Rick Lowe
Standard & Poor's have changed their methodology for rating countries and have downgraded The Bahamas and other countries again.
I am hopeful that this will be a wake up call for Parliament and they will realise that they (successive Government's and most sitting Member's of Parliament and the Senate) have built a debt load that is unsustainable.
But there is also reason to be concerned.
Instead of reducing spending Parliament might press that they need more revenue and have to raise taxes, and this would be tragic to the business community and slow economic growth even more.
There is evidence of a positive impact to the economy when government's pursue budget cuts instead of increasing taxes. See The Nassau Institute at this link for a brief video.
Visit The Nassau Guardian at this link for more on this subject as well.
Rick…….Promises made during the last elections resulted in this unsustainable debt, not just the current FNM sitting government, the former PLP governments are also guilty, promises have to be paid for, politicians have passed it on to your grand and great grand children for payment. Bahamians must remember governments really don’t have a revenue problem, they usually have a spending problem. One has to remember two things, sitting governments work for themselves to get re-elected and opposition complain and point fingers and rarely offer feasible solutions . Bahamians have to understand promises cost a lot.
As Margaret Thatcher said: the problem with socialism is you eventually run out of others people money.
Some government should learn about this quote in order to make their economy growth.