More on PLP's "Responsible Borrowing" - Helping drown The Bahamas in Debt

Rick Lowe

Not to beat up on Mr. Jarrett and the PLP, but he did say they were "responsible borrowers".

As pointed out in this recent post, the PLP ran very high deficits each year during 2002 - 2007 (the years of the last PLP government) - an average of more than $134 million each year during a period the PLP has claimed to cause great economic growth. (GDP grew from $5.9 billion in 2002 to $6.8 billion in 2006)

Of course the FNM governments over the years have been equally as culpable but that's a discussion for another day.

But let's look at the "responsible borrowing for a moment in the attached chart:

About a billion dollars in five years doesn't look too responsible in a period of substantial economic growth to me.

Seems that in the years of plenty the government should be reducing the debt for when the country faces dire economic circumstances as we do today, no?

Can't wait to hear what Mr. Laing's (current Minister of State for Finance) explanation for all the debt the FNM have added to the country's burden over their years as the government.

As we know, debt levels are now in excess of $3.9 billion and growing.