DLP Blames “Revenue” for its Fiscal Indiscipline; Reckless Mismanagement of the Economy and Perilous Expenditure Crisis
These shameless people engaged an undisclosed and secret number of thousands of people in the Public Service of Barbados (all during a recession) and since 2008 (as part of their ‘oppressive‘ fatted calf doctrine) and based on what many Barbadians are openly suspecting in Social Media – these folk seem to have found every conceivable way to funnel state-funds to supporters, through their flawed, “political entitlement programme” and now their fiscal recklessness has caused a stench – they are telling the country some crap that Barbados’ economic woes can be tied to some global crisis! But it gets worse!
Now! Something is not making sense, here! How can there be two conflicting views from the same Cabinet on Barbados economic circumstances and reality?
How can PM Stuart be blaming a global financial crisis, which ended in 2010, for Barbados’ economic woes, when former Economic Development Minister, Dr. Estwick, blames the DLP’ flawed policies and furthermore, since the circumstances of even the EU countries, improved since then?
Since the beginning of man, every small country in the world has had to depend on the bigger more developed countries, to survive. And, from time immemorial, Ministers of Finance of Barbados knew that fact, as well as the fact that what was done here – has to bear some relationship with what is happening in the rest of the world.
Furthermore, what happens in the world has always and will always have the potential to affect Barbados! Out fragile open economy, is not immune from external shocks. The good thing for us in the past, was that Barbados had competent Government, fewer Ministers and much smaller but competent Cabinets, who and which could cope! Certainly between 1976 and 86 and 1994 and 2008. Barbados was not that fortunate between 1991 and 94 and since 2008!
It is therefore puzzling why Prime Minister Freundel Stuart would try to convince the country that Barbados’ economic woes can be tied to some global economic crisis, which ended years ago.
Incidentally the Prime Minister’ latest disquiet that the global crisis is to blame for Barbados’ economic woes – comes at a time when Rating Agency Standard & Poor’s, was giving Trinidad an “A” rating. In contrast, he and his “eminent” DLP Cabinet – have already successfully earned a “JUNK” rating for Barbados. Good thing they are “eminent!”
Surely Mr. Stuart must have seen a recent report, which shows that of thirty-five countries in latin america and the Caribbean, all of them are ahead of Barbados, in terms of economic performance, despite being faced with the same global economic conditions as Barbados! It is no secret that when the BLP was the Government, this same Barbados was regarded as the number one (#1) developing country in the world and might have even reached develop country status.
But what of this – bogey-man and fictitious – global financial crisis, the DLP likes to use as an excuse for it incompetence and reckless mismanagement of the economy, because in their recent 2013 Manifesto, they admitted the so-called global crisis had ended? If reference is now being made to something that does not exist, and the argument is then made that: “a non-existent something,” is causing the DLP to so recklessly mismanaged the economy, and that ‘non-existent something‘ would then cause the DLP to fire thousands simply to ensure that sixteen (16) keep their job – then the place for the DLP is not Bay Street or George Street but Blackrock!
Barbados does not have a revenue problem but fiscal recklessness on the Expenditure side. But if the blame is placed on revenue – then a global crisis can be advanced as an excuse. However, as part of its “fatted calf doctrine,” this failed-DLP-Government advanced a number of ‘political entitlement programme,‘ which are not off-set by the creating of any successful matching enterprises!
This brings me to the Financial Crisis because once it is properly explained, it does not help the DLP’ argument but in fact – shows how incompetent they are and how their uncertainty and ill-conceived economic policies – is causing unprecedented suffering for Barbadians.
Incidentally, it must be remembered that the Leader of Her Majesty’s Loyal Opposition – Mia A. Mottley,Q.C., M.P., – brought a no confidence motion against Minister Chris Sinckler, charging that Sinckler is out of his depth and his ill conceived economic policies have resulted in untold suffering for Barbadians.
Minister Estwick has now been given the opportunity to prove that very point, albeit behind closed doors and in secrecy at Cabinet!
Still, his presentation constitutes a vote of no-confidence against this DLP Government and its economic policies, even if the country does not find-out the outcome, unless there is an After Cabinet briefing!
But, if they go for it, UAE debt and all, they “MAY” have to come to Parliament for an increase in the ‘Foreign Loans Limit‘ and entertain discussion, and that could be very dangerous!
As regards that global crisis – the United States Government established the “Financial Crisis Inquiry Commission (FCIC) and one of its goals was to investigate the causes of the financial crisis of 2007 – 2010
The Commission found that “the Government was ill prepared for the crisis, and its inconsistent response added to the uncertainty and panic in the financial markets.” It went on to state that: “Key policy makers . . . were hampered because they did not have a clear grasp of the financial system they were charged with overseeing, particularly as it had evolved in the years leading up to the crisis.”
That can only mean that, since our DLP Government is times more incompetent than the then American Government was – and that if the crisis in America lasted three years – it therefore explains why Barbados has been in recession for six consecutive years, under DLP rule and further suggests that unless the electorate and Barbadians in general – step-in and say ‘enough,’ this country will lose a decade.
Even while the DLP tries to blame some global crisis, the reality is: ‘Barbados has already had six lost years, under DLP rule!‘
The Commission also stated in its Report that the 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street.
The Report added: “The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done…If we accept this notion, it will happen again.”
So that, when the Prime Minister of Barbados makes reference to a global financial crisis, which occurred because of recklessness and incompetence, he is merely reminding the country that Barbados (under DLP rule) has a perilous fiscal crisis, where enterprises and Sectors are failing; the Government is spending $1.4 bil. more than it has while borrowing to pay bills, with the Central Bank, printing money to finance the operations of a reckless; weak-Government, that has lost its way. But the critical point remains that this-DLP-fiscal-crisis, is worse for Barbados – than the global crisis of the 1920’s and that of 2007-2010, combined.
But, I am confused! How does the DLP go from telling the country that the economy is not important, the society is - to now being so concerned about the same economy and fiscal balance – that it is firing an undisclosed number of thousands of Barbadians, causing unprecedented pain, anguish and human suffering?’
Which version of what it is saying does it wants the public to believe, especially since, having already lied-to; tricked and betrayed Barbadians, everyone is now guarding their ears, whenever the DLP speaks?