ratings have a negative outlook. The negative outlook reflects Moody’s view that while the worst appears to be behind in terms of economic deterioration, and deficits should continue decreasing slowly due to the government’s strategy of gradual fiscal consolidation, they will remain relatively large for the next few years unless the government takes more drastic action than currently expected. As a result, government debt ratios are likely to deteriorate further over the next 12 to 18 months to levels that may no longer be consistent with an investment grade rating.  The negative outlook also reflects the possibility that pressures on Barbados’ fixed exchange rate could result due to an anticipated rise in the current account deficit in a context of large and increasing government deficits.

What Could Change the Rating – Up:

Given the negative outlook, Barbados’ ratings are unlikely to face upward pressure in the near-to-medium term. However, the outlook could return to stable if Moody’s determines that (i) the government is likely to exceed current expectations regarding the pace of fiscal consolidation, (ii) economic growth is likely to pick up on a sustained basis, and (iii) the government demonstrates a credible plan to successfully reverse the recent increase in debt ratios.

What Could Change the Rating – Down:

The ratings will be downgraded if Moody’s determines that the recent increase in debt levels is not likely to be reversed in the near-to-medium term, or if pressures on the currency peg materialize.

In closing on this submission based on facts … you tell me BU does it appear that this is the time for us as a nation to be building a “society” like the DLP likes to say, or is this building a society talk a distraction from the real state of national affairs?

0 thoughts on “Barbados Estimates 2012-2013 Revenue: You Tell Me BU, Are We As A Nation In TROUBLE


  1. @!
    Where would we find public sector stats for the past 6-10 years to show the increases we’re talking about??


  2. @ac
    Girl when all these parties at Illaro Court go stop though ? Each time a party is held..a whole wall could be built in a future new geriatric home solving Sen Sandiford- Garner’s peeve.Party for visitors last night followed by a highlight on CBC 7.00 pm News.How many now I lost count ?
    Not saying it does not provide employment for caters, but priority please.
    Is this setting a good example for us who have been told to cut and contrive?…To other MP’s to cut spending and reduce the deficit….
    Seems like all shadows and dust..shadows and dust to me.
    Do as I say….not as I do.


  3. Seems like all the DLP yard birds get shut up by Austin’s recent post on Global Economies…(see link below). This blog just dry up like the well at Damascus…Don’t forget the Jezebel also got thrown down for the wild dogs below, to eat her flesh and Judas went and hang himself with the rope of a donkey….around this time some 2012 tears ago……funny how history could repeat itself.


  4. @ole onion

    bf wuh you disturbing the PEACE fuh this Good Friday morning. Yeah the PM like to entertain those who help to put some foreign exchange in Barbados economy and support our tourisr industry . at least fuh once these people not begging fuh nohand outs. so i say good fuh PM to thank those who are lending a helping hand and not asking fuh nuutin/


  5. @ac
    The BLP monkeys still showing the tail. The economics of their argument will fool those who allow themselves to be fooled.
    They bring out this “listing to show how these countries supposedly doing well ” while it is only Barbados where growth is sluggish.JOKE!
    It must be “coincidence” that the other tourism dependent countries in the Caribbean either growing at the same rate as Barbados or in IMF programmes….hmmmmmm. They even throw up the Dominican Republic which I tore to shreds in a previous post neglecting the fact that the Dom. Rep. benefits from a large free zone, mining and cheap, cheap labour from next door.
    Man, the BLP really out to mislead.
    If we go by their argument , people would be heading in droves to Zimbabwe and Ethiopia which is near the top of their listing-stupse!
    The BLP will fool those who allow themselves to be fooled.


  6. @ !
    other tourism dependent countries in the Caribbean either growing at the same rate as Barbados or in IMF programmes…
    snip>
    If we go by their argument , people would be heading in droves to Zimbabwe and Ethiopia which is near the top of their listing- stupse!
    *************************
    So what are we saying……Barbados NOT in an IMF program ?
    I hope you KNOW the crowd in here not stupid….before you answer…..

    You also speak of Zimbabwe and Ethiopia in a derogatory tone ( where is ras and PDC man )……Shows how much you know..top class places to live nowadays……Have you ever been there ? I have ..


  7. “David to Onion Bags”
    Your last comment exposes that you are simply making comments to the wind…”
    **************************
    WRONG DAVID!!!

    Old Onion Bag’s last six months of blogging has done that consistently. Why pick on the last comment?

    @ Onion Bags
    …another bit of foolish advice from an old bushman…
    You are becoming overbearing.
    You have been infesting the blog with your rantings on a scale that exceeds the Expansiveness and tautology of Zoe and PDC.

    man take a break, you behaving like a kid with a new toy….


  8. @ Old Onions
    Pay the DLP apologists no mind. They misled by ignoring what they now seek to recognise did and does exist. I shall say it again, demagoguery will lead to capitulation.


  9. @ Bush Tea
    This blog has not forgotten your disrespectfully treatment of the newly appointed Head of Senate.Your failing to apologize to his highly respected educated young lady is true to form of your ego and temperament.To gain pleasure from the burlesque of one who is lesser able, smacks of your silly persona.You mantra this morning is but retaliatory for the ever l outstanding call……….Do the right thing and apologize to Kerr-anne, the office. her family …..and….do get it right this holy Good Friday morn.


  10. @ Bush Tea
    This blog has not forgotten your disrespectful treatment of the newly appointed Head of Senate.Your failing to apologize to this highly respected educated young lady is true to form of your ego and temperament.To gain pleasure from the burlesque of one who is lesser able, smacks of your silly persona.Your mantra this morning is but retaliatory for the ever outstanding call……….Do the right thing and apologize to Kerr-anne, the office. her family …..and….do get it right this holy Good Friday morn.
    ********************************
    …………friends in high places


  11. Does anybody on this blog read news to find out what is happening in rest of the world?
    Does our representatives in the BTA offices react to what is happening around them? jus checkin.

    CANADA.

    http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/canadas-east-west-economic-divide-deepens/article2298694/

    http://www.montrealgazette.com/business/Quebec+adds+jobs+central+Canada+leads+employment+growth/6419677/story.html

    How about some strategic marketing BTA?


  12. LOL @Onions
    Is it that you are hoping for some kind of job if the BLP should again get to be the ones to mislead us rattan the current mis leaders?

    Can’t you see that practically everyone else has gone pass the B vs D thing – having realized that six is half dozen? The urgent matter at hand is how can we somehow use what we have in our collective best interest.
    …..but then again you came here on the AX matter with the single- minded focus on ‘separation’. Perhaps you have no interest whatsoever in cooperation, is it your party or nothing goes…..?

    Serious Onion! You can do better…… Or hush up!


  13. @ Hants
    You certainly can’t be referring to Onions!! LOL
    He too busy trying to out-blog everyone else, to have time to actually listen to or read news.
    Why would he care that the rest of the world is falling apart? This may detract from his criticism of the DLP. 🙂
    Why would he bother to listen to what the students, parents and public think about Broomes? … He want separation….
    Onions is too busy on his single minded campaigns….


  14. @ Bush man
    Your last comment exposes that you are simply making comments to the wind…”
    *************************
    The wind ……ain’t blown as yet Bush man…to that I will also attest……your visionary has seen to that……but when it WILL..(can’t hide for ever)…..YOU and sundry…..shall find thy true callings…. wilderness dwellers every single one……Sordid capitulators,…. candidates en rush for the Gobi.


  15. How dear you denigrate the character of Onions here this good Good Friday morn…thou true epithet. With undue measure too I must admit.Out of respect for the gravity of this most solemn a day…..”Tongue shall rest and mind demur”….your occasion here.. “as a nightmare .. frightful until wake. Hark the sound of the sparrow alas “.Be gone demon.


  16. @ Enuuf sdo you read any internationa newspapers that give an objective view on world economies and the serious impact it is done economical? or do you only rely on The talking heads like Mascoll and Hoyos who never lead a horse to pasture fartherless manage the economic affairs of a country. your best bet is to educate yiourself on these matters anyone loojking for real and harden facts abou world econony should read “The guardian UK News .


  17. @ ac
    I do, and in addition to the Guardian, also read the NY Times, Daily Telegraph, Independent, Economist, FT, Huffington Post, Daily Beast, Nation, barbadostoday, Trinidad Express, Guardian, Gleaner, Observer and more. However, clearly you and your party were neither reading “any international newspapers that give an objective view on world economies” prior to the election in 2008 or immediately thereafter nor familiar with the Barbados economy, because if they were those manifesto promises would never have been considered furthermore promised and the policy measures taken avoided. ‘What global recession what!’ is fitting proof.


  18. @All

    There have been a few comments about my qualifications as an economist, in response to that – I have never claimed to be any sort of economic guru of any type, however it does not take an economic guru or an economics degree to know that Barbados is in “economic trouble and getting worst under the current DLP by the day, despite what we keep hearing from the DLP”.

    I helped my grandmother sell “sweetie’s” to school children growing up and it does not take an economics degree to know that if you are earning $2.60 cents and your expenses are $3.60 – “something is wrong” and things are “now good”.

    If other sweetie vendors are selling and getting customers and we where not, “something was wrong with us”. Likewise If other nations in our region and finding ways to combat the effects of the global recession and making progress not on the backs of the middle class, so should we – vs the wait and see foolishness coming from the DLP more specifically the PM.

    In the internet age there is wealth of information to understand the issues for ourselves, to suggest that the masses continue to only get info from the ruling parties is pure non-sense and disstructive to a democracy.


  19. Austin “Likewise If other nations in our region and finding ways to combat the effects of the global recession and making progress not on the backs of the middle class”

    Name the Nations and expound on their progress. Leave out Trinidad.


  20. Why leave out Trinidad Hants?
    Why do you think so many Trinis aspire to own property and or live in Bim?
    You can include Canada too. Imagine wanna have oil sands galore at a time when the price of oil is collapsing the rest or the world’s economies and wanna can only raise 2 – 4 % growth? Stupesss!!

    Consider Bim….
    The politicians are either crooked or inept, the lawyers are all jokers who live in the 19th century, the Press are funny (NOT Ha HA), the church is dead, the Schools are a waste of money, the civil servants are like the lawyers – only slightly less crooked……

    But thing sweet still.
    Everybody still got their job (til month end at least) -but nobody really works, the supermarket prices sky high and the cashier lines long long…

    Know why?

    This is the big party on the upper deck of the Titanic…music licking and food flowing…. Just don’t look out the windows….and definitely ignore the crazy idiots shouting in the door about raising water…..


    • @Bush Tea

      As usual keeping it real even if an exercise in futility.

      The mantra Bushie by the crowd if you have not heard is that they going down with their guns blazin and boots on.


  21. @ Austin

    name the other nations in the CARIBBEAN who are finding ways to combat the effects of the global recession.


  22. BushTea wrote “You can include Canada too. Imagine wanna have oil sands galore at a time when the price of oil is collapsing the rest or the world’s economies and wanna can only raise 2 – 4 % growth? Stupesss!!”

    I will let you do the research and find out why Tar Sands Oil is not enough to create a bigger impact on the Canadian economy.


    • The treatment of tar sand is a very expensive process and it massacres the environment in the process.


  23. @Enuff

    I do, and in addition to the Guardian, also read the NY Times, Daily Telegraph, Independent, Economist, FT, Huffington Post, Daily Beast, Nation, barbadostoday, Trinidad Express, Guardian, Gleaner, Observer and more

    *************

    That reminds me, during the last US Election when Sarah Palin had difficulty recalling what newspapers or magazines she reads someone said she should have claimed she reads “The Economist” because no one reads it anyway
    ( except you and Halsal) and no one would be the wiser.


  24. @ Sargeant
    We all have our vices..plus as a north american you would more be interested in Newsweek and TIME than THE Economist.


  25. Man David, oil is around US $100 per barrel. It would be profitable to squeeze it from old Onions, far less Tar sands.

    ….besides Canada have unlimited land resources, hardly any people, a mock army, and the second most peaceful people on earth ( well except for the EMERA folks apparently 🙂 )

    They should be licking around 10 % growth, but of course the problem is people like Hants up there working like a Bajan, licking back old gold and watching cricket …. And blogging on BU about his far- away home….

    ….wait! What happen to Old Onions? Two little left jabs from the Bush Man this morning and he hiding in he corner…?


  26. ac….
    How much longer before you fire that old onion mock man? Are you a glutton for punishment?
    You have not heard? Onions cat, dog and wife pack up and gone… and he was so busy trying to defend the BLP and convince us that they will not be stealing next time around, that he did not even notice that they had left….


  27. @ ac
    But for the gravity of this most solemn a day…..”Tongue shall rest and mind demur”….your occasion here.. “as a nightmare .. frightful until wake. Hark the sound of the sparrow alas “


  28. Enuff

    Are you saying that The Economist is only read by the English and those in the colonies? Au contraire, I subscribe to a Special interest magazine and they must have the same Corporate ownership as The Economist as I keep getting these invitations to subscribe to The Economist at an annual rate of $15.00.

    Just don’t have enough time to delve into articles on the “dismal science”.

    BTW what North American? I happen to be a Bajan who lives in the Northernmost country in North America albeit temporary and who hasn’t lost my Bajan accent.


  29. especially like the Guardian.co.uk. because i find its articles to be fair and unbiased giving one a clear and objective assessment of world economies have a view of what is really happening world wide without the undertow of a political dragnet. now her in barbados that is the kind of reporting and news the people should be asking and not one in which the fourth estate is masterminding and willfully determining the will of the people


  30. @ Sarge & David

    Interesting metric. Seems to reflect such social concepts as looking after the less fortunate in society, lack of Curruption, Degree of personal freedom etc… Also interestingly, a reduced focus on GDP measures o success (although the top countries seem to be all wealthy 🙂 )
    …perhaps a case going after the right things (happiness) and wealth follows….since a three fold increase in the USA’s GDP has had no impact on their happiness measure….


  31. Oft expectation fails, and most oft there
    Where most it promises; and oft it hits
    Where hope is coldest, and despair most fits


  32. @ ac
    You in a dream world? The Guardian is a left leaning newspaper and endorsed the Lib Dems rather than their choice Labour and is currently very anti-Coalition.


  33. recently i had the privilege of visiting the American airlines arena in miami and to my surprise on the Outside promotional TV screen was a promotion for Barbados along with Disney and other attractions Now bear in mind that this arena have travellers world wide that visit it for various events not to mention its location which is in the heart of Miami well done BTA for those who might be interested The Arena is the Home of the Miami Heat.


  34. @ Old onions
    Listen Carefully!
    Get a friend to give you a lift to Carlton and A1
    When you get near there, (by the tall wall and the green iron gates), get out of the vehicle and enter those gates. tell them that Dr Bush sent you.
    There is still a chance you may “be healed” of this ….. Note Bushie did not say “be restored to normal….”


  35. it is Known/ Well i didn’t Know! O.k

    @ ole onions

    i know you cannot stay away . just don’t sit there and stare at the monitor and be sad pick up your ball and bat and knock them balls that bushie bowling at you for sixes. come on out now you hear it is getting OVERBEARING not hearing but one or two words from you.


  36. It’s a sign of one’s own worth sometimes if you are hated by the right people……let him rant..I go see him @ The Mecca tomorrow and give him a bear hug..


  37. old onion bags wrote “I go see him @ The Mecca”

    Make sure you wave to the camera. I will be watching in the comfort of my living room.

    As Bushie said, I up here working like a Bajan and watching cricket.
    Tomorrow will be Black saturday. JW Black.


  38. Is cool Hants…..me and my posse gine B in the party stand….with the hot ladies..if you get my drift…I will be drinking 2 Caribs in your honor dawg.. bup bup ..


  39. ac
    BF i agree NOT TONITE DEAR!
    *********************************
    Story of wanna lives…
    See ya tomorrow onions 🙂


  40. so which country is not facing the heat and ravishes of the global recession. Even the world’s second largest economy China is reeling from the decline in its imports which have taken a substantial beaten nothing seen since the 2008 financial crisis aggravated by a slowing of its domestic economy.


  41. Dear David:

    Is there any truth to the rumour that Greenverbs bought 2 new cars this year, one for him, and one for the madam at a cost of 1 million dollars for the 2?


  42. Tell that goat Bushie….ee merra a cricket……..ee fera.,,,atom ant………and fortunate for he..eeHEAD did too BIG so he YET to come out! The diary of a MAD MAN fighting suffocating in a wombed tomb.Next time you want to trouble some one go bite your umbilical cord.


  43. @all

    The only people on the planet that think things are OK in Barbados under the current DLP lead government are doing so by refusing to see facts that many clearly see in and our of Barbados … read the excerpt below from heritage.org with “FOCUS” on the last sentence.

    ” Barbados has transformed itself from a low-income, agri­cultural economy producing sugar and rum into a middle-income economy built on tourism and offshore banking (austin note: BLP legacy fact). Tourism accounts for more than 15 percent of GDP and was severely affected by the global economic recession (austin note: have never debated but not the total reason for all our challenges) . Many construction and trade jobs were lost, and the GOVERNMENT HAS RESPONDED BY INCREASING SPENDING, creating concerns about the country’s credit rating.”


    • @Austin The point that you have never dealt with is that the government spend remains up because it continues to pay public service salaries, it continues to subsidize education and it continues with a free healthcare system.

      In order to subsidize or support the transfers and subvention this is why spend remains high for the most part.

      Now state what you would do to reduce the spend and let us start with the public service which represents over 30% of government’s expenditure.


  44. @David

    Two sides exist to addressing our current fiscal challenges that must be worked at the “SAME TIME” (this is a simply but very important point) these are government “spending” and “revenue”.

    The hard truth is that we as a nation need public service reform – I believe that it can be proven that government wasteful spending coupled with inefficiencies in the public section cost us 100’s of millions. With that said since 2008 the government “should” have been proactive in eliminating wasteful public service spending which does not always mean public sector jobs like the DLP would like the public to think.

    On the revenue side the government should have been more innovative and proactive like other nations in our regions in finding new government revenue opportunities that are less dependent on the tourism industry as the international tourism model, and travel norms is in an evolution as travelers worldwide have become more fiscally aware in the personal lives and focused on saving money which means less for traveling (this is reality).

    As I am not just about talking about problems here are a revenue of my ideas for revenue growth that could be evaluated:

    • Let’s pass ICT legislation focused on lower ICT cost across the board with emphasis on the small business community and entrepreneurship. This would establish the kind of national ICT infrastructure like T&T, Jamaica & Grenada has put in plce since 2008 to attract international investment due to a strong ICT national footprint and professional talented.

    • Let’s make sure the rich 1-2% in Barbados (the quite elites) are paying their fair share in taxes, before we start taking money from poor people and the middle class.

    • Let’s focus our tourism dollars on markets with real potential right in our faces.

    • Let’s expand the bajan brand worldwide to include international promotion of cropover and kadooment.

    • Lets establish 1-2 more annual national events to generate crop over time type revenues a few other time a year.

    • Lets pay more attention to the revenue potential coming from bajan nationals who spend millions in Barbados not on the tourism tip but he family and community tip, support many local communities and small businesses that many tourist don’t.

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