August 5th, 2024
We in the FNM believe in the adage that confession is indeed good for the soul.
That is why we commend Sr. Cabinet Minister Fred Mitchell for finally admitting
that the Bahamian economy is in trouble, as we in the Opposition have been saying
all along.
The Davis Administration’s August 2nd admission by Minister Mitchell that the
economy is in “a tight squeeze” shatters the delusion perpetrated by the Prime
Minister and his public relations spin factory that the Bahamian economy is healthy
and doing well. The cries of unpaid vendors and contractors confirm this. The
shortage of medical supplies and equipment confirms this. Off-the-books loans
(with high interest rates) taken by the government disguised as Public Private
Partnerships reveal the state of government finances.
A suffering economy is not good news for any of us. We in the Opposition have
been consistently warning that this Davis Administration had squandered the rapid
economic rebound coming out of the pandemic. We have gone from double-digit
economic growth down to what the Davis Administration admits is a hurting
economy. The economic growth rate is heading in the wrong direction.
Bahamians feel the ‘economic squeeze’ when they go to the grocery store, pay their
light bill, try to rent an apartment or secure a mortgage. They have seen rapid
inflation eat away at their salaries while the PLP government made things worse by
adding VAT back onto essential items and increasing taxes and fees by millions. The
public continues to watch this PLP blow their tax dollars on extravagant and
unnecessary travel, new luxury cars and planes, non-stop partying, paying out
secret settlements, and hiring expense consultants for unspecified
services. Bahamians continue to be frustrated by the draconian actions of the tax
authorities, who too often treat Bahamian small and medium-sized businesses with
disdain and contempt.
Now that the Davis Administration has finally admitted that the economy is not
doing well, they must produce a credible plan to get us back on track, as the
Opposition has demanded. They must produce a robust economic and fiscal plan
to lower the cost of living for all Bahamians and move the country back to high
economic growth and a balanced budget.
Michael Pintard
Leader, Free National Movement.