BASSETERRE ST. Kitts, October 11th, 2012 -- Mr. George Tsibouris, Head of an International Monetary Fund (IMF) staff mission to St. Kitts and Nevis that ended last Friday, 5th October, 2012 made the statement at the conclusion of his mission that the growth outlook for the Federations’ economy has been downgraded from 0% growth to negative growth (-0.07%). Our economy is in decline. We are in the hands of the IMF. Who put us in this mess? Denzil Douglas and his failed government.
Perhaps the most compelling indictment of the Labour Government’s fiscal recklessness and incompetence over the last seventeen years is the fact that our economy is in recession. Apart from the fiscal drag on the economy and its deleterious effect on economic growth, we are beginning to feel the reverberations from the loss of investor confidence. And who is hurting the most? This lack of investor confidence and a shrinking economy means fewer jobs and opportunities for average Kittitians and Nevisians.
This is a matter of critical importance. Denzil Douglas and his failed government have built up one of the largest debts in the history of the world! It’s something that our children will be paying off. Right now, the debt stands at EC$65,000 per citizen!
We need to reject the temptation to accept this victim mentality being peddled by Denzil Douglas and his failed Government. The fact of the matter is that the global economic crisis is facing every country around the world, but we are suffering more than most because of the failure of Denzil Douglas and his Government.
Other governments in the Caribbean and further afield have also been impacted by these global economic conditions to which the government has so hastily and meekly surrendered. Small, medium and large open economies in the developing world have been showing growth despite global shocks. For example, in the Caribbean Trinidad and Tobago at 1.1; St. Lucia 2.0; Guyana 5.3; Jamaica 1.5; Bahamas 2.0 have been showing slow but steady growth.
Other countries such as; Chile 6.5; Argentina 8.0; Brazil 3.8; Seychelles 5.0; Mauritius 4.2; Malta 2.5; and Singapore 5.3, have been showing significant growth. So why have they been all outperforming us? Simply, Denzil Douglas and his failed government have driven us over the cliff and given us one of the worst debts in the world! That’s EC$65,000 that every man, woman and child in the Federation owes Denzil Douglas’ rich foreign bankers who now effectively own our twin island state.
Denzil Douglas has sold our country out to foreign banks and the IMF. For every dollar of taxes you pay, $0.40 goes not to fighting crime, creating jobs, training our people and educating our future. No! For every EC$1 of taxes you pay, 40 cents goes into the pockets of Denzil Douglas’ foreign banker friends. Makes you wonder how the Prime Minister has gotten so rich over the last 17 long years. He is not looking after you. He is not after himself. He’s looking after his friends.
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