Tuesday, March 21, 2017
By AVA TURNQUEST
Tribune Chief Reporter
aturnquest@tribunemedia.net
FORMER Prime Minister Hubert Ingraham yesterday criticised government’s lack of transparency over the economy this term, challenging that the Christie-led administration’s fiscal performance over the past five years could not rival his party’s governance during the Great Recession.
Mr Ingraham lamented that the government has not made much information available to the public, and as such, he did not know very much about the current state of the economy.
During an interview on Bahamas at Sunrise, the former Prime Minister said that public concerns over the national debt and Value-Added Tax (VAT) would be eased by greater transparency.
“I don’t know very much about the current state of the economy because the government is not very transparent in its dealings,” he said. “It doesn’t make available very much information in public places. The State Minister for Finance was on the radio the other day and he was asked a very basic question about the VAT and the expense for VAT and he seemed to have been challenged to respond to the question.
Mr Ingraham said: “The reality though is that there is a feeling in this society that the Value-Added Tax was a tax that was going to be used to pay down the government debt. Well, that was how it was sold to the public but the truth is it was a revenue raising measure.
“The national debt in and of itself was not a challenge in a society if people could see where the money is going and what the money is being used for. When you continue to increase the debt and you’re able to touch, feel and see what the money is being spent on.
“The government does have answers to give as to why the debt has increased to such an extent over the last four and a half to five years. They blame us for many things but the reality is, if you take the amount of money they have borrowed over the last four and a half years and compare it to what the FNM borrowed in the five years it was in office - even while the Great Recession took place in 2008 and government revenue just dropped out - expenditure just skyrocketed.
He continued: “If you take those two periods and you see what it is that the FNM left in place from the monies that were borrowed and you compare it to now, you will have to ask the question ‘wow, what is this all about?’”
Comments
Maynergy says...
In the long run, nothing a government can do, does more good for the people that creating and adopting good policies for creative innovative economic growth. What this government or most government do is to either accelerate or decelerate long run economic growth - i.e the most important aspect of macro-economic policy. Nothing matters more in the long run for the quality of life in an economy that its long run rate of growth. Consider this, for a more sustainable prognosis, using the spending and credit powers of the national government to affect the economy is an awesome way to further open up the economic umbrella for further stimulus in the family islands could be a trigger which could loan more prosperous outcome for everyone who embraces new enterprising and emerging trends to succeed. Whats your view?
Posted 21 March 2017, 11:47 a.m. Suggest removal
Publius says...
> The national debt in and of itself was not a challenge in a society if people could see where the money is going and what the money is being used for.
What a scandalous statement. The national debt is not a challenge in a society such as The Bahamas? Whether we see all of your overspending or not, it is happening, and it absolutely is an absolute challenge for the nation. The size of the public service alone is what accounts for the single largest block of personal public expenditure, something no government in recent times has had the political will and the national interest enough to address. Beyond that, for Ingraham, in an attempt to justify his own government's spending, to say that the national debt is not a challenge once the government tells you a few things about what it is doing with the money is astounding. So if my wife goes out and takes out a loan to buy this and that, and she shows me everything she bought, but I cannot service the size of the loan she took out, I don't have a challenge since I atleast know what she has sunken us in debt buying? Insanity!
Posted 21 March 2017, 12:07 p.m. Suggest removal
Well_mudda_take_sic says...
This old "has been" dead beat brute just refuses to really go away. Hubiggity, who spent years as our country's PM and Minister of Finance, is responsible for 50% of the financial mess we are in today. Problem is, he's just too darn ugly to look at himself in the mirror.
Posted 21 March 2017, 12:32 p.m. Suggest removal
banker says...
The ad hominem remarks take away from your credibility. HAI was the best PM to date. Your attribution of 50% of the debt is incorrect. He was facing massive infrastructure upgrades after decades of kleptocracy with an empty treasury.
Posted 22 March 2017, 11:37 a.m. Suggest removal
Well_mudda_take_sic says...
Both HAI and PGC were well schooled by LOP in how to create and maintain an impoverished class of voters that could be all too easily manipulated. Unfortunately Minnis....well...what can you say...
Posted 22 March 2017, 1:46 p.m. Suggest removal
banker says...
It was HAI who introduced the constitutional equality on his own volition. It was HAI who introduced the Third Pillar concept that would have put us on a different trajectory over a decade ago. HAI was a decent man and a good leader. He renovated New Providence after years of infrastructure neglect. But since your mind is made up, I know that it is impossible to change it. You can lead a horse to water, but you can't make him think.
Posted 22 March 2017, 5:25 p.m. Suggest removal
birdiestrachan says...
* FNM Papa has no shame, He left 100 million dollars over run on the roads. alone.
just to mention one. Defence Force Boats were purchased PLP/ The FNM papa took care of the
rich and gave them monopolys for years. No one can buiid a harbour. The Exuma sea park/ He*** bult the hosptal in Exuma across from The fish fry, He messed up and blundered over and over. He did nothing to up lift the poor. why did his Government never strive to make the
the college of the Bahamas a unversity. He did what his Lord and Masters told hm to do
then he grinned and grinned. That s why they call him their "Delivery Boy"
Posted 21 March 2017, 2:08 p.m. Suggest removal
banker says...
I'd like to see things from your point of view but I can't seem to get my head that far up my ass.
Posted 22 March 2017, 11:40 a.m. Suggest removal
reverendrichlkemp says...
MAN, YOU HAD YOUR TURN...LIP YOUR LIP !
Posted 21 March 2017, 5:44 p.m. Suggest removal
sheeprunner12 says...
Ingraham has the gravitas and the authority to Perry's mismanagement of the economy ....... It was Ingraham who had to deal with a similar situation in 1992 ....... he is correct on this one
Posted 21 March 2017, 6:14 p.m. Suggest removal
banker says...
Unfortunately, the sheeple do not have the mental machinery to understand this.
Posted 22 March 2017, 11:38 a.m. Suggest removal
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