Unless things have changed in the past few weeks, Central Bank Governor Dr. Marion Williams still drives in a government-provided auto and still lives in a government-provided home, so I don’t think she personally cares much about the price of milk for the children’s breakfast.
I know, I know – the whole economy is all tied together and she has to worry about the big picture an all that.
But somehow in the wake of what has happened to food prices of late, her message “Beware High Wage Demands” rubs me the wrong way. I would have much rather seen her talk about the monopoly that controls the importing of food and other necessities into Barbados, kills competition and contributes to out of this world food prices.
She also talks about a potential devaluation of our dollar. I have news for the dear doctor… it already happened!
Williams: Beware High Wage Demands
CENTRAL BANK GOVERNOR Dr Marion Williams has sounded the warning that unrealistic wage demands could have a negative impact on the economy.
She declined to say what a safe negotiated percentage should be but cautioned that if the situation got out of hand, wage
inflation could spiral and see decreased value in the Barbadian dollar.
“I would not want to commit to any particular figure, but I would say that it is important that we focus on productivity increases and that there should be some attempt, at least, to make sure that there is a relationship between the performances of the entity and
the wages that are being requested.
“Particularly since wages are an ongoing charge on the activities of the entity, as compared for example with bonuses, which are periodic and can be adjusted, depending on how the entity performs,” she told reporters during a Press conference at the bank yesterday to review the country’s economic performance during the first nine months of the year.
… continue reading this article at the Nation News. (link here)