I crave the indulgence of this Honourable Chamber to present this year’s Financial Statement and Budgetary Proposals. I do so Sir mindful of the important responsibility which has been entrusted to your Government to develop policies and craft strategies, both economic and social, to assist with the orderly, holistic and expansive development of this beautiful island of ours.
It is not a responsibility which my colleagues and I take lightly as we are acutely aware that in very many instances the current and even future success of possibly every life in Barbados will be affected in some way by the decisions we take.
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261 responses to “2016 Financial Statement and Budgetary Proposals”
Caswell Franklyn
Prodigal Son
Richard Sealy is telling the truth when he said that Sandals did not get any special treatment. There is nothing special about it, this is the way Government treats all dishonest investors. They do everything to facilitate them.
You must remember that Sandals was only invited to Barbados and given those concessions after the news broke that Sandals was forced to pay an out of court settlement of US $12 million to avoid prosecution for bribing officials of the Turk and Caicos islands
Sandals in Antigua is having to deal with PM Brown who has refused to be led by the Sandals giveaways of the UPP PM Baldwin Spencer.
Sandals in the Bahamas is having to deal with the Minister of Labour and the President of the Union representing 600 workers who have been summarily terminated.
Sandals,it would appear,is not considered a good corporate citizen.Barbados beware.
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Caswell Franklyn
Gabriel
Where are you living? What do you mean by Barbados beware? Sandals started treating Bajan workers like sh*t from inception.
Sent from my iPad
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Prodigal Son
Thanks Caswell, I do remember that when these people who are the government……..when their backs were to the wall, Bizzy said he brought Stewart to help out hoping that they in turn would give him what he wanted. But it seems as though two man rats cannot live in the same hole.
What was idiotic is when Sealy said that St.Michael wants piece of the tourism pie. Minister Sealy the issue for many is centred around governance, world heritage site etc. Do not insult Bajans!
>
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Prodigal Son
As if the Hilton, Raddison and Island Inn are not hotels in St Michael!
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Prodigal Son
@ Bush Tea August 18, 2016 at 12:20 PM #
These are not normal idiots Prodigal…
They are brass bowl idjuts….
……………………………..
Lol, Bushie………you can always bring a smile to my face by your humour! You are one of the best on BU……………oh shoot, dont let ac read this (lol).
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Hants
Seriously.
St. Michael has always had a share of the Tourism pie…. The Cruise ships, stores on Broad street, Baxters road.
There also was a time when Nelson street, bay street, the Belair, Harry’s and the Zanzibar were filled with tourists at night.
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Prodigal Son
No, no, Donville…….dont bring that to us. He is in the House asking the Opposition if they were the Minisiter of Finance today what would they do………….
Donville, if the BLP was the government, Barbados would NOT be in the position in which it is today. The economy is in this dark hole since 2008 because the DLP put it there. Admit that the MOF does not know what he is doing.
He is caling the BLP liars, wow….look who could call somebody else a liar…these bold faced liars!
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Prodigal Son
Donville, shut to hell up.
Who scaring investors? Straight up investors will stay away from you all, only crooks are coming forward to deal with you all.
Tell the truth, straight up investors will not pay any bribes. Loud mouth jackass. You tink because you can hollow hard, any one afraid of you?
How comes Maloney only become a big investor since you morons became the government. Like attracts like!
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Artax
Once again the DEMS have given BAIT to Owen Arthur which he cannot REFUSE to ACCEPT or face being characterized as a HYPOCRITE.
I’m predicting Arthur will AGREE with the budget using the proposed appointments of temporary civil servants as his basis to vote in its favour.
He does not have any other choice and therefore cannot oppose the budget in its entirety,
He will go on to argue that in 2007 his administration, which included members of the present opposition, enacted a law that would make it possible for the status of temporary workers with more than 3 years service to be made permanent.
This is Arthur’s new legacy and the level has stooped to……. his strings being conveniently pulled by his former foes in the DLP, the same individuals he used to LAMBASTE in his hard hitting budget debate “wrap up speeches.”
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Prodigal Son
True, Artax……..he has disappointed me so badly……after calling them wildboys for whom he had no time. They were even on BU trying to put a case to put him out of the House because he attended very few sittings. Look how time changes people!
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Pachamama
@ Bushie
We’ll like that you to extend divine mercy, forgiveness to the people doing the same thing all the time expecting different results.
You might as well give up.
Nothing else but repetition will happen unless forced upon them from outside and coming from the ‘albino-centrix’ acili.
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Prodigal Son
Oh dear………..here comes the bitter, spiteful one!
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Yellow Moon Rising
Is this bitter, spiteful woman stable? She does not seems that she is in control of her emotions.
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Tell me Why
Listening to Christ Church West MP. Why spite the people who give her votes. If the candidate is angry with the Party which expelled her, why should she disgrace herself by singing in a another choir and ignoring the people who walk and talk with her. Simply hypocritical and spiteful politics and reading the same script from Tuesday. What relief to her constituents. Did she speak to them?
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Enuff
Maria is no change agent. All about self-preservation and vengeance. Making a fool of herself. She could cross the floor and done. #notfoolingme
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Yellow Moon Rising
People now see why she and BLP came asunder. She thought that she could be a mole for the DLP in the BLP hole and no one would ever find out. OSA really destroyed her. She would be the first person to have effectively voted themselves out of Parliament.
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Prodigal Son
She is a one woman party………..does she now have an executive with whom she can work?
Good Morning #realdreamchasers. Here is your daily newscap. Remember you can read full articles via Barbados Today Online (BT) or The Daily Nation Newspaper (DN).
HUSH MONEY – When the history of Barbados is written, the eight years of the present Freundel Stuart administration will be referred to as the “lost years”, says Opposition Leader Mia Mottley. In a stinging reply to the 2016/2017 Financial Statement and Budgetary Proposals presented by Minister of Finance Chris Sinckler on Tuesday, the Barbados Labour Party leader yesterday rubbished Sinckler’s presentation.She queried where the “real” budget was as the “little trinkets” given to the various sectors were not to stabilise them, but rather were a form of “political hush money”.Speaking to the Budget, Mottley charged she had never before seen a more uncaring, out-of-touch and off-course administration. (DN)
BAJANS NO BETTER OFF – A PATCHWORK AND PAINFUL Budget that ignored the proper diagnoses to move forward and protect the stability of the country. That summed up the position of Leader of the Opposition Mia Mottley on the Financial Statement and Budgetary Proposals 2016 as she gave her official response to the presentation delivered by Minister of Finance Chris Sinckler on Tuesday evening.The leader of the Barbados Labour Party yesterday charged that what was presented was a combination of the views of special interest groups aimed to promote the interest of the fatted calf, and to make the Government re-electable in the sight of the electorate.While slamming the plan to raise $160 million through taxation, Mottley tore into claims by Sinckler that the country had turned the corner. (DN)
BUDGET MISSING – WHERE IS the Budget? Opposition Leader Mia Mottley and the rest of her team are still trying to find it. In fact, Mottley yesterday prosecuted the Freundel Stuart administration for mismanagement of the country, accusing it of dragging the island through eight “lost years” of economic and social decline.Speaking in the House of Assembly, she offered the Opposition’s response to the 2016 Financial Statement and Budgetary Proposals delivered by Minister of Finance Chris Sinckler on Tuesday.Blasting the minister as a man out of his depth who had failed to address the issues confronting the country, including the worrying level of debt, and the “crisis” created in the National Insurance Scheme (NIS), Mottley said the current administration had presided over Barbados’ dramatic slip in competitiveness, while it was among the most highly indebted countries in the world. (DN)
COST OF LIVING GONE UP – GOVERNMENT’S LATEST Budget has left Barbadians facing at least a “three to four per cent” increase in the cost of living. Barbados Chamber of Commerce and Industry (BCCI) senior vice-president Edward Clarke yesterday issued that warning about the likely impact of the new National Social Responsibility Levy announced by Minister of Finance Chris Sinckler.At the same time, new Barbados Private Sector Association chairman Charles Herbert feared this new imposition might negatively affect manufacturers, including those that exported.The two private sector officials raised their concerns yesterday during a post-Budget discussion hosted by the BCCI and sponsored by PricewaterhouseCoopers at Hilton Barbados. (DN)
ANNOUNCEMENT OF APPOINTMENTS PURE IGNORANCE – One trade union leader is suggesting that Minister of Finance Chris Sinckler did workers no favours when he announced last evening that temporary public officers with more than three years’ continuous service would get long awaited appointments.General Secretary of the Unity Workers Union (UWU) Caswell Franklyn said provisions for appointments had long been made under the Public Service Act, but the Democratic Labour Party administration had just not implemented the law.He said there were about 200 public servants who should have received appointments after the legislation was enacted nine years ago, but t were still waiting. Following Sinckler’s announcement during the presentation of the Financial Statement and Budgetary Proposals, an elated President of the National Union of Public Workers Akanni McDowall praised the Freundel Stuart administration for taking the step.But Franklyn said both the minister and McDowall had demonstrated their ignorance of the Public Service Act that was passed on December 31, 2007, empowering the then Barbados Labour Party administration to automatically appoint all persons who were in the public service for three years. (BT)
SUCCESS NOT A RACE THING – GET IT OUT OF YOUR MIND that there is an automatic connection between certain races and successful entrepreneurship. This was the admonition from Minister of Industry, Commerce and Small Business Development Donville Inniss, who was speaking yesterday at a two-day seminar/workshop on entrepreneurship. Entitled Towards The Creation Of An Entrepreneurial-driven Economy – Demystifying The Journey, it was hosted by the Latin American and Caribbean Economic System (SELA) at the Lloyd Erskine Sandiford Centre.Addressing officials from the region and Latin American, Inniss said Barbadians needed to stop believing there was “some automatic relationship between the colour of one’s skin and entrepreneurship.“Frankly, too many of us seem to believe you have to be white, Indian or Chinese to be a successful entrepreneur and I don’t think the God that you serve really had a hand in that thinking. Simply put, we really need to stop making excuses and foster a culture of entrepreneurship in the region across all classes, colours and religions,” Inniss stressed.
BRIBES – The umbrella agency of private sector organizations in Barbados has stopped just short of admitting that some of its members engage in bribery and corruption.While making it clear he did not have any evidence that business people were bribing politicians as claimed on Monday by former Chief Justice Sir David Simmons, new Chairman of the Barbados Private Sector Association (BPSA) Charles Herbert said in any case, if there were an easier way of conducting business here, there would be no need for bribery.“It is very hard for us to know how much of it [corruption claims] is true. What I would say is, when there is an ease of doing business, bribes go away, because you don’t need a bribe to get something done quickly. The minute there are delays, it opens the door for bribery because there is something to bribe you to do. So we can get rid of it by solving the ease of doing business,” Herbert said in an interview yesterday.Speaking Monday on the talk show Down to Brass Tacks on the Starcom Network, Sir David charged that there was a high level of corruption in Barbados, which was being swept under the carpet. (BT)
CEMENT WAR – The battle for control of the cement market is intensifying with Rock Hard Cement standing firm on the quality of its product and taking credit for reduced cement prices in Barbados, in the face of allegations that it was misleading consumers.In a paid advertisement over the weekend, its rival Arawak Cement Company Limited advised consumers in Barbados, Guyana and the Eastern Caribbean that two shipments of cement had been imported into the island, claiming to be of a superior standard, consistency and quality than the Arawak cement made here and sold in those territories.The St Lucy-based company did not mention Rock Hard Cement, but since the Barbadian business entered the market last November, ending Arawak’s monopoly, it has claimed that it was offering a less costly, yet superior and more consistent product. In its advertisement, Arawak also attributed the 30 per cent drop in the price of its cement between November last year and June this year to its “ongoing restructuring programme and improved plant efficiencies”.Maloney insisted, however, that Rock Hard was the reason consumers in Barbados were able to buy the product at “half the price they could before we entered the market”.Two months ago, Maloney claimed that Arawak Cement Limited’s parent company, TCL Group, was employing unfair tactics. He said at the time the competitor was attempting to register the Rock Hard name in overseas markets in an attempt to prevent the Barbadian company from entering those markets. (BT)
COPS KILLED HUSBANDS – Residents of a Trents, St Lucy district are demanding answers about the circumstances under which a mentally ill man was fatally shot by police yesterday.Acting Public Relations Officer of the Royal Barbados Police Force Inspector Stephen Griffith reported that lawmen were called to the area to respond to an incident just after 10 a.m. when Dwayne Husbands confronted the officers and was shot.Griffith confirmed that an investigation had been ordered into the incident.However, people in the community are questioning whether police needed to shoot the father of one to de-escalate the situation.As Husbands’ sister washed his blood away from the spot where he took his last breath, outspoken resident Michelle McClean said she was angry over her friend’s death. One resident who did not give his name said Husbands’ mental illness would cause him to “trip” sometimes, but it was always brought under control. About three hours after the shooting – just after 1 p.m. – family members and close relatives, including Husbands’ mother, arrived at the scene and identified the body before it was taken away. They were too distraught to speak to the media or provide a picture of the young man. However, his uncle Hazel Blenman said that he was saddened by the sudden loss. However, he would not question the circumstances of his nephew’s death because he was not present when the shooting occurred.Blenman disclosed that Husbands had sought treatment in England and had been on medication since his return to Barbados.Meanwhile, the deceased’s next-door neighbour said she was at a funeral when Husband was shot, and felt he might not have been killed had she been home. (BT)
TEEN CAUGHT WITH $3 WORTH OF WEED – A pre-sentencing report was ordered Wednesday for a teenager who was found in possession of cannabis.His attorney Arthur Holder made the request after 16-year-old Deshaun Stefon Trotman of Lot 6 Cane Hill, St George changed his not guilty plea, to guilty to possession of the controlled substance.Presenting the facts, Prosecutor Neville Reid said Trotman was arrested around 9:20 a.m. Wednesday after police patrolling the Nursery Drive Terminal pursued him.Trotman was walking in the area when he turned and looked in the direction of the police. He then pushed his hand into his right pants pocket, turned around and ran.His action aroused suspicion and lawmen pursued and apprehended him. A search was requested and Trotman consented.In searching a backpack that Trotman was carrying, police found one paper wrapping containing the weed.Trotman admitted at the time that the drug weighing two grammes with a street value of $3, was his.Addressing Magistrate Kristie Cuffy-Sargeant, Holder said: “I am humbly requesting a pre-sentencing report on the life and background of the young man to determine what is appropriate for him.”The magistrate, who had already placed Trotman on $2,000 bail with one surety, agreed.Trotman returns to court on October 14. (BT)
TRINIDADIAN PLEADS GUILTY – A 26-year-old administrative assistant from Trinidad who was remanded after appearing in a Bridgetown court last Friday afternoon on four drug charges, has pleaded guilty to all of them.Jornella Banyelle Boland of #21 Buena Vista Gardens, Arima, first went before Acting Chief Magistrate Douglas Frederick in the District ‘A’ Magistrates Court on August 11. She was not required to plead at the time to possession, trafficking, intent to supply and importing two kilogrammes of cocaine.Frederick transferred the matter to District ‘B’ Magistrates Court where Boland appeared Wednesday morning before Magistrate Laurie-Ann Smith-Bovell.The woman was held at Grantley Adams International Airport after the illegal drug was found in the lining of her luggage.Today, Boland told the court that a man with whom she was staying in Trinidad had asked her to bring the suitcase here. She will return to court on August 29 for sentencing.Sergeant Wendell Greenidge prosecuted the case while attorney-at-law Kim Sealy appeared on Boland’s behalf. (BT)
MUM STILL WAITING -No news is bad news for Thelma Bayne, mother of slain teenager Gillian Bayne, whose badly decomposeding body was recovered from a 70-foot well in Grove Plantation canefield in St Philip on August 16, 1996. Nine months have gone since she last heard from police on the matter, and the retired nurse wants to know what is going on. To date, no one has been arrested in connection with the abduction and murder of Gillian who was taken from her Kirtons, St Philip home on August 12, 1996. She was 18 years, 27 days at the time. For Thelma, the pain she felt two decades ago when her worst fears were realised are still fresh. (DN)
SILKY SMOOTH WIN – He is known as ‘Mr Silk’ and last night Omar McLeod lived up to expectations with a silky-smooth display to power Jamaica’s maiden Olympic 110 metre hurdles title in a time of 13.05. For several decades Jamaica have been a formidable force in flat sprinting, but McLeod’s success proves their talent well is just as deep in the hurdles with the kind of performance that suggests the 22-year-old will be a major force for years to come.Orlando Ortega secured silver in 13.17 to earn Spain’s first ever sprint or hurdles medal in Olympic history, with bronze going to European champion Dimitri Bascou, who edged out his French teammate Pascal Martinot-Lagarde by 0.05, recording 13.24.The lead US hope Devon Allen
placed fifth in 13.31, which meant for the first time in Olympic history – bar the boycotted 1980 Moscow Games – USA failed to win a medal in this event. (DN)
Oh dear………..here comes the bitter, spiteful one!
The above are the words of BLP yardfowl Prodigal Son. It seems if you refuse to kiss Mottley’s behind like Maria and Owen- Prodigal and the other BLP lackeys in true yardfowl style will turn on you even though they once supported you.
Mottley only wants people to stand up when it suits her selfish political motives.
I think the best thing OSA and Maria Agard can do is resign from Parliament and allow people to take the baton and run with it,giving those who are willing to represent truly,the people of St Peter and Ch Ch West to do a better job of representation.Agard has proved herself a thoroughbred JA and OSA has allowed himself to become a shadow of his former self and a pawn of Stuart and his minions.In short,they both are seat warmers.Nobody respects either one.Both are bad for the party.
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millertheannunaki
@ Bajanfuhlife August 18, 2016 at 9:17 PM
Now that your recently adopted blue-eyed boy OSA has issue fair warning about the pending devaluation of the mickey mouse money called the Bajan dollar are we now going to see another volte-faced return to cussing him as took place during the 2013 electoral campaigning?
You have been warned that If you guys don’t stop using the NIS piggybank and the Worrell printing press the dollar will be debased to the extent that even a sheet of toilet paper used to wipe Stinkliar’s ‘flatulated’ behind would have more economic value.
Owen has strongly recommended (again) a large dose of ‘Privatization’ for the very sick patient called the Bajan economy. Are you- along with Stinkliar, the dodo Fumble and the idiotic twins called the BU ac’s- going to heed the man’s advice or are you going to be continuously stubborn and reap the whirlwind of your folly by following the path of Jamaica and Guyana which have now been transferred from the economic recovery room to an open ward?
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millertheannunaki
@ Gabriel August 18, 2016 at 9:59 PM
Poor Dr. Agard should really sing her Ave Maria prayer to the voters in Ch Ch West and beg Lord Fumble to save her political soul by letting her run on the DLP ticket for the riding of St. Peter and commandeering OSA as her campaign manager for the next elections.
“Ave Maria! maiden mild!
Listen to a maiden’s prayer!
Thou canst hear though from the wild;
Thou canst save amid despair.
Safe may we sleep beneath thy care,
Though banish’d, outcast and reviled –
Maiden! hear a maiden’s prayer;
Mother, hear a suppliant child!
Ave Maria!”
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Prodigal Son
Maria can hammer away all she wants, make all the innuendos she wants……..MAM will never answer her.
I guess she does not realise that if you keep attacking someone and they ignore you, two things can happen……….you either get more frustrated or the venom poison in your heart until it devours you. I think the latter is happening to Maria.
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Tron
@millertheannunaki
“toilet paper”. Very Good joke! In the dystopian economy of Venezuela, they even ran out of this! Venezuela is just another example how fast a country can sink if an amateur is in charge.
The MoF is the Nicolás Maduro of the West Indies.
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balance
“Caswell Franklyn August 18, 2016 at 12:33 PM #
Gabriel
Where are you living? What do you mean by Barbados beware? Sandals started treating Bajan workers like sh*t from inception.
Sent from my iPad”
And what about the paradise deal- sandals did not get what they wanted and the lands still lying there idle – Mr Stewart gives the impression that he speculates on behalf of Mr Stewart and Mr Stewart alone
Like most bajans I am sure Dumbvilke dies nit know that there are less than 8,000….eight thousand bajan and local whites on the island….not enough to reelect him, or elect the opposition.., and none live in Haynesville, that is what happens when you are called Dumbville.
If the Del Mastros deal ever materializes, ya will shortly hear they treat bajan workers like 2nd class citizens and practice racism against the natives, that is what the dumb black ministers and leaders like to enable and condone on the island, that’s what they like for their own people…watch Dumbville bray,
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Well Well & Consequences
Dumbville should tell us when he ever took a call re investing on the island from a black investor.
Good quality nvestors are scared off from Barbados because if the joke they have for a judiciary, no good and wealthy investor will trust a nonfunctioning corrupt judiciary.
Good quality investors are scared off from Barbados because of tge corrupt local business people who hig everything and do not want the island to progress if it means they cannot make the most money and have everyone working for them for peanuts.
Good quality investors are scared off from Barbados because it is known wirldwide that most of the lawyers are dishonest and steal from their clients,
Good quality investirs are scared off from Barbados because it was suspected before, but now confirmed to the world by Clare Cowan of Cahill scam, that all the politicians and ministers have been painted as corrupt…that they extort and demand bribes from business people that the local business people on the island have a 30 year arrangement bribing government ministers to have thrur way, commit crimes without consequences and keeo the peoole in the island stagnated.
That is what frightens and keep good investors away…that is what attracts criminals as investors to the island.
Stop lying Dumbville Inniss…get rid of the criminal Peter Harris or things will take a very nasty turn.
Proposals were passed another intersting response by OSA in as much as he gave food for thought and a made the spotlight more about his abilities what he must truthfully and honestly admit that a restucting of barbados economy should have been one one his important goals.
It is all well and good to sing one praises and give advice when one does not have to steer a leaking ship in a violent storm
Had he prepared barbados with economic alternatives the country would have been in a most favourable position to give the people the econmic ease that he spoke of.
Unfortunately barbados has limited resources and although having an educated populace as a resource from where it should depend the truth of the matter that it cannot heavily rely on its people of a reliable source upon which it can build its economy and his short time solution of largesse privatisation in the long run would do more harm than good
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Frustrated Businessman aka ‘Nation of Laws’ my ass.
OSA lost the last election for the BLP on the podium on Bay Street the night before the vote when he made it clear that statutory corporations had to be privatised for BDS to survive.
I was standing 30ft away, having just left the madhouse that was the DLP meeting in Independence Square with Estwick giving his best Gearbox screaming impression.
The Inept DLP gov’t has bankrupted this country and a couple generations to come by failing to understand that OSA was right. Taxpayers cannot continue to support useless and inept statutory corporations and civil service money pits, competing against tax-payers on unequal terms, just so gov’t can earn votes by being the employer of last resort in this country.
The snivel servants believed your election podium lies and 5,000 have paid the price. Now the rest of us will pay the price for decades to come.
Dumbville is just upset because his teefin friends have chased away his customers by showing them the Vaseline immediately after the hello handshake.
There will be no economic recovery under Fumble’s Fools.
Mia tried to throw a monkey wrench into Hyatt project with false allegations and a mirage of untruths.
The govt was well prepared as govt minister after minister with hardened evidence and factual information hammered and chisel away at her astounding exploitation of lies which were presented to sway the unsuspecting and gullible delivered with purposeful intentions to intimadate and embrass the govt
Dr. Clyde Mascoll continues to provide evidence why economics is socially, academically and philosophically the most backward and discredited of all social studies disciplines.
In his ‘What Matters Most’ column in the Daily Nation, Thursday, August 18, 2016, Dr. Mascoll was reported to have misrepresented: “If there is no expectation with respect to taxation policy, then centuries of economic thought would have been useless. Furthermore, if there is no expectation with respect to taxation policy, then there is really no need for a government”.
Leaving aside the hypothetical misgivings of this so-called economist, it is patently clear – in the thoughts that he supposedly represented in his column – how mercenary he is as an essential reproduction of many clearly proven bankrupt and destructive eurocentric, westernist political ideologies, philosophies and psychologies, when making insinuations about taxation having been part and parcel of economic thought that have long pre-existed his earthly coming. Moreover, it is patently clear – also in these very essentially repetitive and shallow column contributions – how trojan he is as an ardent representation of many clearly proven failed and oppressive oligarchic policies when making insinuations about taxation having to be imposed on the freedoms and liberties of individuals, businesses and the relevant others to bring about a government.
These are the assessments of Mascoll that are entirely warranted!!
He has outlandishly failed to understand that economics – and its antecedents – is the inverted political ideology, philosophy and psychology of the caucasian man, and that, along with evil wicked TAXATION and other relevant anti-people development regimes – has been used by the relevant oligarchs – not just DLP/BLP GOVERNMENTS – in this Barbadian society to help – as much possible – oppress, dispossess, and marginalize the broad masses and middle classes.
PDC
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Frustrated Businessman aka ‘Nation of Laws’ my ass.
ac August 19, 2016 at 8:41 AM #
There are many other reasons why OSA lost the election he like Mia was weighed in the scales of integ0rity and found wanting
It is prophetic and pathetic that you can’t even spell integrity.
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Vincent Haynes
BBC World Service documentary asks ‘Are economics degrees fit for purpose?’
This entry was posted in News on March 4, 2016
On 5th February, the concerns of students worldwide at their state of the economics education once again reached a global audience, through a half-hour Peter Day radio documentary and accompanying article. The programme highlights how the financial crisis was the spark for the latest wave of student activism demanding curriculum reform, and how the economics learnt in the classroom failed to match the surrounding chaos of the real world.
It went on to cover the rise of student groups around the world, from China to the USA, and Italy to Israel. These groups organised spontaneously as a result of an education lacking in critical thinking, real-world application, interdisciplinarity, historical grounding, and methodological pluralism. The programme explored that through this organisation, Rethinking Economics, we have become a united international network of students, academic and interested citizens.
Additionally, Rethinking Economics featured in articles on the Guardian and Financial Times. The former highlights for a demand for broader economic inquiry, where mathematical models are supplemented by a restoration of economics’ ‘proper multidisciplinary character’. The latter addressed four pitfalls in which economics and reality fail to coincide due to over-reliance on neoclassical economics theoretical abstractions – Martin Sandbu, the articles author, was inspired to this topic by a Rethinking Economics workshop of the same name.
This coverage from the international press comes at an exciting time, as an international review of economics curricula is unveiled at the second General Assembly of the International Student Initiative for Pluralism in Economics, taking place in late march in Paris. It also marks the start of an exciting time for Rethinking Economics in the UK, as each of the fourteen student groups takes part in a national campaign.
Vinni,
They call it the Dismal Science for good reasons.
How can you hold all other things constant when analysing a variable? Surely it is dynamic?
How can you put on an Economist’s hat without taking into account the psychological reactions of the populace?
Is it not totally ridiculous to try to make Economics a science through Econometrics???????
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In and Out
Frustrated Businessman aka Bizzy stooge what say thou on the Hyatt Hotel after all your compatriot is a backer of that project. Owen Arthur states we are on a dangerous path . We have heard this doom and gloom prediction for fifty years dependant on who is in opposition. Barbados path is no different from the path of small developing states but international neutrals posit Barbados is faring better citing the socio economic indicators as top rank on HDI, unemployment at 9% etc. The true dangerous path we are on is opting for the road of protest and condemnation of foreign investors even though rigorous due diligence has been done. If we don’t detour off that path of scaring foreign investors who bring jobs and business Owen Arthur will see what a dangerous society really is.
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Bush Tea
It is simply shiite!!
…just listen to the “economists” (what ever the hell THEY are… )
LOL
Ok so i cant spell integrioty. Lol so what .
So do u want to get into a spelling” shout out “with me because i told you that OSA integrity barometer was at a all time low and the electorate did not trust his better judgement for a better barbados restructured by a fullblown policy of privatisation added to the fact that he had pissed of many Mia supporters who opted not to vote
Now acting as the Father of economics he lecturers and extol the virtues of iPrivatisation the path set best to take barbados out of the economic malaise
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Artax
“Had he prepared Barbados with economic alternatives the country would have been in a most favourable position to give the people the economic ease that he spoke of.”
Perhaps you should stop reading the propaganda on your political masters’ face-book pages and the DLP’s web-site, then regurgitate it on BU as truth. As I told mentioned to you on numerous occasions, your knowledge of economic issues is skewed in political rhetoric and not economic theory.
Additionally, you may care to share with BU, your perspectives on the intricacies of “restructuring the economy” and examples of “economic alternatives.”
Firstly, no economy in the world was PREPARED for the recent economic crisis, and as such, countries had to develop economic policies to “weather the recession storm.” Hence, similarly to your political masters and for political reasons only, you always alluding to Arthur not “restructuring the Barbados economy” is utter nonsense. To Arthur’s credit, in November 2007, he warned Barbadians about the pending economic downturn.
Also recall Arthur’s policies were successful in responding to the “residual effects” of the 1991 recession and the 2001 to 2003 recession. As a result, he gained notoriety among Caribbean leaders, who sought to copy his “economic model” for their economies.
However, while you may want to continue blaming Arthur for the DEMS’ policy inefficiencies, you cannot absolve the DLP of any blame for Barbados’s current economic status as well.
Any political opposition that is serious about taking over the reins of government should be au fait with economical and societal issues affecting the country. Therefore, if the DLP’s team of economists were monitoring the world-wide economic situation, the DEMS would have been aware of the pending global economic crisis and pare accordingly. Unfortunately, this was not the case.
On the onset of the crisis, rather than develop macroeconomic policy initiatives, this inept DLP administration pursued “political policies” and adopted a “wait and see” approach, perhaps based on the assumption/underestimation the crisis would be short-lived and not very deep. These policy responses proved to be inadequate and may have made the effect of the recession on Barbados worse.
Any how OSA did see some good things about the proposal from which he was contented to endorse and disallow himself from getting carried away by uselesscsound bits and political posturing as those presented by Mia budget response which by all means have fallen on deaf years
The first set of policies which the govt adopted were formulated to stabalise barbados dwindling foreign reserves and decrease the debt. Maybe your expectations were built on unrealities given the fact that the wheel which turned the barbados economy had come to a screehing halt and barbados had no other financial alternatives
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Tron
@ac
From the Urban Dictionary:
“stabalise”
It’s like when you get a bird preggers… then realise she’d a ho so you drop one in her stomach…. You stabilised the situation….
“Yo Tracy, if you don’t shut the fuck up, I’m gonna stabalise yo vagine”
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Old Baje
Just because OSA was a spendthrift doesn’t mean he isn’t right about where we’re heading (the cliff).
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Tron
@ac
“stabalise”??? Read the Urban Dictionary on that!!!
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Artax
“The first set of policies which the govt adopted were formulated to stabalise barbados dwindling foreign reserves and decrease the debt.”
The above comments are inaccurate (in Bajan terms… DEM is lies).
If the above comments were true, the policies were ineffective, since the foreign reserves would not have consistently dwindled since 2008 and the economy has not stabilized.
Among the first set of reckless policies the DLP thrust upon the people of Barbados was allowing school children to travel free on TB buses, especially in a protracted economic environment and with a heavily subsidized bus service.
Similar to Barrow’s reckless 1976 election gimmick of reducing bus fares from stage basis to 25 cents island-wide, this policy caused an increase in transfers and subsidies to the TB. It also caused a corresponding increase in the budget allocation to the Ministry of Education.
I know, as justification, you will want to pull out the “poor people” card. However, the savings parents may have realized by not having to pay $1.50, were diminished as a result of increases in water rates by 60%, road taxes, as well as retail and professional services license fees and VAT by 2.5%, which was ultimately passed on, in prices, to the consumer. Additionally, these are the same poor people’s children who are now unable to attend UWI.
Another waste of money was the establishment of Constituency Councils, which more or less acts as an intermediary between UDC, RDC and MTW, as well as providing a “legal” method for distributing the “fatted calf” among DLP supporters. It is ridiculous that, approximately 7 years after being established, no one can identify any significant achievements of these councils.
Yuh want muh tuh mention moah?
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Past Zone
(1) The DLP retrenched thousands of workers when the promised they would not.
(2) The DLP has privatised the Barbados National Terminal Company Ltd (BNTCL) when the said they would not.
Action (1) much like the new National Social Responsibility Tax is designed for the sole purpose of dampening consumption, if you don’t have a job and your don’t have money in your pocket then consumption will be dampened and the drain on the foreign exchange slows.
Action (2) is a repayment to Simpson, a loyal supporter and this matter will have a increase effect on the cost of fuel and fuel products in Barbados.
Notice that the DLP, the party of the masses have not only retrenched their own but have chosen to support the white minority class in the form of privatisation and have almost every member of the government benches publically support Maloney.
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Money Brain
Past Zone,
Just follow de money, that is the only colours they care bout!!!
De DLP yardfowls get trick real bad and even now cant see it!!hahahaha
DLM is the new Party! Dems Love money! In Dem Pocket!
Can you say EXTORTION, CORRUPTION!! What yah expect when the great leader was in thick with CLICO!
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