To live within our fiscal and debt management means, we now have to be circumspect in creating more social entitlements, save and except for the truly needy and reform some of our entitlement programmes to eliminate expenditure wastage.
Owen Arthur 2007
Do we truly understand what living within our debt management means would look like?
Former Prime Minister Arthur must have asked himself this question.
It is no secret that much of the progress in Barbados was driven by investment in the Social Sectors. It may also be concluded that the Social Sector is now too large for the economy to carry at a time when the economy is itself undergoing a difficult transition. A thorough rebalancing of the relationship between the Social and Economic Sectors, seems to be necessary to bring back harmony to the process of National Development.
The State has made available to the citizens at large, a wide array of entitlements and social services using a principle of free universal access. We are at the point where this can not continue. Fundamental adjustments have to therefore be made to the range of entitlements afforded to the citizens by the state.
We must also agree on a fresh approach to determining who should benefit. A comprehensive rebalancing of the role of the state and the private sector in the Social arena of Barbados, has to be envisioned as an essential part of the new governance arrangements for the society.
It goes without saying that privatisation has to be engaged as a major aspect of Governance in Barbados. In order for this transition to thrive we must prioritize changing the business culture in Barbados with emphasis on improving the conditions for doing business.
Barbados will not succeed unless a carefully conceived and managed programme of privatisation is made part of its economic future. The government of Barbados, like those in the rest of the Caribbean, will not succeed in overcoming its horrendous debt problems with which it is affected, unless it ends having to borrow or transfer funds to cover losses. It is better to create State enterprises fashioned along private sector lines, to carry out specialized functions that are too complex to get caught up in bureaucracy. It is however important to consider that any privatisation of the large owned state enterprises in Barbados should be accompanied by employee shareholder options.
We are at the crossroads and as Martin Luther King Jr. said ” the time is always right to do the right thing.”
I don’t buy into insidious specious right wing spin tropes
I’m con-caved
Into your electric shock, you got me
Oh, you’re into dwelling
Well, I’m into manifestation
I please me
What do you see
Yea your exotic stare can keep me
What will we be
When time isn’t agreeing
And my habits pick back up from
Me just loving me
I’m not empty
Your fulfillment isn’t in need
Just feel hazy
Let your gut guide you when you’re with me
I’ll stay boldly
And my unbothered features will glimpse blindly
I’ll rich the scene
You can practice when you’re with me
I’m con-caved
Into your electric shock, you got me
Oh, you’re into dwelling
Well, I’m into manifestation
I please me
What do you see
Frank Stronach:
Halting the inevitable drift toward socialism
We’ve reached a dangerous tipping point where more and more people are taking resources out of our economy, through government handouts, and fewer and fewer people are contributing to it. In other words, there are more people who are dependent on government handouts for their livelihood and fewer people generating the tax revenue needed to support the social safety net.
Article content
Our government, meanwhile, is more focused on how to distribute wealth than on how to create it. It’s a trend that happens in almost all capitalist democracies: over time, they invariably drift toward a socialist economy propped up by government spending and social programs for a growing segment of the population.
And here’s the reason why: the democratic system is vote-driven, which incentivizes political parties to cater to the masses by introducing wealth redistribution measures and socialistic programs.
The inevitable result is that the free enterprise system gets slowly pulled toward a more socialistic system, where the state takes and distributes a larger and larger portion of the wealth, leading to an an enormous build-up of bureaucracy that stifles individual initiative and productivity.
Article content
When the disparity between the wealthy and workers grows larger and larger, with growing cries to take from the rich and give to the poor, it’s hardly surprising that more and more people begin to question capitalism and look to other systems that promise greater equality. We need to wake up to the realization that wherever you have economic disparity, you have fertile ground for socialism to spread.
I believe the best way to stop our inevitable slide toward socialism is to give workers a portion of the profits they help produce. One solution, therefore, would be to require companies to share their profits with their workers.
I have always believed that it takes three forces to drive a business: managers, investors and employees. Most importantly, I believe that all three have a right to share in the business’s profits.
Article content
Traditionally, investors have received a cut of the profits through dividends and stock appreciation. Managers have also gotten a healthy chunk of the profits through bonuses, stock options and other payments. But employees are often left out of the profit sharing — and without employees, you don’t have a company.
Companies must realize that they can be more productive and more competitive if they’re able to harness those three driving forces — management, employees and investors — and get them all to pull in the same direction. If you have a wagon pulled by three horses, and each of the horses runs off in a different direction, you usually end up in the ditch. It’s the same with most businesses.
Profit sharing among all of the key stakeholders of a business is basically a recognition that the people who create wealth should get a fair share of that wealth. It’s what we did at Magna for many years, and it was one of the key reasons why the company continually achieved record profits.
Article content
Our employees not only got a portion of the profits each year in the form of cash, they also received equity in the company, making them part-owners of the business they helped make successful.
Imagine if we could apply the same profit-and-ownership principle on a national scale.
Sharing profits with workers would benefit companies, employees and governments. Companies would see an increase in productivity and profits. Employees would get more income. And governments would gain enhanced tax revenue due to the growth generated by increased spending.
By requiring large companies with more than 300 employees to establish a profit-sharing plan that gives employees 10 per cent of the annual profits, we can create a system where wealth is distributed more evenly and fairly throughout the economy, rather than remaining concentrated in the hands of relatively few individuals.
Article content
But most of all, the economy would function better if we had a much fairer and broader distribution of wealth, and there would be fewer social problems caused by the growing income gap between the wealthy and the working class.
Instead of constantly redistributing the wealth we create, we need to focus on how we can improve the living standards of everyone in society, while lifting the people at the very bottom rungs out of poverty and off of their dependence on the state.
One thing is for certain: if we fail to find a way to allow workers to participate in wealth creation, our society will continue its slow but sure drift toward socialism.
National Post
fstronachpost@gmail.com
Frank Stronach is the founder of Magna International Inc., one of Canada’s largest global companies, and an inductee in the Automotive Hall of Fame.
@Wily
A good read BUT there is no perfect system. We must be sensible by being pragmatic in application based on the state of things.
Here we go again, wages chasing prices. Where, when will it end?
Source: Nation
fyi
Wily Coyote
As mentioned I don’t buy into right wing tropes
Capitalism failed due to Globalism, Automation, GFR, Investment Markets and Banks crashing, less workers required and Big Business taking over and the only scam left in town is divisive right wing trash politicians riding racism populism bandwagons.
Are we prepared to face the REAL Truth?
Not so much….!!
BUT only the TRUTH can set us free.
https://www.oraclefilms.com/safeandeffective
ICU / Coco Jones
Something ’bout your hands on my body
Feels better than any man I ever met
Something ’bout the way you just get me
I try and I
Don’t ’cause I
Can’t forget
You got a feel and a soul
That I need in my life
(Yeah-yeah) oh-h
And though we may grow
I don’t know why we don’t grow apart
Maybe I need you
I breathe you
Turning my heart blue
Maybe I need you
When I leave you
ICU
First we agree that we better as friends
I delete every message that we sent
Try to move on with somebody less like you
I don’t know how we end up in the red
Find myself reading your comments again
And then end up in each other’s heads
It all makes sense because
https://barbadostoday.bb/2022/12/16/man-in-psychiatric-hospital-for-42-years-begs-to-be-released/
“Mr Bourne’s relatives have expressed mixed views about his potential release from hospital. His relatives initially stated their intentions to provide support . . . but recently these relatives have in some cases withdrawn their intentions . . . ,” Dr Chase told the court.”
I believe the family will provide some level of support., but what they are doing here is keeping the government’s feet to the fire. You have housed this man to and advance age and when he is well past the point of being gainfully employed and would now saddle him on his relatives.
I suspect family members will provide support, but will not let the government dump their relatives. The family has to stay on top of the government and advocate that this man be treated as a human being and his rights be protected.
Hear his anguished cry.
“Keeping me there does nothing!” he declared. “42 years and I stepping backwards. I am not violent, I don’t think violent, I don’t act violent. I have never totally mentally relaxed in the Psychiatric Hospital. I love myself . . . 42 years . . . and my medication never increased; in fact, it decreased.”
“I have been through programmes . . . . I could handle myself. I need to be free, I no longer want to be at the Psychiatric Hospital, I need to be free. It’s about time, Your Honour.
“Keeping me there to do what now? I am an individual . . . . I have self-esteem. Theo Bourne wants to be free!”
My eyes are tearing. **TheOGazerts says free the man. Provide him with one those apartments reserved for the side-chick of a politician or Chinese houses with food and utilities are paid for by the government. No dumping of this patient.
First they came for those in the Diaspora
https://barbadostoday.bb/2021/03/18/nhc-to-occupy-over-15000-derelict-spots/
I saw a more virulent version of this story titled “Derelict properties be converted to houses”. We have to be careful that this is not a next transfer of wealth to one of the richest men in Barbados.
An attempt should be made to properly and adequately compensate property owners instead of giving them pennies for their properties and then transferring the properties to the super-wealthy.
It bothers me that a people who boast of their high level of education can be so gullible and blind.
When the feel good and Anansi stories are over, your turn will come.
First they came for the socialists, and I did not speak out—because I was not a socialist. Then they came for the trade unionists, and I did not speak out—because I was not a trade unionist. Then they came for the Jews, and I did not speak out—because I was not a Jew. Then they came for me—and there was no one left to speak for me.
—Martin Niemöller
https://barbadostoday.bb/2022/12/16/barjam-reaches-out-to-chief-justice-to-get-pay-for-barbados-advocate-workers/
This is unbelievable!!!
How the RH can this happen? Ease of doing business? Seems a trustee should be appointed to run the entity.
We already know the court system in Barbados is a joke, but this avoidable situation is horrendous.
What standing does Barjam have in the matter to that would influence proceedings?
Barjam has no standing. They are “raising awareness”.
Such freezes are usually limited to fraud, to prevent funds disappearing before a matter is adjudicated. And rendering a verdict is usually a priority matter, to avoid bankruptcy (preserving assets and jobs).
The freeze is understood, what is not, the time it takes for the matter to be heard but this is the norm.
They are going to get exactly what they deserve for what they wasted all these years doing. We get to sit and watch the show for free.
A few typos.
But this morning was very heavy reading.
Can you imagine a detective arriving at a scene observing a skeleton, making notes and then leaving the scene. There is no attempt to go beyond describing the skeleton. No attempt to find out who is the deceased? What was the cause of death? When did death occur? The primary function of the detective is ignored.
That’s how many of the news stories read. Just notes. There is no attempt to probe beyond the surface. No attempt to understand the greater consequences of some actions. A ten-year old with a pen and paper can produce articles of the same quality. Misinforming, misleading and confusing seem to be the order of the day.
Attempted robberies are described as if they are charitable donations and good deeds. Educated black faces (usually politicians) smiling at you from the pages of the paper as if they are your friends. Smiling at you as they are on their way to the bank with their friends and your money in their pocket.
But I do not blame the media or the politicians, I put the blame on you. You had over 60 years of two groups running the same game … one opposes, the other proposes, but in the end, both do exactly the same thing.
Both do not keep their promises;
both rely on trick and schemes to take money out of pockets;
both practice perpetuation of generational poverty;
they run after new fangle ideas and the end result is the same, you are the loser;
problems are not fixed;
an injustice system that admits how bad it is, but never fixes itself;
a host of new laws and new committees but nothing changes; a
nd all they provide are high profile PR meetings and at the end of it, you get/got nothing.
Some of you are eagerly looking forward to the quintennial games (unless Mia gets a brainwave and makes them biennial or triennial), then we will an increase of hot air rising from Barbados. Talk about global warming.
Perhaps my perception is skewed to one side, but that state is preferable to being optimistic and blind.
If I could just get a few of you to look below the surface and to try to follow the story to the logical conclusion then I would feel as if I contributed.
Why do you have to wait 15 years to find out that the NIS finances could be gone in two decades?
Why do you have to wait until the vaccine scam plays out in the US courts to get information from some of the main actors?
What about the FTC, is it serving you?
What about the hacks of governmental organization; are we seeing hackers or is your information already sold and the thieves just collecting it?
What about the judges who looks like deer caught in the headlights as they make empty promises?
Why should the constitution come after creation of the Republic? What will it say?
Guns, drugs and deaths are running rampant and suddenly “parents and PSV workers are public enemy #1.
Sometimes, I laugh at what I see happening.. if I didn’t I would cry. It’s a tragedy with comedic content
————————–Have a great day———————
Typos abound.. Should I rewrite or should I leave as is.
Do I have to type in MS Word and then paste here?
———————x——————————-
Was thinking of the “Advocate” issue?
The thought crossed my mind that it was a hobbling of a portion of the press.
“there are many ways to skin a cat”
Still thinking.
A new “new normal” for entrepreneurship
https://www.nationnews.com/2022/12/16/new-new-normal-entrepreneurship/
Great link by the blogmaster.
Sufficient information was provided for me to Google. Wondering what are the pros and cons of the Nation providing a link to the business?
The displays in The Nation newspaper are fantastic.
Just a thought: Perhaps this is an opportunity for private investors to approach the owner
“Both do not keep their promises; both rely on trick and schemes to take money out of pockets;”
Them and CXC look for ways to grab ya money. Each parent paid over $400 per child for a review of the grades they stole, were supposed to get results in November and they refused, and now ignoring the parents but got the money. Crooks, always got a scheme or scam to relieve people of their money.
Barbados: Request for an Arrangement Under the Extended Fund Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
Publication Date:
December 16, 2022
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Despite a series of economic shocks, Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan since the government led by Prime Minister Mia Mottley took office in May 2018. Macroeconomic stability was restored with a combination of comprehensive sovereign debt restructuring, fiscal consolidation, and structural reforms to reduce fiscal dominance and enhance growth. International reserves have increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018. While fiscal consolidation was interrupted by the COVID-19 pandemic, public debt was put back on a downward path starting in FY2021/22. Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested a successor EFF program along with a Resilience and Sustainability Facility (RSF) to strengthen fiscal sustainability, support the structural reform agenda, and increase resilience to climate change.
Series:
Country Report No. 2022/377
Subject:
International organization Monetary policy
In its annual report Preliminary Overview of the Economies of Latin America and the Caribbean, ECLAC projects that regional growth next year will be a third of the rate forecast for 2022.
(December 15, 2022) In a context of external uncertainties and domestic restrictions, the countries of Latin America and the Caribbean will grow by 3.7% in 2022, just over half of the 6.7% rate recorded in 2021. It is estimated that the deceleration in economic growth will intensify in 2023, giving rise to a 1.3% rate. According to its Preliminary Overview of the Economies of Latin America and the Caribbean 2022 – unveiled by the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), José Manuel Salazar-Xirinachs – the monetary policy responses adopted worldwide in 2022, in a context of rising global inflation, have sparked greater financial volatility and increased risk aversion, and have thereby prompted fewer capital flows to emerging economies, including the region’s economies. But the reduction in global inflation expected in 2023 will tend to moderate monetary policy rate hikes by the main central banks, the organization adds. The document indicates that after the dynamism seen in the first half of 2022, the region’s economic activity has slowed, reflecting, on the one hand, an end to the rebound effect on the recovery from 2021, and on the other, the effects of restrictive monetary policies, greater limitations on fiscal spending, lower levels of consumption and investment, and the deterioration of the external context. The report emphasizes that the labor market recovery process underway in the first half of 2022 did not allow for eliminating the traditional gaps between men and women exhibited in indicators such as the labor force participation rate and the unemployment rate. In addition, an increase in informality has been observed in 2022 along with a decline in real wages. In the fiscal sphere, although there has been a reduction in the primary deficit, debt levels continue to be high, which means that fiscal space can be expected to continue conditioning the trajectory of public spending. The risk of interest rate hikes, of currency depreciations and greater sovereign risk are seen hampering the financing of government operations in 2023. One aspect that the report highlights is that the changes seen in the trajectory of regional inflation in the second half of 2022, coupled with the deceleration in economic activity that is expected to continue next year, will reduce the pressure on monetary authorities in Latin America and the Caribbean to continue raising monetary policy rates. ECLAC indicates that the current situation poses challenges for macroeconomic management. On fiscal matters, officials must avoid premature spending adjustments and expand fiscal space by reducing evasion and avoidance, reviewing tax expenditures, carrying out reforms to increase tax collection and the tax structure’s progressivity, and with multilateral support via the mobilization of global liquidity. It is also necessary to make progress on improving the efficiency and effectiveness of public spending to enhance fiscal policy. In the monetary-financial realm, it is important to diversify the toolbox for facing the current scenario. Along with the monetary policy rate, officials should use macroprudential and regulatory instruments that would help manage aggregate demand, minimizing the effects on growth and investment. Finally, the Preliminary Overview 2022 argues that it is critical to stimulate investment and productivity in order to address social demands, the creation of decent employment, to reduce informality, inequality and poverty, and move forward on climate change adaptation and mitigation. To that end, innovative public policies are needed on productive, financial, trade and social matters and on the care economy, to avoid another lost decade like the one observed for the 2014-2023 period.
If anybody wondered…
“In economics, fiscal dominance is about who’s really in charge of monetary policy. Do central bankers run monetary policy in pursuit of the traditional goal of price stability or do they run it to make life easier for heavily indebted finance ministers?”
Source: Nation
Source: Nation
https://www.instagram.com/p/CmaM9Typr42/
Dominica like it run out of gas.
https://antigua.news/2022/12/19/watch-chaos-in-dominica-over-fuel-shortage/
“The government there has blamed sea swells for the shortage of gas.”
Another waste of a young life.
https://barbadostoday.bb/2022/12/21/police-investigate-unnatural-death-5/