We might be off the graylist but Hubert gat us on the Red List

23
924

National Debt

Supplied by the The Nassau Institute.

23 COMMENTS

  1. Some people refuse to move their heads from where the “sun don’t shine”.   How in the world could anyone with “sense”, justify – no glorify, all the work that the present Govt has done – through “excessive” borrowing!  It is ridiculous – and most bahamians are now realizing it!  There is now value in “bragging” about what buildings you have constructed, schools you built, renovations completed – all at the expense of excessive borrowing!  It the same as the common man, bragging about his new lexus, Split level home, timeshare unit, kids in college – but so high in debt from borrowing that they could hardly eat or deal with a financial emergency!  The finance man owing them!  That not much of an accomplishment, eh ?   I believe that prudent and methodical spending, is bettwer for the govt.  So what if the PLP did not build as many schools as the present govt – at least their buildings are still around (Old govt high, CR Walker, etc.) whereas those “bunch” of new schools – rushed by the present govt, has many maintenance issues !  Anyway, clear thinking bahamians will see the way – that is if this govt don’t succeed in only producing “d” average citizens!

  2. Objective thought, thats why i didnt even bother to respond to Cammy’s other post. When you respond to them with facts, they then try to discredit the source. The Central bank is not a political organization. Maybe Cammy doesnt know that.

    The point is the rate of borrowing is out of control and rather than cut back on some services and salaries, we borrow. We need to move away from the customs duty tax system like James Smith said and i think the civil service needs to be reduced by at least 20%.

    The drastic measures that the Greek government and some other governments that make up the EU are taking to deal with their high debt, will have to be taken here as well. Its only a matter of time.

  3. Cammy I am confused, totally!!! Just pull up the Central bank report and you will see the report for yourself… But you seem to have bigger problems than anyone can imagine… I really can’t help you..

  4. In the Central Bank Report, I had accidently added these lines because when I copied and pasted it the figures were not showing up so I tried to break it down.. But when I pasted it to the site the figures showed up but I couldn’t edit it so please omit this from the report:  “1987—-606.6 Million1992—–1,174.4 Million1997—–1,708.4 Million2002—–2,224.3 Billion2007—–3,070.0 Billion2008—–3,212.5 Billion…”

    • Thanks for clarifying the situation as its a breath of fresh year since some are trying to get us used ro  accepting half truths.Cammy gets excited unnecassarily not understanding that if you get first draw in an asue you still have to repay the money.Thats as simple as I can break it down for her.

  5. Better link:www.shadowstats.comwww.jsmineset.comhttp://www.chelseagreen.com/bookstore/item/confronting_collapseKeep it up with your talk – our problems are bigger than you even understand…..and they involve the whole world.  

    • Shooo another spin doctor or just a name change?You are as confused as youir name suggests so help us by staying to the point and not just excuses for the FNM Govt being incompetent.I thought sexy T was stupid but oooh my gosh you actually outshine her.Are you two related?Juast put up signs so that well thinking males can avoid you. There is no need  to have any of you bring forth babies as the average is D  and would get lower.

  6. OT – you think I don’t know – frankly, you don’t know what you don’t know – you just reading the papers and there ain’t no real info there…….NONE!  Frankly, it is all fiat anyway fools….fiat – zero – zip….OT – you a billionaire of fiat – cause if you ain’t you know know.   OTCD killed Greece and it is killing us all.   Killed Iceland.  Killed GB.   Lots of problems….Especially with the fraudulent change to the FASB standards in the US of Fraudulent A authorized by their CONgress.   Money in its current form is on the way out bey!  Wake up.    Read the Creature from Jekyll Island – the whole book.    I bet you have not.  No.  I know you have not.

  7. http://www.shadowstats.com   Ya’ll tryin to spin like the US right now who is tanking fast – they print “official” numbers that ain’t even real!  Glad I got a brain unlike you lemmings.   Lemmings are cute but they sure are dumb as dirt.

  8. Instead of spending all this time on this silly farce of a website that spew venom and nastiness – PAY YOUR BILLS!  PAY THEM!  YA’LL COMPLAIN BUT DON’T EVEN PAY YA OWN MESS!

  9. Brad built a highway – with no break-down lane.    Smart – and not in a good way.   Anything else?  School? Hospital improvement?  Anything?  How many jobs created?  Any projects for self-sustainability (power, water, food).   PART OF THAT DAMN DEBT IS YA’LL NOT PAYING YA BILLS!

  10. PLP Straw Market  – $35 million – never built; FNM $10 million – construction started…..I am waiting for my list.  You want one from me – you know I got one!  I nice big long one.   Voices cut ass on Gorman Bannister on his blog tonight and ya boy Ryan Pinder.   With friends like ya’ll who needs enemies.

  11. Lemmings.   Those are published numbers and no one can believe the numbers from when Perry was PM.  Those numbers were lies – and the tax collection failures – Please.   But, that’s fine.   Lemmings go off cliffs following b.s.   Baha Mar investments fools – that is a lot of it right there.  A project that was ruined because of PLP b.s.    Ya’lls investor Harrah’s walked and left the whole thing wasted.    Oh I forget – you guys don’t build anything – you just take and make false promise.  And spin and complain and do nothing but complain.    I note you don’t care that we are off the grey list.  I guess that means zero.      You know what – I will play this game with you fools – list me every major project and initiative that was successful and implemented because of the PLP.   I will hear it if it is real but this is crap and spin and you all know it.

  12. @Altec.. You are quite right about the FNM  3 govts racking up more than 50% of out total National Debt today!! The PLP in its 30 years in office has increased the National debt by less than $1.8 billion whereas the FNM in its less than 3 terms has racked up more than $2 Billion in our National Debt!!! But they say that they are better managers of our economy than the PLP. What a big joke!!The last PLP govt added about $600 million to our National Debt in 5 years but the FNM has added more than $800 million in less than 3 years of this their third non consecutive term in office!!! As you can see the FNM added about $1 billion in their first 2 terms combined and this term they have added almost the same amount in just over half of a term!! WOW!!!

  13. Cammy, where were you the last 18 years? You do realize that the FNM has been in power for nearly 15 years and the PLP only 5 years since 1992 right?Sometimes i does wonder if some of yall does think before ya post. You think that the PLP not collecting taxes properly led to them borrowing nearly $3 billion in their ONE TERM? Come one man, I know you smarter than this!I just saw a report on NBC Nightly News about whats happening in Greece right now. The citizens of that country is rioting against their government because the country’s debt level is high and the government had to resort to drastic measures to bring it under control.Greece’s debt to GDP is almost 13%. Do you know what the Bahamas debt to GDP is? Its nearing 40%.If they are rioting in Greece at 13% debt to GDP, then we in the Bahamas should be going nuts because our debt to GDP is 3x’s as much. Like Greece, the Bahamas government is spending money they dont have and they are this borowwing money at an alarming rate. In during the boom years of the mid and late 1990’s the FNM was still borrowing a lot of money.The IMF has already warned this FNM government about its borrowing habits. The fact is the signs are there for the dollar to be devalued and if the debt to GDP isnt reduced, the Bahamian dollar will be devalued within this decade!All over the world governments are cutting back drastically. But here in this country, the government wont cut what needs to be cut, the Civil Service. I give PC credit for art least instituting a hiring freeze for most of his one term. But that wasnt even a band aid, but at least he was on the right tract. But the Civil Service needs to be downsized by at least 20% . You may not want to face facts, but the facts are that more than 50% of the debt was compiled under FNM administrations.  And i would dear say that we will surpass the $4 billion mark by 2011 budget.

  14. Banker and Advisor to Government
    How has the National Debt changed over the past few years?
    At end-December 2008, the Bahamas National Debt was estimated at $3,212.5 million, including Direct Charge of $2,766.0 million and Contingent Liabilities of $446.5 million. Historical figures for Direct Charge, Contingent Liabilities and the overall National Debt are indicated below, in millions of Bahamian dollars:
     

    1992
    952.4
    342.1
    1,294.5

    1987—-606.6 Million1992—–1,174.4 Million1997—–1,708.4 Million2002—–2,224.3 Billion2007—–3,070.0 Billion2008—–3,212.5 Billion

    YearDirect ChargeContingent LiabilitiesNational Debt

    1987
    527.9
    78.7
    606.6

    1988
    574.4
    86.5
    660.9

    1989
    670.3
    117.4
    787.6

    1990
    773.2
    146.0
    919.2

    1991
    870.5
    303.9
    1,174.4

    1992
    952.4
    342.1
    1,294.5

    1993
    1,064.7
    350.9
    1,415.6

    1994
    1,136.3
    342.7
    1,479.0

    1995
    1,165.8
    329.0
    1,494.8

    1996
    1,233.4
    314.1
    1,547.5

    1997
    1,376.5
    331.8
    1,708.4

    1998
    1,434.3
    349.0
    1,783.3

    1999
    1,511.4
    376.3
    1,887.7

    2000
    1,516.2
    365.1
    1,881.4

    2001
    1,598.3
    381.8
    1,980.1

    2002
    1,801.5
    422.8
    2,224.3

    2003
    1,936.2
    467.5
    2,403.7

    2004
    2,097.9
    439.9
    2,537.8

    2005
    2,235.2
    497.2
    2,732.4

    2006
    2,386.3
    500.9
    2,887.1

     

    2007
    2,635.5
    434.59
    3,070.0

    2008
    2,766.0
    446.5
    3,212.5

    YearDirect ChargeContingent LiabilitiesNational Debt

    1987
    527.9
    78.7
    606.6

    1988
    574.4
    86.5
    660.9

    1989
    670.3
    117.4
    787.6

    1990
    773.2
    146.0
    919.2

    1991
    870.5
    303.9
    1,174.4

    1992
    952.4
    342.1
    1,294.5

    1993
    1,064.7
    350.9
    1,415.6

    1994
    1,136.3
    342.7
    1,479.0

    1995
    1,165.8
    329.0
    1,494.8

    1996
    1,233.4
    314.1
    1,547.5

    1997
    1,376.5
    331.8
    1,708.4

    1998
    1,434.3
    349.0
    1,783.3

    1999
    1,511.4
    376.3
    1,887.7

    2000
    1,516.2
    365.1
    1,881.4

    2001
    1,598.3
    381.8
    1,980.1

    2002
    1,801.5
    422.8
    2,224.3

    2003
    1,936.2
    467.5
    2,403.7

    2004
    2,097.9
    439.9
    2,537.8

    2005
    2,235.2
    497.2
    2,732.4

    2006
    2,386.3
    500.9
    2,887.1

     

    2007
    2,635.5
    434.59
    3,070.0

    2008
    2,766.0
    446.5
    3,212.5

    • Objective, thanks for posting this! I hope Cammy looks at these numbers  because i dont see how he/she could blame that PLP’s lack of revenue collection as the cause for the debt. How stupid. This attitude of borrowing has to stop. The government needs to cut back, but it wont.  

  15. Lots of reasons but the PLP cannot blame this on the FNM.  The PLP did not properly collect taxes and spent money on projects that never came to fruition – lost cash!  This cannot be blamed on the FNM entirely.  But then again, this is BP – blame with zero solutions.

  16. Sexy T, when the FNM took office in 1992, the national debt was near 1.4 billion. Its now approach, and i all likelihood will surpass the $4 billion mark next year.

    The debt has more than tripled since 1992. So i ask you, who do you think is responsible for the bulk of that debt since 1992?

  17. Not all of this debt is due to FNM, the plp borrowed a good size chuck in thier one term governemnt.

  18. Sorry, no nonsense, $0.52 cents will not cut it; your share of this massive debt this, “Free National Mess” has ran up for us is $11,251.75 and climbing. They are about to borrow some more. This is a bill your great grand children will have to pay.

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