by Rick Lowe
I'm not sure why, but politicians tend to make careers out of promises to walk the talk regarding responsibility, accountability and transparency when they are in opposition. Once elected, many of them attempt to defend the indefensible.
A case in point is the debt level of The Bahamas as a percentage of GDP and Mr. Zhivargo Laing's recent pronouncements.
According to an interview published in the Bahama Journal he makes the point that the Bahamas debt level as a percentage of GDP has passed the vaunted 40% level. In fact it is well over 40% if you include the governments contingent liabilities for the numerous government corporations etc.
The Minister of State for Finance then attempts to make us feel good by suggesting that this is good because Barbados debt to GDP is 80 to 100% and Jamaica's is 160%.
So here we have justification for irresponsible behaviour by the Government, all the while they (through the Central Bank) make rules that tighten credit for every individual to live by.
That interview was the perfect opportunity for Mr. Laing to suggest that it is time for government belt tightening like the business community is having to do.
Regretfully he chose the political path of justification rather than coming clean with the nation and letting us know the truth. It's painful, the truth that is, but denial is the wrong approach in this bloggers not so humble opinion.
Hi Rick,
The borrowing, at least, is a little excessive. Worringly, there is no targeted plan aside from public projects. But, this is not really much different in what other countries have done aside from do this and double up on other programs.
A proper social safety net system and social benefits structure, has to be taken into account as to what other developed countries, and to some extent, Jamaica has done in this regard during this economic downturn.
It is not laissez faire at all. And, just saying we need it, doesn’t make it appear.
Best,
Youri
http://globalviewtoday.blogspot.com/
I have a problem with one particular theme, running through all of the N.I.B. unemployment benefits Scheme, aptly named by the way, Scheme.
My problem is hearing, not once, but twice, the statement from two different NIB executives, That the NIB program in the Bahamas is the most Generous in the world.
In the world no less.
I have pointed out, on both occasions that this fraud was uttered, that they could not seriously use the word “generous” where NIB was concerned, because it was merely a ponzi scheme perpetrated by government, with the peoples money, contributed as they like to say, involuntarily I say, in which some of the people may get some of it back. Is it any coincidence that Ponzi is followed by the same word?
By the way, when the 20 million apropriated from the medical portion runs out, guess who they’re comming to for more?
And, at the same time they play up the “only” one % increase in contribution, they will no doubt downplay if not completely ignore or omit the announced and intended increase in both ceiling AND contribution rate overall.
Shysters all, with a scheme indeed.
Nothing more than a ponzi to cover income tax.
Could not have said it better C.Lowe
One other point.
It was not the Minister in charge of N.I.B, nor the P.S, nor the Chair, or the G.M. or even the Deputy G.M. who adressed us on the N.I.B. unemployment benefits, it was the Actuary.
Now to be fair, I found him to be competent, himself noting his consulting on these programs throughout the carribean, and cannot fault him for this situation of having to present this speedily passed legislation with encumberances, but
1) He is a consultant,
2) He is not Bahamian, but is south Carribean.
3) he was part of the team that created the scheme.
3) I think he would be proud to be called a socialist.
Perhaps however I am too harsh, parhaps no one else in management can speak to the details competently or intelligently.
It shouldn’t be management to explain it and take questions and comments from the public, it is the government representatives in charge of the program.
I agree Ryan, it should’ve been someone between Minister- G.M.
however, in the last 15 years, governments with all their hairbrained and fraudulent schemes have caught more hell from a slowly awakening private sector than any others in the last 100 years.
They are somewhat gunshy, except the pressure is mounting.
They don’t like being called out, and don’t see it as part of what they should put up with.
Most need to read the law of the land and perhaps the general orders.