Of course, and I paraphrase here, he blames this eventual bankruptcy on more claimants than contributors, unemployment, fraud, slowing Foreign Direct Investment (FDI), the financial crisis, compliance problems, and last but not least, the attack on our financial services sector.
And what’s going to fix this litany of problems? You guessed it, a new multi-million dollar IT system.
Nowhere does the prime minister mention the $200 million he just transferred to prop up the failing Bank of The Bahamas.
Not once does he mention the millions upon millions of dollars the government has “borrowed” from the NIB fund for buildings etc that is yet to be repaid. This government debt by the way is reported to be more than 50% of the schemes portfolio.
Is this just one more speech abroad to make it sound as if the government is doing the right thing only to return home and forget what he said? After all, it’s not that these problems have been unknown for a decade or more.
Like everything else, the country’s debt will be increased until the international community stops them and more NIB taxes and VAT increases will be slammed to the already beleaguered taxpayer.
