Since then Mr. Roberts only issues ad hominem attacks when the track record of his government’s economic performance is analysed.
Visit Trading Economics for their take on the decline.
But this is nothing new. Back in 2001 The Nassau Institute’s brief analysis of the 2001/2002 budget pointing out the hidden subsidies to government corporations like BahamasAir, should have set warning bells off. But they were dismissed as sour grapes.
Since then these subsidies have grown exponentially.
As Richard Coulson pointed out in a recent article (BPL and BEC: Siamese Twins of Electric Power)
“Early this year Government authorized a BEC $600 million “Rate Reduction Bond”, but current reports show little success to date in placing these securities, and the technical default of an outstanding $100 million BEC bond was recently announced.”
And what do we get from the governing party’s mouth piece when ill advised policies are implemented or having a negative impact? Nothing more than anyone in opposition to these reckless policies are stupid, or dumb etc. Base ad hominem attacks.
Restraint with public spending and freeing the private sector from the yoke of high taxes and the regulatory burden are crucial steps at this juncture to help turn the dismal economic indicators around.
Will this government be honest enough to admit the country is headed in the wrong direction under their watch? They can continue to blame the previous government for setting the country on this negative path and use that as evidence they need to reform themselves so they don't lose face and are seen as courageous.
It’s doubtful this will happen, but would be a good first step in rebuilding trust in government and business/investor confidence. New Zealand’s efforts to reverse its path to bankruptcy continues to serve as a worthwhile example.
See here… here… here (pdf)… here… and here…
Many politicians miss the fact that they do not create economic growth - but their policies can stymie it, as in evidence today. In other words, government should be kept within defined limits. Added to these truisms are the problems created with narrow political and economic perspectives and ideological differences. Yet in spite of these, common sense has allegedly prevailed in New Zealand and most of the reforms have remained in place.
Bad public policies have finally caught up with The Bahamas. What was once the rose of the region is in serious economic decline. Maybe a few upcoming Bahamian politicians understand what’s necessary and will challenge the prevailing trends within political discourse and the bad policies of their parties? If not, The Bahamas will become the region’s poster child for how to destroy an economy instead of “the first small, developed, sovereign country in the region, recognized as a model for the world.”
