Showing posts with label world economy. Show all posts
Showing posts with label world economy. Show all posts

Wednesday, May 9, 2012

There is no wound so painful as man's ingratitude... ...We fully understand, but deeply regret Mr. Hubert Ingraham's decision to say to his people -- thank you, but no thank you, I have served you well, I can take no more



Disappointed in Hubert Ingraham Electoral Defeat in The Bahamas 2012 General Election


Hubert Ingraham Bahamas



Bahamas Has Lost A Great Leader


tribune242 editorial


 

BAHAMIANS went to the polls yesterday and showed the depth of their ingratitude to a man who had dedicated 35 selfless years to their service.  Hubert Ingraham was a man who had taken over a country that had become a pariah among nations.  A country regarded by the world as a "nation for sale", where drug lords flourished.  The public treasury was bankrupt, Bahamians were out of work, the island had fallen to third world status with crumbling infrastructure -- the situation seemed hopeless in 1992.

But that year, as leader of the FNM, Mr. Ingraham defeated the late Sir Lynden Pindling's PLP, and started the task of rebuilding a country that had little going for it.  His first task was to reinvigorate the tourist industry - all government owned hotels were failing.  His first success at restructuring was to attract the Kerzner interests back to the Bahamas - they had earlier taken a look and walked away.  This conquest culminated in the Atlantis resort on Paradise Island.  Further investment quickly followed.  Gradually the "nation for sale" tag appeared less often in newspaper articles about the Bahamas, until it eventually disappeared.

Mr Ingraham served two terms as prime minister (1992-2002) before being defeated by his former law partner, PLP Opposition Leader Perry Christie, who served for one term before being beaten by the FNM. Mr Ingraham was returned to power.

Shocked by the defeat, the PLP commissioned a firm of experts to investigate and try to discover what went wrong.  The perception of corruption and weak leadership in the PLP were their conclusions.

Unfortunately for Mr Ingraham, but most fortunately for The Bahamas, it was Mr Ingraham who guided the ship of state when the world economy crashed, sweeping every country before it, including The Bahamas.

It was Mr Ingraham's tenacity, level head, farsight, and hard work that kept The Bahamas' economy from imploding as did the economies of so many other, larger, and more prosperous countries.  Certainly times were tough for Bahamians -- loss of jobs and of homes -- but he did his best to cushion the blow.  Compared to other countries, which were exploding in civil unrest all around us -- Greece being the prime example -- The Bahamas was weathering the storm.  We do not think that a PLP government could have done the job.

One only has to look around the country, now on the verge of an economic comeback, to see the accomplishments of the Ingraham government, which had tremendous plans for the future if given another five years by the Bahamian people. But that was not to be.

There is no wound so painful as man's ingratitude.  We fully understand, but deeply regret Mr Ingraham's decision to say to his people -- thank you, but no thank you, I have served you well, I can take no more.

Although his constituents re-elected him yesterday, he not only resigned as leader of his party, but he also decided not to take his seat in the House of Assembly.

Many think this was a grave mistake, but having been through this over 50 years ago with another outstanding man - who sacrificed his life and almost lost his business only to be rejected by the very people for whom he had made the sacrifices - we understand Mr. Ingraham's decision.

In 1956, Sir Etienne Dupuch, publisher of this newspaper, standing on the floor of the House, was threatened with arrest for moving a Resolution to end racial discrimination in public places in The Bahamas.  By the end of that week hotels announced that discrimination in their establishments was over.  Other public places followed.  Shortly afterwards Sir Etienne was defeated in a general election as the representative in the House of Assembly for the Eastern district.  He was replaced by a plumber.

However, despite yesterday's loss, if one takes time to study the results - it is obvious that constituencies were lost by only a few votes.

Yesterday we drove around various constituencies, including Grants Town.  The stories we heard of vote buying in various places were mind-boggling.  Some were told by the very persons who had been solicited, one of whom had succumbed.

We heard the stories of men who were offered bribes of $5,000, $10,000, as high as $15,000, to take off their red shirts, reject their FNM candidate and convince other FNM supporters to do the same.

We heard of a group of young men, who were only interested in money, not in the good of their country or the future of their families, who told the FNM candidate that they had planned to vote for him, but, so sorry, they could not turn down the substantial bribe.  We heard of instances of yellow shirts being presented with money wrapped inside as an inducement to take off the red and put on the yellow. FNM's stood on the sidelines and watched.  Names were called of the persons they claim were handing out the money.

We urge FNM's to stand up and - yes, once more for the sake of their country -- expose this evil.  If not we shall all be guilty of silently acquiescing in a corrupt society.  Are we to return so soon to being a "nation for sale"?

We at The Tribune thank Mr Ingraham for his many years of service to an ungrateful country, whose people we are certain will soon regret their decision.

We hope he will now enjoy his private life with his wife, children and grandchildren - also his favourite pastime -- fishing in this country's beautiful waters.

May 08, 2012

tribune242 editorial

Thursday, May 20, 2004

Joblessness is A Pressing Concern for Bahamians in The Bahamas

Unemployment Bahamas


STRAIGHT UP TALK

THURSDAY MAY 20TH, 2004

By Zhivargo Laing

Nassau, The Bahamas

 

The Bahamas 2004/2005 BUDGET MUST DELIVER JOBS



Prime Minister Christie, who is also the Minister of Finance, is set to make his third budget communication since assuming office.  While he will undoubtedly have much to say on May 26th during that communication, the one thing that thousands of Bahamians want to hear him say and provide evidence of is that they will find jobs within the next fiscal year.  Thousands graduated and graduating from high school and college, thousands of construction workers, thousands of unemployed or underemployed hotel workers and others have painfully endured over two years of joblessness.  They look to the upcoming budget for help and hope.


The Prime Minister will have a positive global economic outlook with which to work.  The world economy appears to be in full and sustained recovery.  The US economy is expected to grow at rate of 4.7%, with some 3.4% growth forecasted for the 30 richest economies that make up the Organization for Economic Cooperation and Development (OECD).  This robust growth is not expected to produce high inflation.  This is good news for The Bahamas, which according to IMF estimates will grow by some 2.5% in this year and 3% in 2005.  The question is: will this be jobless growth for The Bahamas, that is, will the economy grow but not produce much jobs in the process?


The economy of The Bahamas has grown positively for the last two years, in line with the economic recovery in the USA that began in November of 2001.  Despite this growth, however, unemployment over the period has grown, reaching about 10% according to the last published figures from the Department of Statistics.  The Household Labour Survey presently being conducted by the Department is likely to reveal that unemployment has remained unchanged or reduced only slightly.  It will certainly not reveal any strength in the labour market of The Bahamas.


This picture is likely to improve over the next twelve months but only slightly.  The best prospects for creating jobs over the next twelve months rest primarily with Kerzner International’s third phase and strong performance in the hotel sector.  Kerzner’s Phase III is the only approved foreign investment announced by the government that appears to have the ability to generate a significant number of jobs over the next fiscal period and these jobs will be primarily in the construction area.


According to its SEC filing dated May 4th, 2004, Kerzner International expects to commence development of its 65,000 square feet Marian Village and the Expansion of its 200 2-bedroom Units in the Harborside at Atlantis between April and June of 2004 and complete it between October and November of 2005.  This will create a few hundred-construction jobs in the period.  The company gives no firm dates for other elements of its $1 billion Phase III but did reveal that it expects to complete the development in the Christmas of 2006.


The favourable global economic picture should translate into strong tourism performance for The Bahamas.  However, this performance is not likely to create many new jobs.  Rather, it is likely to secure the jobs of presently employed hotel workers over the next fiscal period and help hotel owners pay off arrears accruing from the horrible stagnation in the hotel industry for much of the last two years.  There is nothing to indicate any extraordinary growth in tourism within the next year that will create a large number of new jobs high school graduates, college graduates and large numbers of unemployed hotel workers.


What is particularly sad about the job prospects over the next twelve months is that they are extremely limited in much of the Family Islands.  The best prospects exist in Exuma, Abaco and Grand Bahama, and even these islands will at best experience only slight improvement in their employment pictures over the next year.  The other Family Islands will have to wait a little longer to see if any significant improvement will come to the economic situation.


Undoubtedly, the government will be tempted to generate jobs through its own hiring machinery.  While it claimed to have maintained a hiring freeze over the last two years, it would not be surprising to see the records show an increase in public sector employment over the period.  This stealth increase in employment in the government sector will continue over the next fiscal year and to some degree will be accelerated.  This notwithstanding, budget constraints will press the government to do less hiring than it would like.


The bottom line is that despite the positive economic forecast for the 2004/2005 fiscal period, joblessness will remain a pressing concern for Bahamians and for the Christie-administration.  If there is any significant relief to come, it will occur either two years out or by some miraculous development beyond the control of the government within the year.


LET’S BE WISER IN THIS ECONOMIC EXPANSION


There is no telling how long this global economic expansion will last, though positive growth is estimated into 2005.  There remain some significant uncertainties that could put a damper on this positive financial picture, most of all, the war on terrorism and the situation in the Gulf.  Another significant terrorist attack in one of the major economies, especially the US, or a bad turn in Iraq will have serious negative consequences for the world’s economy.


With this in mind, it is important for us to be wiser and more prudent that we were in previous periods of economic expansions.  Private businesses must not consume themselves with making profits in the short term.  They must focus on the long term-picture, focusing on productivity, human resource training, reinvestment, global alliances and readiness for trade liberalization.


The government must focus on fiscal discipline, public sector reform, privatization and investment in education and training, among other things.  The government should have a strategic approach to inward foreign direct investment, attracting investments that are tied to long-term development and sustained economic opportunities.


SOME PEOPLE JUST CAN’T HANDLE THE TRUTH


Readers will recall that during the 2002 general election, the PLP had a little boy on a campaign ad thanking the PLP for all it had done for The Bahamas.  Frankly, it was a cute ad.  “Thank you PLP for Independence,” the little boy enthusiastically and smartly said.  “Thank you PLP for National Insurance,” he continued on and on.  The PLP’s reference to history then during that political season did not seem to bother certain people.  Today when one reminds Bahamians in a non-political season that Sol Kerzner had a five-phase development approved by the FNM administration, of which, the current third phase was one, those same people suggest that there is something wrong.  Well too bad too sad for them!  History is history, facts are facts and the truth is the truth!  Those who want to live in the “Never Never Land” can do so.  We live in the real world where reality is as stubborn as a mule.


This column reminded Bahamians that Kerzner International’s third phase was approved prior to the PLP coming to office not to lay claim to it for the FNM but to point out that the PLP was being disingenuous in its politically-timed re-announcement of it and that it had an about face on the question of Kerzner International that bordered on hypocrisy.  One doesn’t get over the truth; one embraces it.  One does, however, get over multiple and sizable chips that jaundice one’s view of the world.  It seems that some people’s near-hatred of the FNM makes them feel that the Party should never remind the public of its accomplishments though they try to conjure up some for the PLP.  We leave them to their ill-fated path. 

 

THOUGHT FOR THE WEEK

 

“Truth is as impossible to be soiled by any outward touch as the sunbeam.”  John Milton