“Choose Bajans: Urgent Fresh Elections or an IMF/DLP Programme of austerity and suffering Even Worse Than 1991?” By Henderson Bovell
The downgrade by Standard & Poors is proof that, you can hijack the truth – even hold it hostage for a short time (as it is now crystal clear the DLP did before the February 2013 general elections) but “truth” will always escape and expose you, as the DLP is now finding out.
Trademark fiscal recklessness like the Transport Board spending that $40 million it did not have – will hardly escape the Auditor General but it constitutes the same cost overrun the dems said will not happen – under a DLP Government? Do you see why you need to urgently reel-in the DLP and why no patriotic person in Barbados; sensible person within the Caribbean or respected institutions around the world – have confidence in the DLP; trust them or want to risk taking them seriously?
The DLP brought policies in the August budget to reverse this trend, yet $400 million in foreign reserves has been lost since June. Clearly, those policies are flawed because the fiscal deficit is $117 million worse than it was in 2012!
If you still do not think the time is right to panic – or to put up your economic hurricane shutters – then consider that the VAT was increase by 2.5% from 15% to 17.5% – yet VAT receipts are down by $35 million.
I could probable go on to say that Corporation Tax is down $59 million or that Government’s overall revenue is $140 million less, yet despite this – the DLP continues to spend recklessly, to the extent that it owes over $700 million in arrears – all across Barbados; within the region and internationally. Perhaps then you will begin to better understand the recent S&P downgrade of Barbados.
The real point in all this is, having said that it is responding to a persistent current account deficit and a high fiscal deficit -the downgrade by S&P is essentially: “a vote of no confidence” in the Government’s fiscal and economic policies – a portfolio for which Sinckler is responsible.
Moody’s downgrade to “JUNK” and this S&P downgrade, in which they (like consumers and investors) clearly have “no confidence in the policies of the DLP” – suggests to Barbadians, that the way forward is: either, fresh and urgent general elections or an IMF/DLP Programme of austerity and suffering, perhaps one where the pain and human suffering will be even more severe than 1991.
But, why should you suffer when you had absolutely no reason to doubt that the country was other than “stable?” They promised “change” and that they will not “lie.” It is for you to judge if they did – then if so, this is a fundamental breach of truth, justifying fresh and urgent general elections are required immediately!
People of Barbados, given the continuous decline, your collective call for fresh and urgent general elections is affirmative action by you to protect your and Barbados’ interest, whereas to do nothing – is to most certainly commit to a DLP/IMF Programme of pain but definitely – to allow DLP Ministers to safeguard their pension, while you suffer.