Submitted by Looking Glass
The comments of some of those ‘experts’ positioned to know leaves one to wonder just how much they really know and understand about our history and the economy. It leaves one to wonder if their comments were designed to support the government.
According to the Central Bank Governor “the economy is well placed to meet the economic challenges the country faces’” [Advocate 7/18/2013] This in an economy that produces only sugar and imports everything, is falling apart and going down the drain. Citizens are said to enjoy a good quality of life and a high standard of living of living based on the investments made by past generations. This is true for some but not for the Black Majority, especially those inclined to live beyond their means.
The Fiscal Deficit increased in January, later Job loss was set at 21%. Today our National Debt is about $72bn and rising, stores are closing; unemployment is up in the air and will increase as kids leave school. Black personal indebtedness is at its highest-level historically. Over 1000 homes including chattel houses are listed for sale. Why are people selling homes especially chattel houses? I suppose to pay off debt. It is unlikely that most of the chattel owners have become sufficiently prosperous to afford a better home.
The country’s social network partnership is said to be the envy of countries worldwide. Really? Do provide the proof. We are told the country has an active and knowledgeable media and economic issues are openly discussed and debated. True, but all too often the discussions and debates reveal how little we know and understand about our history and economics.
The framework for economic policy is said to be robust. Exactly what does he mean by robust. All we have is some land, sea, sun and people. And we continue to miss-educate the kids. We seldom grow anything apart from Sugar and import everything which increases the cost of living and will continue to do so.
The real value of national savings is said to be protected and there is a stable currency for investment protected by adequate foreign exchange reserves. Really? Sugar and tourism are the main sources of foreign currency generation. The fact that we import everything and produce nothing apart from sugar limits both the national savings and the foreign exchange generation. Soon the USA dollar will cost Four Bajan dollars. Consider the implications. Population increase and health decline will increase social welfare cost. The growth and eating of food products like yams, eddoes, potatoes, breadfruit etc will significantly reduce the health cost bill.
The aging population will increase state pension and social welfare cost. This has negative implications for the national savings. Maybe we will have to borrow and or increase taxation in order to increase the value of the national savings.