Rick Lowe
It's not often I find myself disagreeing with The Editor of The Tribune, but this editorial of October 5, 2011 is one of those exceptions.
While it must be very difficult for those people that want to work, yet remain unemployed, as well as their families, the $25 million programme will have no lasting impact on unemployment. Just like similar attempts all over the world.
That aside a couple questions come to mind:
- Are employers to ignore the terms of the Employment Act where probation and termination are concerned etc?
- What happens in the event the student is not suitable?
- If the student manages to obtain a full time job, do they have to repay the Public Treasury?
In the final, taking tax dollars from the many taxpayers to provide for a few is not sound public policy, not withstanding the politics involved, as employers can only hire based on their demand for their goods or services.
For an interesting perspective and somewhat more detailed response on this, visit The Nassau Institute at this link…
So well put Pick, lets hope that some of our political bosses read and then understand what is happening to the economy of the Bahamas.. As you so clearly point out, The government cannot create employment in the private sector as only increased demand for goods and services will increase the need for additional employment.. We had better recognize that government “stop gap” policies are not the answer to our economic woes.. Today our two basic economic sectors are at risk to further economic declines..
In the financial services industry, skyrocketing costs and burdensome regulations are forcing institutions to leave our shores.. The Bahamas is just not competitive when compared to other jurisdictions from a cost/benefit standpoint..
In the tourism sector, billions of dollars have been invested with no real thought being given to the economic conditions confronting our principle tourist market the United States.. Today the United States, just like Japan over the last twenty years, is confronting an extended period of stagflation of limited growth, high unemployment and increased inflation.. As personal savings decline, fewer funds are available for travel to our shores.. We use to get over 8,000 Japanese visitors yearly, but today we get only a small fraction of that amount.. Because of stagflation the Japanese are just not traveling anymore.. The financial condition of the United States today is far worst than Japan.. There is no answer to recession except cutting back on government spending which will be difficult at best for the United States to do.. Stagflation will be like cancer for Bahamian tourism.. An unused airport, half empty hotel capacity and even declining sea arrivals are a frightening but real possibility..
We can only hope that the government in its wisdom has factors these issues into its economic thinking.. These are critical times which require critical thinking by the government as well as the private sector..