All the talk and chatter about new faces emerging on the political scene and progressive reforms to transform the PLP and FNM the Bahamian people have heard many times before.. Yet, when all is said and done, no matter which political party wins the spoils of power, the Bahamian public is again stuck with the same old ineffective, outdated and failed economic strategies and thinking which are taking the country nowhere.. Today, there is very little difference between the political parties as they are caught up in the same political web of larger and more expansive government, bloated bureaucracies with ever expanding regulations, higher and more regressive taxes and unmanageable deficits resulting from larger deficit spending programs hoping to stimulate recovery.. These worthless policies have only lead to less efficient government services and ever increasing costs to the public who must pay for such incompetence through increasing tax burdens..
Both parties are nothing more than "copy cats" of each other except for the same old cast of political players, cronies and want-to-bees that keeps returning to the political buffet table helping themselves to more of the nation's scarce resources and revenues.. This "copy cat" style of governance over the last forty years or so has taken our country down a pothole covered road leading eventually to a financial liquidity squeeze and possibly bankruptcy.. With limited real growth and higher rates of inflation on the near term horizon, government's only recourse will be only more of the same Keynesian economic poison of increased debt, higher taxes and wasteful spending which is a sure receipt for economic failure.. What is absolutely necessary is to refocus government solely on a national program to create economic sustainability.. If not, we shall end up in a bottomless pit of stagflation with no realistic hope for meaningful recovery and growth..
To avoid this frightening outcome, one or all our our political parties must decide to halt this economic madness and transform their political/economic platforms by casting aside the failed Keynesian policies that have got us into this bottomless mess.. Our out-of -control borrowing must be reined in and taxes must be reduced to encourage both domestic and foreign investment.. The problems of excessive regulation must be addressed and unnecessary regulations and controls should be eliminated.. In addition, wasteful government spending must be reduced on an annual basis over a five year time-frame and corruption must be punished to the fullest extent of the law.. We gradually must try to balance the government's annual budget for we cannot keep on spending monies we do not, and may never, have.. Finally, again to the fullest extent of the law, all past and over due taxes must be paid in full and all current taxes must be paid when they are due or answer to the legal consequences as mandated by law.. It must be a top government priority to get money back into the people's hands so they can spend their hard earned money as they see fit.. The strengthening of vital consumer spending must always be given priority over government spending which is so often wasteful.. Government must become the true catalyst for economic change and let the free market determine the most efficient allocation of economic resources.. Economic growth, expanded opportunity and greater prosperity for all citizens must be the ultimate objective of government..
This is a big order and perhaps may never be accomplished.. Nevertheless, if just one of our political parties would decide enough is enough and adopt a platform of political and financial prudence, the public at long last will finally have a meaningful choice about the determination and direction of their economic future.. If nothing else we owe it to the youth and future generations of our country.. No doubt economic change and prudence will be rather painful at first, but the alternative, the current course of Keynesian borrow, tax and spending, will more than likely destroy the future and destiny of our Bahamas and its people..
