Merry Christmas: Barbados VAT to 17.5%
“Finance Minister Sinckler says the increase to VAT is “temporary”. That’s okay, my new policy of buying as little as possible will be permanent.”
“That budget just cost our family at least $6,000 out of our pockets in 2011.”
…Heard at work this evening
Minister of Finance Chris Sinckler delivered his first budget today, and it was pretty much as it had to be given the state of the world’s economies and the heavy debt burden accumulated by Barbados over the last 20 years.
We lived beyond our means for the best part of two decades and not only that: we socked nothing away and spent like drunken sailors on everything except the fundamentals. We had cricket parties for half a billion dollars but neglected the hospital. We spent $400,000 on a $100,000 public washroom – and that was just one over-budget project of hundreds just like it. We forgot to change the oil in the garbage trucks, so we ended up replacing engines instead. We let the seawall deteriorate and then were so surprised when the street above it collapsed.
We gave a million dollars to buy the boys on the block some weed trimmers to “encourage the development of entrepreneurship and small business.” Do you see the boys on the block operating any businesses now? We gave millions and millions to every ad hoc community group that raised its hand and we never audited the spending or checked the results.
We had a great party while it lasted, but now it’s hangover time and it’s a doozie!
Taxes and government fees are headed nowhere but up, with a few stimulus bones thrown into the mix to confuse the wolves at the door. Continue reading
