Letter to ‘Da’ Editor
Early this week, our Prime Minister, after facing heavy criticism for his governments poor handling of the country’s finances over the last 4 years, got up and attempted to fire back on his opponents. As I watched him attempt to rebut his critics, I shook my head at the weak excuse he gave for his Ministry’s poor handling of the country’s finance.
Mr Ingraham first tried to clear up, what he considered an error on the part of some in the opposition, who claimed he has racked up $1.7 billion in debt. So I am watching intently to see how Papa is going to defend this and perked up in my chair and turned up the volume. What was his explanation? He said he didn’t rack up $1.7 billion. He claimed that figure touted by Frank Smith and others was totally, 100% wrong.
So what is the correct figure? Well, according to Mr Ingraham, in 4 years as the best Minister of Finance ever, he only rack up $1.69 billion. Not $1.7 billion.
I thought I was hearing things, but when you posted the transcript of his full remarks later that Monday evening, those very words were said. These were his exact words, “A fiscal commentator has asserted that by the end of fiscal 2011/12 the Government will have borrowed $1.7 billion during its term in office…In point of fact, estimated Government borrowings during the five year period to end Fiscal 2011/12 is $1.69 billion.”
Yup, that’s what the man said. Papa say get it right bitches, it’s not $1.7 billion. It’s $1.69 billion. Take that! Papa say we are adding an extra $10 million and he isn’t having it, so don’t put that on him.
Can you believe this man? He wants to seriously bitch about the difference of $10 million when his debt is in the billions? Come on! Mr Ingraham is splitting hairs. He knows he can’t, in good conscience, defend his poor performance and bad decision making regarding the country’s financial books. He and his mini me, Sharvargo Laing, have failed us. Every expectation they had on the economy’s expected growth didn’t come to fruition. Every last one.
For the last 4 years, we have had Twiddle Dumb and Twiddle Dee managing the country’s finances, and $1.69 billion in debt later, all we have to show for it is a bunch of dug up roads. Just think of the amount of proper red lights that money could have bought. Or how many new hospitals we could have built with that $1.69 billion. But nope, Popeye and Little Smurf decided we needed newer, smaller roads.
As Mr Inrgaham went on, it must have really pained him to admit that when he came to office in 2007, he met a debt of $2.44 billion and as he is about to leave office, he is leaving a debt that right now is projected at $3.78 billion, but will most likely, at the end of the 2011-12 budget, surpass $4 billion.
This man has so royally screwed up the country’s finances and yet still has the gall to turn around and say it’s a matter of trust? These niggas think we are fools BP, pure fools.
If this country had proper news organizations who actually looked at stuff analytically rather than just act as a mouth piece, people would see just how bad a record this man has on running the country’s finances. All he has done in 3 terms is borrow, borrow, borrow. In this term, he hasn’t put one proposal to the country that shows how he intends to CREATE some kind of economic activity separate from the United States’ recovery. He is just waiting on the United States to get out of their recession and in the mean time, borrow money to pay the country’s bills, and raises our taxes.
At this point in his speech my blood pressure had already started to boil, but I have to shamefully admit that as the speech went on and Mr Ingraham actually tried to explain where that $1.69 billion went, I lost the little bit of Holy Spirit I had left and the desire to cuss came upon my tongue in a manner like never before.
First of, off the $1.69 billion his government has borrowed over the last 4 years, Mr Ingraham said $360 million of it “…will be applied to debt so that the net borrowing will be $1.33 billion…” Maybe Mr Ingraham misspoke because if $360 million “will be applied,” then why hasn’t it been “applied” yet? If his government has borrowed this $360 million over the last 4 years and haven’t “applied” it as yet, well, where is it? Is it in the bank collecting interest? Is it still in the cookie jar? What is holding up the “applying”?
Remember some time back Mr Ingraham was asked by a reporter if the government can pay it’s bills. To that question, Mr Ingraham emphatically stated the government can. The problem is if your NOT having money problems, you don’t need to borrow to pay off the people you originally borrowed from. This is what that $360 million is; borrowed money to pay banks and other lending institutions whom the government borrowed from.
But then Papa goes all accountant on me by saying “…the net borrowing…” has decrease. An expletive slipped out of my mouth. Give it to him BP, the man is trying to act like he is in full control of the situation, trying to act like he is on top of the issue. But let me explain it this way. Lets say I have a total debt of $100 for the year and out of that $100, I you owe you $10. If I borrow $10 from the bank to pay you, “technically speaking” I have wiped your $10 of my books. So my net level of borrowing is down to $90, but in reality I now have to account for the newly borrowed $10 at another time. All i am doing is buying myself time and will repeat the process until I can generate enough revenues to cover my debt. This is how they manipulate the books to make it look better than it really is.
Now in fairness to Mr Ingraham, all Bahamian governments have done this at one time, but what got to me was the fact that this man was trying to say something, anything to sound like he was on top of it when in reality, Mr Ingraham was in full bullshit mode. He knew he didn’t have to give the right answer, he just had to give any answer to rebut his critics. After all, its not like the media is going to look into truthfulness of his statements.
Of that $1.69 billion borrowed, Mr Ingraham went on to say $900 million of that was used to pay off Capital deficits. Let that sink in. In 4 years, Papa has roughly borrowed $200 million plus a year for capital works like road construction, bridge repair, etc. Let me ask you one question BP, does it look like $900 million has been spent to fix, repair or build anything in this country? We know the Mexicans got around $200 million to fix the roads, but what has the remaining $700 million gotten us? We know the usual FNM suspects like Bahama Hot Mix and Mosko got a little something, but still your talking $700 million? What was bought, built or repaired with that money?
With all that money Papa spend on capital works, where are the new traffic lights? Where are the new hospitals? Why hasn’t R.M. Baily been repaired yet? Why wont they build new court buildings? Why wont he buy boats and the proper radar the Defense Force badly needs to stop all these illegals from coming here? Can somebody please tell me what did $900 million in capital spending got us?
And right on cue the Tribune’s comes to the rescue, only to show how far up the ass of Hubert they are. Their reporter, one Neil Hartnell, reported on Papa’s remarks in Tuesday’s Business section. He tried to make what Papa said look a bit better by saying Mr Ingraham used that $900 million to “…stimulate the Bahamian economy and cushion it from the worst effects of the recession…”
Now Mr Neil, I don’t know you from Adam, but let me ask you this; what capital project has Mr Ingraham started that has stimulated the Bahamian economy? Please tell me. The largest capital works, the road works presently underway in New Providence, that contract was given to a foreign company, so that wont help the economy much. Jose Cartellone his hired at best, 200 Bahamians. That isn’t even a drop in the bucket needed to give the economy of the Bahamas a jolt. So please sir, stop trying to polish nanny as you can’t defend the indefensible.
Of that $1.69 billion borrowed in 4 years, Papa said he used $400 million of it on civil service salaries, rent and other crap! If the country isn’t broke, why is he borrowing $100 million a year to pay people, pay rent and pay for other crap? The government owns all the dam land so why the hell are they paying rent? If the government were to build government complexes to house ALL the agencies and departments that are currently renting space, that would provide more of an economic boost than the road works. I know one thing, if the Bahamian people found out who owns many of these buildings the government rents from and what they are charging for rent, there maybe another Bay St riot!
Now get this BP, Papa borrowing $100 million a year to pay government workers, rent and other crap now and still in this 2011-12 new budget he wants to increase their increments, hire 200 more people, open up the pay scales and start a national training program in the neighborhood of $25 million. BP, what the hell is going on here? The country is already broke and Mr Ingraham is about to embark on another spending spree with money he doesn’t have.
This man is trying to destroy this country before he goes. What have I done to him? What have we done as a people to deserve the wrath of one Hubert Ingraham? How much poorer is he trying to make some of us? How much richer is he trying to make his party backers and the foreigners? Is he intent on leaving the Bahamas finances the way Papa Doc left Haiti’s? Is he intent on so poorly handling the country’s finances that our country becomes another Jamaica, thus almost forcing the country to have to sign up for CSME? Is that his plan?
Hubert Alexander Ingraham fiscal policies have categorically, undeniably failed! The clock has struck 12 and CindyPapa has been revealed for what he is, an old, tired, Bacardi drinking, money borrowing, Haitian loving, toad! I am done giving these dry fruit the benefit of the doubt! When will the people see that the more you trust them, the more they screw you!
I am tired of suffering because of other people’s mistakes. Why wont he do something positive for the average, middle class Bahamian? Why wont he lower our taxes, or fix the dam red lights or go away somewhere for a long, long time? But you know what is really, really pathetic BP? Even if Mr Ingraham looses the next election, when he retires, he gets to ride off into the sunset collecting $80,000 a year in pension? Even after the man is gone he will still be screwing us front, back and side to side!
The country is broke, the PM is in full bullshit mode, Perry somewhere shuffling, Branville’s head is in the clouds, I cant find ten cents to keep my one cent company, gas almost $10 a gallon and my power keeps going off. All I need now is for my dog to bite me and the Haitian to run me off my property and that will be it for me.
How can Mr Ingraham, after massing a $1.69 billion debt in 4 years, face the nation, all poker faced, and say he has managed the country’s finances well?
BP JOKE OF THE WEEK…FROM DNA TO PDP Graham Wetherford makes exit from Branville the night following the DNA’s Launch!