Well today is the day we've been waiting for. Or is it?
According to the newspaper yesterday, the Prime Minister has hinted at some austerity measures or belt tightening, but, on top of that we're told additional taxes are on the way.
The political class forged ahead for decades spending and borrowing and adding budget deficits each years as if economic reality could be set aside because our anointed politicos said so.
And now, when it looks like the well of borrowed funds might be drying up, and the backs of the governing FNM are against the wall, picking the pocket books of business and taxpayers seem easy targets. But are they?
Businesses will be forced to look to see where they can pass taxes on to their clients, because they have to make a profit to survive. Employment could very well be impacted through more layoffs.
Increased taxes could also impact start up businesses. Potential entrepreneurs might rethink trying to open a business in this climate of uncertainty.
In other words more taxes would be a mistake and slow the economy even more in this blogger's not so humble opinion.
The Laffer Curve comes to mind. See this You Tube Video on behalf of the Center for Freedom & Prosperity Foundation by Dr. Dan Mitchell of the Cato Institute.
Sometimes I think Parliament has out lived its usefulness. As Rex Murphy said on the Canadian Broadcasting Corporation show, The National, back in January this year; "the House of Commons is never quite so popular, as when it's closed."
As for the Opposition PLP? What can we expect from them? Serious proposals for the government to consider or the usual partisan blather?
To quote Rex Murphy again, "Parliament is the ultimate partisan instrument, and both sides of the house play it like a tattered violin for whatever petty advantage they can get out of it."
Frankly, government is far too big, costing taxpayers far too much, and the restraints that seem to prevent opening a business are like hand cuffs made of carbon steel, the hardest known metal alloy.
The political class has to understand that without the creation of wealth, they can raise taxes all they want, but their revenue will decline when the entrepreneurial spirit is ultimately defeated.
