by Rick Lowe
Larry Smith, over at Bahama Pundit posted this interesting column back on February 10, 2009 where he introduced John Maynard Keynes and the worlds collapsing economies and the singularity concept.
In his usual excellent style, Tough Call, (as Mr. Smith calls his column for The Tribune), intertwines history with current events.
Raising the subject of John Maynard Keynes in this manner though leaves us thirsty for more about Keynes recommendations for solving economic "crisis" like those we face today.
Should Mr. Smith make this "Tough Call", a comparison with recommendations from other economists like Mises, Hayek, and Friedman, would prove even more interesting.
In the meantime, here's a primer on Keynes: Did he really help end the Depression? that is worth a read.
Do you notice how almost every public service head is calling for more funding?
Just reading in the Friday Tribune about the NIB report, as yet unreleased, and a phrase by Mr. Cargill caught my eye:
“NIB was looking into bringing contributions in line with benefits”
Wow. A phrase usually uttered in apology by people responsible for public funds that have been frittered or wasted, has now been turned upside down and used as a justification for more private sector pillaging.
When have the benefits EVER, from ANY government service provider been conmeasurate with the costs?
I, as a productive private sector citizen have, for years, considered my NIB contributions as a portion of my charitable contributions to helf my fellow Bahamians. Why?
Because I don’t think I will ever benefit from it !!
I have not yet, nor will I ever, because if and when I retire, It will not be there for me.
It is a catch 22 for the private sector citizen.
End of rant.
By the way, further on, Mr Cargill states that contributions and benefits payout is nearing,
wait for it, another really good oxymoron,
“Equilibrium” ?????
Also, NIB is one of the most “generous” in the world
??????
At what point will someone realize that the contribution rate is equal to or exceeds income tax rates elsewhere in the world and that it is in reality an income tax anyway?
You are quite right Chris
From the very early years when the Government of the day realized that they could use NIB to “loan” money to any government department to cover up their sins of mismangement so many of us were questioning whether the money would be there at collection time.
Well, the chickens are coming home to roost.
The money that was “loaned” has never ben paid back
Is anyone surprised?