Wednesday, February 9, 2022
CARYLE Bethel, president of the Free National Movement Torchbearer’s Youth Association, says the Davis administration must do more to address inflation.
His comment comes amid warnings of rising prices for gas and grocery items.
Mr Bethel said in a statement: “When asked about the possibility of (the) government introducing legislation to alleviate the burden on consumers, the Minister of Economic Affairs, Hon Michael Halkitis said ‘it’s something to look into but government can’t regulate the market... and hopefully it’s one of those things that go in cycles.’
“This tells me that this government intends to take a completely hands off approach and turn a blind eye to the struggles of ordinary Bahamians. The statement that (the) government cannot regulate the market is just untrue. One of the main functions and responsibilities of any government is to regulate markets and ensure that citizens and consumers are treated fairly. URCA regulates the airwaves, the Securities Commission regulates the financial services industry and the Price Control Act provides the ability for the government to regulate the price of goods and services and matters incidental and or connected to the sale of these items.
“The government urgently needs to do more. Bahamians are being crushed under the heavy weight of high prices that continue to climb and the government seems set on taking a hands off, wait and see approach to the matter.”
Mr Bethel asked what is the government doing to ensure prices are not gouged on essential items.
“The FNM has repeatedly warned the government that their decision to add ten percent VAT on all breadbasket items, medicines and essentials will increase the hardship on lower- and middle-class Bahamians while providing a two percent tax cut to the wealthy homeowners,” he said.
“The prices that we are seeing today are proof that the PLP’s 10 percent VAT increase is nothing more than a tax hike in disguise that has compounded the effects of inflation.
“Bahamians are suffering and the government must step up and do more.”
Comments
The_Oracle says...
The government no more can control inflation than they can control crime, or even their own treasury pillaging and thievery.
The one thing government can do is lower the cost of their own services and taxes, however, that brings other issues as they cannot currently fund all the areas of spending they are currently in, and half of which they should not be in.
Local gouging is not the issue, Bahamian income and economic opportunity is diminishing while costs are rising. Understand the problem then you may find a solution.
Posted 9 February 2022, 7:01 p.m. Suggest removal
ThisIsOurs says...
"*This tells me that this government intends to take a completely hands off approach and turn a blind eye to the struggles of ordinary Bahamians.*"
Nothing change ... but govt must do everything we didnt do when we were in power
Posted 9 February 2022, 7:03 p.m. Suggest removal
ThisIsOurs says...
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Posted 9 February 2022, 7:03 p.m. Suggest removal
ohdrap4 says...
Price control is margin control.
If you land medication for 100, you sell for 120. 20% price controlled.
If you land 110, you sell for 122.
Posted 9 February 2022, 8:13 p.m. Suggest removal
The_Oracle says...
The other metric not understood by most is that, if one is in the business of "price controlled" items only, (correctly stated above as margin control) a business would not survive.
I order to accommodate margin controlled items the balance of inventory items not controlled will have a greater margin to compensate for that imbalance.
Simple economics.
Price control is harmful period.
Posted 10 February 2022, 11:45 a.m. Suggest removal
tribanon says...
Forget businesses surviving. Businesses don't eat food to survive. Right now there are way too many Bahamians who can no longer afford food who are not going to survive. And Carlyle Bethel as a hot air talking scion of the political elite (Carl Bethel is his father) will never experience the anguish that comes with real hunger pangs or watching one's child suffer from frequent serious bouts of hunger.
Posted 10 February 2022, 12:56 p.m. Suggest removal
Sickened says...
OMG!!! another Carl Bethel in the making. BARF!!!!!
Posted 10 February 2022, 2 p.m. Suggest removal
birdiestrachan says...
The inflation in the USA and all over the world will also be in the Bahamas. The Bahamas imports everything.
I Trust Young Bethel know this and was only seeking a KODAK moment.
Posted 10 February 2022, 3:20 p.m. Suggest removal
birdiestrachan says...
Bethel knows what items were on the list. Does he really expect Bahamians to just eat canned fish and white bread ten per cent VAT across the board is better. The poor can have chicken
some times.
Posted 10 February 2022, 3:23 p.m. Suggest removal
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