“No man is happy without a delusion of some kind. Delusions are as necessary to our happiness as realties” – Christian Nestell Bovee
“WE WILL CUT VAT AND SAVE ECONOMY” – The Tribune – October 7th 2021
Excerpt from this article; “THE DAVIS administration has pleaded to ‘rescue’ the economy, stabilize public finances, decrease value added-tax, as well as ensure anti-corruption and government transparency.
In line with his campaign promise to bring relief to taxpayers, the Progressive Liberal Party government assured Bahamians that the 12 percent value added tax rate would be lowered to ten percent across the board.
In The Speech from The Throne read yesterday during the opening the Parliament at Baha Mar, the Davis administration also reiterated its plans to increase the country’s minimum wage and included a plead to ‘phase in’ a livable wage.
Other notable pledges include introducing a framework for a cannabis industry.
In regards to its VAT tax decrease plead, the Davis administration said this would be delivered despite of the ‘bleak outlook’ of public finances.
The present economic crisis has left a trail of unprecedented misery among the Bahamian people and our public finances in a dismal state,’ Governor General Sir. Cornelius A. Smith and as the speech read.
‘Despite this bleak outlook, my government will introduce measures that will bring immediate relief to the Bahamian people and to businesses. My government will amend the VAT Act to lower the rate across the board. to 10 percent.”
“Rolle: Foreign currency inflows in 2021 already outpace 2020 – The Nassau Guardian October 7th, 2012.
Excerpt from this article; “Foreign exchange inflows so far this year have surpassed that of the entire of 2020, Central Bank Governor John Rolle said yesterday.
At just over $2.7 billion the Central Bank has said in its most recent monthly economic report that external reserve balances are anticipated to end the year at a higher level than in 2020.
Although buoyed primarily by the proceeds of government borrowing, Rolle said the steady footing of tourism has shown promising signs for the economy.”
So right here the Governor of the Central Bank points out two very important things; the explanation for a lot of the borrowing done under the last Free National Movement (FNM) government and where this money was going when the Davis led PLP opposition told they people; “All that borrowing and nothing to show for it”, how about keeping the economy afloat until tourism picked back up?
But as for what the New Day Davis led government is attempting to do, and it’s quite simple; they are attempting to downplay an economy already in recovery so that they can set themselves as the “saviors’ of the economy – “WE WILL CUT VAT AND SAVE THE ECONOMY” – their very own words.
We have seen the manner in which the previous Progressive Liberal Party (PLP) government handled the economy even after introducing Value Added-Tax and bragging that it was exceeding all expectations at that time; four economic downgrades in five years in much better economic times.
Now they say that they will, as a government, reduce the VAT rate and “save the economy”; this is now something left to be see.
But if we were to go by their past economic performance as a government a lot of people are not quite sure that they are capable of achieving these goals – especially saving an economy that n=really does not need saving.
So we watch and wait and they cut the VAT rate to 10 percent, increase the country’s minimum wage and phase in a livable wage. I am not by any means saying that these things are not needed or looked forward to but just remember that it was not until the first Free National Movement (FNM) government in 1992 that a minimum wage was even established.
We watch and wait
The Progressive Liberal Party continues to fail for one reason, it is within their nature.
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