TAX, SPEND, BORROW!
The root of the country’s Fiscal problem is the basic economic policy of the PLP, which can be summarized as follows:“Tax, spend, borrow. Tax more, spend more, borrow more.”Since May 2012, the government’s net expenditure has exceeded its revenue by almost 2 billion dollars.
DEBT IS GROWING MUCH FASTER THAN THE ECONOMY
From as far back as the lead up to the general elections of 1992,it was stressed how tragic it would be if the country’s debt to GDP ratio ever got to 35%. Yet on his watch the ratio climbed to 86% in 2016.
SLOWING DOWN THE INCREASE IN THE NATIONAL DEBT
International Credit Rating Agencies have pointed to the critical need for The Bahamas to slow the pace with which its national debt is increasing.
WEAKENING CAPACITY TO KEEP THE BAHAMIAN DOLLAR ON PAR WITH THE U.S. DOLLAR
The fact that the sum owed by The Bahamas government to non-Bahamians is a special problem/weakness because it is this specific area of debt increase that weakens the country’s ability to keep the Bahamian dollar on par with the U.S. dollar.
This is slightly modified from the now governing PLP's Charter for Governance 2012 when they were in Opposition.
Funny how the more things change, the more they remain the same isn't it.
