[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
Bahamian Politics Last Updated: Feb 13, 2017 - 1:45:37 AM


DNA: "The PLP Budget: An Exercise in Futility"
By Branville McCartney Leader, Democratic National Alliance (DNA)
May 30, 2014 - 2:03:32 AM

Email this article
 Mobile friendly page

On Wednesday, the Christie administration presented what we had all hoped would be a clear and concise fiscal plan which would outline, once and for all this government’s course of action to address the country’s mounting fiscal concerns. Unfortunately, the PM’s efforts to paint a picture of an improving domestic economy proved futile as his budget communication only further highlighted this administration’s continued mismanagement of the country’s assets. The PLP, while in opposition, promised the Bahamian people a concrete plan; one that arrest the country’s staggering 4 billion dollar debt. Now, after two years of PLP governance that figure has increased to a mind boggling 5.1 billion dollars representing a 60% of the country’s total debt to GDP ratio.

Simply put, the government owes far more than it takes in. The higher the country’s debt-to-GDP ratio, the less likely the country will be able to repay its debt; and the higher the country’s risk of default. Such a reality is unsustainable, and will make it even more difficult for the country to borrow in the future thus leaving the Bahamas open to further economic downgrades by the likes of the International Monetary Fund, Standard and Poors and countless other ratings agencies.

The Democratic National Alliance listened intently for the government’s plan of action to reduce that figure, a stimulus to get people back to work and a mortgage relief program that would be effective. Unfortunately, we and the Bahamian people heard much of the same political rhetoric and promises which we have become accustomed to hearing from the Prime Minister and his cabinet.

For years, successive governments have continued to rely on foreign investors to save the economy. During his communication, Mr. Christie seemed overjoyed to announce the construction of new hotel developments across the country. This however, cannot and should not be the government’s only plans toward improving economic conditions across ourarchipelago. The DNA has said it before, but clearly it bears repeating: Bahamians can do more than work in hotels.

While the limited economic benefits which such developments provide cannot be ignored – particularly in light of our current tourism driven economy – the time has come to diversify. The DNA asserts that if tourism is to remain the government’s focus, then greater ownership opportunities must be provided for Bahamians within that sector.

Why, in a 21st century Bahamas do we not have more Bahamian hotel owners? Why do wecontinue to give away millions of dollars in concessions to foreign investors but deny domestic investors the same advantages?

In this modern day Bahamas, our citizens are no longer satisfied with being mere employees but are looking to participate in a more meaningful way in the economic development of the country. It brings to mind, the old adage, give a man a fish and you feed him for a day, teach a man to fish, and you feed him for a life time.

The government’s job creation efforts have, for years, only fed Bahamians with the table scraps of major developments but have not provided the kind of career opportunities that will lead to true economic freedom. All this, while allowing developers to rape and pillage our natural resources and destroy the environment.

How hypocritical of the PM to pledge his administration’s commitment to protecting the environment while allowing the potential destruction of precious underwater communities by developers in Bimini. Clearly, without the recent intervention of the Privy Council, this administration would have sold the country’s environmental soul for the promise of a few hundred jobs.

During the budget communication, the Prime Minister finally revealed the date and rate of the impending implementation of VAT. Unfortunately Bahamians will have to wait until next month to have access to the accompanying VAT Legislation. The Prime Minister did indicate however there will not be a reduction in customs duty. Previously, the Bahamian people were led to believe that if VAT were to be introduced there would be a reduction in custom duties. It was however, refreshing to finally hear the Prime Minister pledge to take the advice of the local business community and the DNA regarding the collection of outstanding taxes. We are only saddened that conversation surrounding the new regime had to denigrate into petty bickering before finally opting to listen to the voice of the people. The Democratic National Alliance will continue to keenly monitor the fiscal initiatives announced by the PM in regard to tax reforms and other fiscal plans.


Bookmark and Share




© Copyright 2014 by thebahamasweekly.com

Top of Page

Receive our Top Stories



Preview | Powered by CommandBlast

Bahamian Politics
Latest Headlines
DNA PR: It's time to change the system
DNA on Extension of Emergency Orders
DNA on shanty town demolition court order
DNA on new lockdowns on Family Islands
PLP Candidate for North Andros and The Berry Islands on Lockdowns in The Berry Islands and Andros