MANY believe solutions to Barbados’ economic problems require a mandate from the electorate.
This raises the issue of the general election constitutionally due in about 50 weeks in February, 2018. In the circumstances, there is some understandable nervousness about whether the economic conditions could trigger an earlier election.
The political intrigue is in evidence as the Opposition Barbados Labour Party has already announced a full slate of candidates, while the ruling, Democratic Labour Party is yet to do so. Notwithstanding the contrast, there is a sense that both parties are gearing up for elections, and are placing the troops on a war footing.
On the BLP side, the recent March of Disgust, weekly canvasses and church attendance are obvious preparatory events. For the DLP, the response with a Facts programme is suggestive of feeling some pressure from the stepped-up activity of the Opposition.
The pressure to do something is also coming from external sources in the form of the international credit rating agencies which have signalled their dissatisfaction with the lack of economic progress.
This dissatisfaction is manifest in the form of downgrades, which have also attracted the attention of regional commentators, who are surprised at the failure of a Government of Barbados to act as it has done in the past.
Government’s procrastination, most evident in Prime Minister Freundel Stuart’s acceptance of economic difficulties but his postponement of action, has not inspired confidence that serious attempts are being made to rescue the country.
A few days ago, Barbadians were warned to brace for further austerity by president of the Barbados Chamber of Commerce and Industry, Eddy Abed.
This followed the recent revelation by Sir Paul Altman, a real estate mogul, that more than US$1 billion in properties on the West Coast needed an injection of confidence in a buyer’s market to get going. He further indicated that there could be an avalanche of buying if such confidence returns.
The show of force by the minority communities in the recent march by the Opposition is indicative of how widespread the economic concerns are. These usually passive political observers raised eyebrows as they stood out in the rainbow of protest along Broad Street.
Such unlikely political participation sends a much stronger signal to a Government than it would care to admit publicly. Given the demographic profile of the minority groups, there is no doubt the discontent spreads beyond the grassroots – those normally, openly, associated with political action in Caribbean societies.
The political fight in the upcoming general election is going to be beyond the housing areas. This is suggestive of a wealth effect that has entered the economic space. The removal of income tax policies to save and invest affects the middle class more. The reduction in property values also affects them more. And the decline in the value of business assets affects them and those in higher income classes more.
Ultimately, issues of inheritance become more prominent when the wealth of a country is under threat. There is no greater threat to the propertied and monied classes than exchange rate risk. Overnight, foreign buyers find local properties and businesses very attractive.
The concept of vulnerability becomes far wider than taking care of those in need of welfare. It has climbed much higher up the social ladder. In any society, the political challenge is greater when those typically expected to weather economic storms begin to show vulnerability.
The political context in which the next general election will be fought will be framed by the circumstances surrounding the 2013 election. The ruling DLP used the issue of privatisation to its advantage. Since then, it has engaged in privatisation and now sees it as a legitimate part of its fiscal programme.
The issue of public sector jobs was the subject of some discussion and again the ruling party offered a recipe of no job losses in the sector. At least 2 500 went home.
There is a sense that more so than at any other stage in this country’s political journey, Barbadians are going to be very eager to see what the respective parties are offering by way of policies and programmes. Hopefully, the state of readiness of the political parties, including those recently formed, will be tested on the contents of their policies and programmes as much as their ground game.
The time has truly come for serious public policy issues to take precedence over the salacious politics of recent elections.
Albert Brandford is an independent political correspondent. Email: albertbrandford@nationnews.com
