THE BUDGET IS A PREDICTABLE BUMMER
The Government under Hubert Minnis as Prime Minister and Minister of Finance has dug a deeper hole for this country than we have ever been in. This is after coming to office on the lying premise that they would be able to slow the growth of national debt and eliminate the deficit. The reality has been just the opposite.
The national debt will reach 10 billion and change by the time these clowns are kicked out of office. The deficit at the end of this fiscal year will be 1.2 billion dollars by their own predictions. That is up from the 300 million and change when the PLP left office. The GDP to debt ratio will be a staggering one hundred per cent by the time these clowns are kicked out of office. The portion of the debt in U S dollars is now three times what it was when the PLP left office. These are all danger signs.
They got a 100 million dollar loan from the World Bank to help them get across the finish line last week. They got another 150 million from the Inter-American Development Bank. Little here, little there, but it all adds up to more borrowing and not productivity.
The budget announcement by Hubert Minnis was the usual long winded drivel that the Ministers of Finance in this country like to practice, but the wordy statement has no impact on anything. It is just a bunch of drivel pretending that they really impact the world but they don’t. They can just summarize the tax changes and wish us well and sit down. We can do without the banging on the table by the sycophants in the House as the Minister reads.
So to summarize: the presentation by the Minister of Finance on Wednesday 26 May 2021 was underwhelming . Not impressed; unimpressive. We are going deeper into debt. The simple answer in our view at this time is just let the American tourists in and rake in the U S dollars. That is productivity not borrowing.