Better yet, what could we have purchased for our 5 billion dollar debt?
Amit over at Pull! Push! has some ideas…
September 8, 2007...1:56 am
What Did Barbados Get For Our 5 Billion Dollar Debt?
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Better yet, what could we have purchased for our 5 billion dollar debt?
Amit over at Pull! Push! has some ideas…
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16 Comments
September 8, 2007 at 9:24 am
What did our bureaucrats and politicians, in a trust position, unjustly take of that 5 billion dollars and what percentage was pi—ed away in money that can never be recovered?
September 8, 2007 at 10:29 am
As the National Debt of Barbados balloons higher and higher into the sky, the more and more horrifying the prospects for managing the debt situation of Barbados become.
This BLP Government must NOT ONLY take the blame for this financial madness, BUT MUST ALSO be voted to hell out of office Next Elections for this and other mindless and vicious abuses and misuses of governmental power. From the time this Owen Arthur led BLP Government entered office in 1994 this country was destined for substantial indebtness owing to the absolute lack of brilliance and common sense of the Prime Minister who has never ever presented the country with a long term strategic plan for substantially reducing the National Debt of this country.
To have presented the country with such a plan to substantially reduce the National Debt, yes, would have gone beyond the intellectual capability of the man himself, but would also have greater meant that BLP squandermania involving many government developed projects like the GEMS Project, EDUTECH, Greenland Landfill, and which has so far run into nearly one billion dollars, would NOT have come about. Such would also have meant that the many, many major players within this BLP and their cronies would NOT have been able to personally and communally benefit from the wilful and disgusting manner in which the National Debt has been made to skyrocket by Mr. Arthur.
And, what like hell!! The very sinister yet murderous working/rolling plan of the many, many major players of the BLP from sometime before they took office until they go out of office, not surprisingly, therefore, has been to, at whatever costs, terribly enlarge and enlarge this National Debt so that the primary beneficiaries of this gargantuan financial albatross – the many, many major players within the BLP and their cronies themseves – would have been able to unfairly and contemptously gain mainly, NOT the public. And worse, our Barbadian public is therefore to be seen bankrolling their own evil deeds!!
Finally, this said public must know that the fundamental basis for the deliberate, intentional and otherwise skyrocketing of the National Debt is this evil Taxation system, which A PDC Government shall Abolish, and who, while in the process of doing so, shall be presenting part of a strategic plan for the serious reduction of the National Debt of this country.
September 8, 2007 at 11:23 am
For the highway expansion (IANAE), according to the gospel of Amit, each citizen of Barbados, man woman and child has to fork out $1,384,615.30
Per person.
That is you. That is me.
Each.
$1,384,615.30
September 8, 2007 at 11:27 am
Hang on , I got the 0’s wrong.
It is ‘only’ $13, 846.15
each.
Per person.
September 8, 2007 at 12:22 pm
Hi Beef-Pee,
Berzerk? LOL. I prefer to think that, as I’ve gotten older, my eyes have opened a little bit wider with regards to how the World works.
As for the curry, I prefer hot and spicy women over hot food any day. Thanks for the Ramadan wishes, but I’m (supposed to be) Hindu, not Muslim.
Amit.
September 8, 2007 at 12:36 pm
“For the highway expansion (IANAE), according to the gospel of Amit, each citizen of Barbados, man woman and child has to fork out $13, 846.15 ”
———————————–
Hi Taxman got you by the,
That’s a good example, too.
There were two important things that I wanted to get across through my post. The first was that the average person may not have any appreciation for large numbers, in this case dollar amounts.
The second was obviously the national debt, which we all have to pay regardless of which political party is in power. It doesn’t just disappear if the B’s or D’s or XYZ’s take power tomorrow. It’s still there and has to be paid off (via taxes, etcetera).
At the same, we as taxpayers, are also “benefiting.”
(I put it in quotes because I know people will argue with me that taxpayers are NOT getting any benefits and IANAP, I Am Not A Politician)
We “benefit” through the services that Government provides to the population. Security (through Police and Fire), Public Transport, Water, NIS (don’t curse me over NIS, IANAP), Medical, etcetera, etcetera.
The important thing is that people need to open their eyes and observe and try to understand what is happening in their World. If not, they may end up stranded by the roadside.
Amit.
September 8, 2007 at 2:07 pm
Amit
Wondering what the GDP is compared to the total debt? Do you have these figures additionally? Recalling that the BLP recently said something like it would reduce the debt to 60% of GDP in 4 years. How much per year would this be to pay and my big question: how many sno-cones would this be?
How much extra for the interest above these principle repayments? I’m thinking maybe 500-700 million per year?
Do you have research and opinion into these? IAAIB (I am an interested Bajan).
September 8, 2007 at 3:21 pm
Taxman got you,
Sorry, but I don’t know how the two (GDP & total debt) compare. Also, at this present time, I do not myself understand the comparison between the two. Can you explain why the comparison is important, what does it reveal? Remember, IANAE.
As for the interest above the principle, I don’t know either. The problem (I think) in quantifiying this is that the $X billion (where is X is the dollar value) of national debt is not one single debt, rather, several debts totalling $X billion (but you probably knew this already).
Since they are multiple debts from multiple sources, interest may be charged at different rates (like x% for a car loan vs. y% for a house loan or something like that).
Again, IANAE. So, we’d probably need a complete breakdown of the national debt (which I do not have access to) and the interest rates applicable to each loan or debt that. From there, we can then come up with a figure. Is this what you were doing with your figure, i.e., were you adding up the interest payments and guess-timating the 50o to 700 million per year?
September 8, 2007 at 5:22 pm
Given,we have the best economy in the Caribbean region and the interest we have from foreign investment, there must be ways our goverment can lower this debt without to much burden on the public.
September 8, 2007 at 5:24 pm
Randel
yes there is
stop wasting taxpayers money using internet goons to attempt to eradicate free speech
September 9, 2007 at 12:32 am
Amit, if you are Hindu, I suppose you will be celebrating the birth of Ganesh. I may be going to the temple. Just for the food. I dont understand sanskrit nor hindee.
September 9, 2007 at 12:38 am
Amit, the relationship of GDP to debt, shows how financially stable a country is. If the debt service costs (interest) is a large portion of GDP, then you guys are in deep doo-doo. Especially when Barbados has no resource industries and all manufacturing is light. Barbados needs a good vertically integrated industry with export potential to keep it afloat and generate foreign currency. This dependency on tourists and expatriates $ is simply folly.
September 9, 2007 at 12:41 am
Does anyone know whether Barbados publishes “Public Accounts”?.
September 9, 2007 at 12:43 am
“Given,we have the best economy in the Caribbean region.. ” – wow.
September 9, 2007 at 5:57 pm
HMMMMMmmmmmmm.
Hold on! I know I can probably find something around here….
How about this small piece of lint??? =)
The BLP needs to have their credit/charge-cards repo-ed for excessive usage.
I really admire the policy of the province of Alberta in Canada. That government was under a hefty debt load as well, but they tightened their fiscal belt for a few years and rapidly paid off the not only the interest but also the principle owed on their debt. Now- province has been actually lowering their taxes, and is totally debt free. Any surplus that government makes now is just that… Its a surplus that doesn’t need to pay any debts.
The more the BLP does, the more they make me think about running for de parliament seat for Ch.Ch. Centre-West.. I’m confident I could cause a paradigm shift in the politics….. In a twist I looked up my constituency, the Graeme Hall area would fall under the purview of my area.
Ha- with that idea the BLP would sure— hate me if I got the nomination… With it falling under my constituency I wouldn’t rest until I met with local groups to find a way to work out a formula to make Graeme Hall a self-supportive trust protected from any development. The BLP’s developer friend could I’m sure take his invention elsewhere but Graeme Hall isn’t the correct venue for it.
September 14, 2007 at 9:02 pm
debts