Submitted by Looking Glass
Do not “believe every inspired expression but test the inspired waters”
John 1. 4.1
Some party faithfuls in order to resurrect the phoenix mix fact and fiction. False explanations intended to shift blame and liability blind and mislead unsuspecting souls is quite often self-defeating. It also speaks volumes about the wisdom, competence, integrity and morality of the phoenix and associates.
We continue to delight in creating among other things false, fictitious statistics to prove the case. In so doing we mislead the public and facilitate the path to social unrest and servitude. According to one commenter (Is Barbados A Failed State) “when the DLP came into office in 2008” they found 40% of the population living below the poverty level and reduced it to 20%. According to the IMF 2005 report our poverty level stood at 13% and an illiteracy of 2%, both the lowest in the region. For the commenter to be correct the poverty would have risen by 27% between 2004 and 2008.
Now we are told that “between 2008 and today 18000 Barbadians lost their jobs,” and that the present government is a spectacular failure. (Advocate 15/03/2012). Really Mr. Marshall? Are we to assume that there was full employment prior to 2008? Check the number of the persons in the workforce and the number currently unemployed. Given the amount of unemployment prior to 2008 total unemployment today would exceed 20000 and the place would be, to put it mildly, in a riotous uproar all like now.
As to the present government spectacular failure let us look at what it inherited. After three successive terms (15 years) in office we have no powerful additions with which to fuel development: no non-cyclical job generating industries, no defining force, culture or industrial accomplishment needed to generate employment and a National Debt of around $60bn.
The Inter American Development Bank (IADB) reported that between 1998 and 2002 total debt rose from $45.5bn to $58.7bn and projected to reach $60.6bn in 2006, public guaranteed outstanding debt rose from US $370.4 to $702.1 million, external debt from $15.6bn to 27.5bn, private non-guaranteed debt from $66.7 to $318.9bn. Government revenue fell from 5.9 to 0.1%, the GDP from 5.6 to 2.6%. The 2008 reported that the “macro-imbalances worsened.”
According to the 2005 IMF report between 2000 and 2006 government guaranteed debt rose from 3,789.00 to 5,388.00 million dollars. Active loans by IADB in 2005 amounted to US$142.3 million …..The 2006 IMF Report noted the lack of scope for development, vulnerability to external shocks, large fiscal and external accounts deficits, projected debt at 75% of GDP by 2011, recommended a more “ambitious plan for adjustment and structural reform,” noted the “weaknesses in statistical information and likened the economy to a “breeding ground” for social unrest.
To describe the present government as a “spectacular failure” is at best deceitful, a classic case of the Pot calling the Kettle black. As was stated elsewhere one cannot water the garden with an empty bucket. Given the magnitude of our own ‘economic crisis’ and debt the DLP inherited the situation cannot be reversed, stabilized or corrected in 5 years. At least not in a tourism dependant country importing everything, producing nothing and where people remain reluctant even to grow food. If as was suggested the government had requested a forensic study by theUK you will be singing a different song.
That said I am not defending the current government. I said before (Incompetence Who Is To Blame) the current headman is a bad joke bordering on disaster and should be replaced by another soul in the government not the BLP. His continued presence as PM increases the chances that the BLP will win the next election which, should it happen, will facilitate further socio/economic degeneration. You have already sold the Port, Airport, Gems, The National Bank, the northern hospital etc. There isn’t much left to sell. While privatisation may help you to service debt it does nothing positive for the country.
I suggest you and certain others read the 40 or so articles by Looking Glass all dealing with Bajan economy and related matters. Start with Published Statistics Tell A False Story, Using Economics For Political Ends Can Be Dangerous, and Fallacy In Shoddy Robes…
As a professor put it, “You have effectively passed on your servitude to future generations.” The cat now out of the bag hopefully gives those responsible an opening to review and correct the ‘oversight’ and level with the people. Disclosure will not save the day, but it might induce both the people and the government to refrain from “lascivious consumption”, to limit expectations, and to mentally and otherwise prepare for the harsh times ahead. Otherwise many more Bajans will be schooner-bound for the Guyanese hinterland. Their departure will not be enough to prevent inevitable civil and or social unrest.
The limited possibility of substantial debt reduction can be gleaned from the following: There is a direct correlation between public and private debt in a society whose mental set permits profuse consumption, unencumbered government spending and borrowing; moreso when the total Black Net Worth borders on ancient history. Our total net worth is insufficient to finance government spending, new investment and job creation. Inevitably the national debt increases and so too the sale of public and private assets.
Countries, like companies, have to compete in order to produce the most value at the least cost possible. Where the marginal cost of government is non-competitive loss of real and human capital obtains. The latter includes the brain drain which includes atrophy of the mind. National Development is unlikely to occur even if the debt burden is substantially alleviated. With domestic food production in decline and wages and prices out of sync, dealing profitable assets rather than generating new assets and wealth is unlikely to be dynamic. Perhaps the best thing for the BLP will be to loose the next election. In all probability it would enable them to save face and some dignity.
Those who “control” the info to be released fabricate the illusion of success or failure Question the figures……Note the national debt of 62bn….See Published Stats tell a false story debt 64bn ….the shareholders of Bdos national oil co some in cousins name….sale of Gems, port, airport.
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