by Rick Lowe
According to The Nassau Guardian of Wednesday, November 21, 2012, the government will be borrowing millions from the National Insurance Board to build 1,500 low cost houses during 2013.
They quote Mr. Kenred Dorsett (PLP), Minister of Environment and Housing, as saying "The Bahamas Mortgage Corporation (BMC) is too financially challenged to fund" the houses so they will borrow from the future pensions of taxpayers, The National Insurance Board.
The Minister apparently "revealed that it will cost the government "millions of dollars" to implement the housing program."
Why do I have a growing sense of dread about projects like this?
He admits the BMC can't fund the homes because of their financial difficulties, so they're now going to "raid" the national pension fund to do so.
If the BMC can't survive providing mortgages how on earth are they going to repay the National Insurance Board funds following the same business model?
As I am a pensioner, I guess I should not worry on my behalf, they won’t go broke before I’m gone.
Nevertheless, I fear for those to come.
Government is like a sailor on the leave with money burning a hole in his pocket, he just can’t wait to spend it.
When will they learn that you can’t rob Peter to pay Paul?
Do they really expect the mortgages to be paid in this day and age?
Do they ever think thingsbthrough to the end?
Highway robbery No, government robbery Yes.. National Insurance funds represent the hard earned earnings of Bahamians workers who count on these funds to supplement their meager retirement.. The government has no right, moral or otherwise, to take the people’s money to fulfill empty political campaign promises.. The government should keep its greedy hands off the public pension purse which by law was forcefully taken from Bahamian workers supposedly for their own good and future benefit.. Hands off the public’s entitlement Mr. Dorsell; find another Peter to rob to pay Paul..
Rick.
There are times I don’t know if I should yell or scream with the goings on in the Bahamas, why in the world is this scam allowed to happen in the name of good governance, as you know Rick most developed country’s ONLY provide housing for those underprivileged and these are usually modest at best, in the Bahamas where land is at a premium they get a lot and a house, as my son would say ” go figure”. and he so right. I’m frightened to think what a disaster this PLP government is going into next, the Bahamas can only borrow so much and it looks like to me they are at their limit.
It’s both baffling and disturbing why we do some of the things we do Ken.
This is the “built-in”, self-destructive nature of democracy.. We see this rapidly taking place in the United States and now the Bahamas.. Governments are democratically elected by the people through the ballot box.. Today most governments are elected on the basis of promises which can never be kept or honored.. As the masses vote for more and more self serving benefits the nation’s treasury soon becomes empty.. Financial default followed by economic collapse soon follows as a consequence..
In the United States, under the Obama administration, this is refereed to as “redistribution of income” which is a page right out of Marxist theory concerning the redistribution of wealth.. Such policies only result in increasing Debt, massive Deficits and currency (dollar) Debasement which are a road map leading to economic self-destruction.. This devastation is a result of the political failure of democracy and the democratic process.. Until the people support the “national interest” as opposed to self-interest, governments will continue wealth distribution policies at the expense of the future generations..