Submitted by Looking Glass
The limited possibility of substantial National Debt reduction (the total remains a secret) can be gleaned from the following: There is a direct correlation between public and private debt in a society whose mental set permits profuse consumption, “unencumbered” government spending and borrowing; moreso when the total Black Net Worth today borders on ancient history. Our total net worth is insufficient to finance government spending, new investment and job creation. Inevitably the national debt increases, and so too the sale of public and private assets.
Countries, like companies, have to compete in order to produce the most value at the least cost possible. Where the marginal cost of government is “non-competitive” loss of real and human capital obtains. The latter includes the brain drain and atrophy of the mind. Positive national development is unlikely to occur even if the debt burden is substantially alleviated. With domestic food production in decline and wages and prices out of sync, selling profitable assets and privatisation rather than generating new assets and wealth is unlikely to be positively dynamic.
Accommodating firms like Cost U-Less will hasten and enlarge employment and development problems. Use our natural resources land, sun and sea to facilitate development and people learn to live within their means. There is high unemployment, poverty and people living at the margin in every resource rich and developed country. Barbados is about the only country in the world where education is free up to the tertiary level. We need to introduce programs and courses related to development and our history.
Lying is an accursed vice, a sin worthy of the stake. So why do some of our politicians and their cronies continue to lie about the economic condition of Barbados; plying the people with false accounting while paving the way back to Black Servitude. It leaves one to wonder if the rules of engagement in politics are different from those in other spheres of life, some of which will likely be conducive to pathological exaggeration. With limited revenue generating resources and not much more left to sell, more borrowing will be needed just to service the debt which puts us further in the hole.
Already Blacks are being reduced from a ‘relatively reasonable’ life to a precarious condition of poverty. If the black man is to have a future beyond servitude it cannot be achieved by prolonging the present. And this cannot be blamed on imperialism, neo-colonialism, racism, or other clichés one may care to fabricate. Government(s) took liberties with the public purse; nig-nig sought to satisfy champagne taste with bread and fish coppers. Do I hear dissenting voices?