Remember the government telling us at election time how they would balance the budget? Yet two years on extraordinary debt offerings are now required just to finance little more than government payroll.
Of course we're told The Bahamas stands as unique (with a) low level of foreign currency indebtedness. "Our indebtedness, as a ratio of debt-to-GDP, remains a far cry from many in the developing world."
Then he 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%.
There's also the obligatory comment that the government is borrowing in US$ so they don't crowd out private sector B$ borrowers.
Government debt is debt, whether in US$ or B$ and becomes the responsibility of every Bahamian so it really doesn't matter if The Bahamas is "unique" when compared to "many (countries) in the developing world."
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The above comments are from posts dating back to April and November 26, 2009 and just show how much successive governments attempt to hide the damage being done with their polices.
What's the difference between these comments from five years ago and what we're being told today?
The more things change, the more they remain the same. Only things are worse these days it seems.
