In yesterday’s Tribune Business, Sir Franklyn Wilson (PLP) was asked about Dr. Hubert Minnis’ (FNM) tax break plans should the FNM win the government in the upcoming general elections.
Sir Franklyn is reported to have said the “FNM leader’s strategy for reducing the cost of living and reviving inner-city areas, coupled with the provision of free tertiary education, would expand the fiscal deficit and undermine consolidation plans.”
I do agree that for any government to increase the size and scope of the welfare state, given the country’s pathetic economic performance over the past five or six years, is not a good idea.
However for Sir Franklyn to suggest the strategy is lunacy, reckless and crazy without mentioning the fact that his party (PLP) have run deficits of approximately $2 billion and increased the national debt by $2 Billion since they assumed office in 2012, in spite of implementing VAT and raking in an unexpected $1.14 Billion from beleaguered taxpayers is well, equally as loony.
Not to mention they have also had four downgrades under their watch.
It is high time supposedly responsible people like Franklyn Wilson present a balanced view of the country’s fiscal problems. Maybe, just maybe, if high ranking party members like him would publicly present unbiased responses to questions about the country’s fiscal problems the political class might start to do something about it.
But as long as they are guaranteed party supporters will publicly ignore irresponsible behaviour, and give their party a pass, why should any one expect them to correct their bad spending habits?
Take a close look at the numbers, updated by The Central Bank of The Bahamas yesterday, in the image above and you be the judge. Click on it for a larger version.