GUEST COLUMN – Economy not doing ‘fine’
By Peter Boos | Tue, August 10, 2010 - 12:00 AM
I WRITE in reference to the recent Press conference with Senator Darcy Boyce on the state of the Barbados economy.
I have known Senator Boyce for many years and have had the privilege of working with him on several occassions.
I have high regard for his ability. He is well educated and experienced in business.
It does therefore bother me that Senator Boyce should seek to represent to the general public that our economy is doing just fine.
This is just not the case from almost every possible point of view:
• high unemployment and a weak jobs market,
• Government fiscal deficits and very high national debt,
• falling corporate profits,
• falling foreign direct investment,
• falling remittances from the diaspora,
• increased incidence of business failures,
• hotels on the verge of closure,
• slow or no growth in export earnings,
• a likely prolonged difficult global environment, especially in the United States and Britain,
• an unproductive and unaffordable Public Sector,
• a generally high-cost, bureaucratic, uncompetitive business environment,
• a medium term fiscal strategy that requires significant cuts in Government spending and debt reduction,
• rising cost of national borrowing (over 7%) in a globally low interest environment,
• the unknown CLICO solution,
• infrastructure degradation; are all not indicative of a sound economy poised for growth.
It is time for all politicians to face reality and be open with the public. Why do they feel they must pretend otherwise?
We know better. We do not expect miracles – we want honest, open communications and a team approach to finding the right solutions.
Why spend money now on the non-essentials that we cannot afford; costly non-essential luxury overseas travel being but one example?
No spin zone
Politicians damage what little respect their brand may have by continuing to spend and spin. We need our own “no spin zone”.
We are at a ‘tipping point’ in a global economy that has made a paradigm shift. We face new conditions that need innovative solutions. Soft, plentiful finance is no longer available.
The gouge at the trough of easy credit is over. If we fail to properly manage now the result will be a severe economic shock that few Barbadians seem willing to think possible.
Just take a look at the recent Britain budget and the massive unemployment and bubble in public debt problem in the United States. This is a time for traditional Bajan prudence and commonsense.
- Editor's Choice
- Most Read Stories Today
- Red zone
- Done deal
- Double blow
- What's Trending: Rihanna on the red carpet
- Adele wins big at Grammys
- Cry for help in Vaughn Road
- Choose Good News!
Recent Comments
- Paul Worrell commented on ‘Gone to heaven’ together
- MIKE LINDO commented on Stoute defence of talent show
- MIKE LINDO commented on Bobby Brown reacts to Whitney's death
- Marc Menard commented on Hair row
- Bim Bum commented on Not in US!
Share your thoughts
Please sign in or register to post your comments.
Page 1 of 1 pages
Finally someone other than a politician has the guts to say what we can all see for ourselves.
Sounds like exactly what Miss Mottley has been saying repeatedly. What is wrong with Bajans all of a sudden that our opinions now have to be whispered in living rooms and the lunch room at the office. And who do we think this approach is going to benefit in the long run.
We know how to boo long and hard at the fluff but we can’t say a peep about the things that directly affect our lives. We must really be a fete society in truth.
- 0
- 0
Comment LinkPeter Boos comments are spot on. The government has not faced up to the reality of the global economic crisis and how it impacts our own economy. Urgent action is needed, both in the public and private sectors to take prudent and effective action to weather the economic storms that beset us.
A blinkered, head in the sand approach will not work and it is certainly not business as usual.
- 0
- 0
Comment LinkWell said. The attitude now seems to be bury your head in the sand , say nothing do nothing and the problem will go away. Without a doubt some spending cuts will have to be made. It will be painful and unpopular I know, but it has to be done.
- 0
- 0
Comment LinkTwo things Peter Boos said we need and that I agree with.
1: We need a team approach
2: No spin zone
However, if the previous comments are any guage of whether we can achieve them; things do not look very promising. We seem to love our partisan positions
- 0
- 0
Comment LinkPage 1 of 1 pages