Dear Editor,
When the Prime Minister of Jamaica Portia Simpson Miller named Peter Phillips the minister of finance (technically to succeed Omar Davies, her former minister with that portfolio) it was undoubtedly the finest moment in her tenure to date.
If we were to compare the present minister's stewardship with his predecessor it would be like comparing a plate of uncooked plain rice with that of a dish of rice and peas cooked with the finest Jamaican seasonings.
If Simpson Miller had made the fatal error of retaining Davies as minister, the hell that we are going through at present would be like child's play.
What Davies did to the Jamaican economy is going to take at least two generations to repair.
The businessman's psyche has been severely damaged and he is not prepared to risk everything again to ensure he employs the most people -- as was the case some years ago.
Additionally, he has passed on this doomsday attitude to the younger generation, as they now prefer to be employed rather than to employ. This has led to a proliferation of schools offering third degrees, as everybody now believes that is the safest way to go. So we are faced with a situation of too many buyers chasing too little goods and services.
This is going to lead to unbearable inflation. A house in Portmore that used to sell for $2 million dollars is now being sold for over $10 million. A hamburger that sold for $50 has now been replaced by a patty for $120.
With all of this happening, people are still able to hang on to what little assets they have left under the Peter Phillips regime and not ending up owing banks enormous loans that cannot be repaid.
People are fast learning to live within their means and not lured by banks offering loan specials at 17 per cent, and a few months on these very same loans are attracting interest rates of 70 per cent.
Omar Davies is now the minister of transport and works and the state of the roads reflects the very same way he ran the ministry of finance.
Ken Spencer
Kingston 8
ken3_1999@yahoo.com
Phillips era better than Davies'
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When the Prime Minister of Jamaica Portia Simpson Miller named Peter Phillips the minister of finance (technically to succeed Omar Davies, her former minister with that portfolio) it was undoubtedly the finest moment in her tenure to date.
If we were to compare the present minister's stewardship with his predecessor it would be like comparing a plate of uncooked plain rice with that of a dish of rice and peas cooked with the finest Jamaican seasonings.
If Simpson Miller had made the fatal error of retaining Davies as minister, the hell that we are going through at present would be like child's play.
What Davies did to the Jamaican economy is going to take at least two generations to repair.
The businessman's psyche has been severely damaged and he is not prepared to risk everything again to ensure he employs the most people -- as was the case some years ago.
Additionally, he has passed on this doomsday attitude to the younger generation, as they now prefer to be employed rather than to employ. This has led to a proliferation of schools offering third degrees, as everybody now believes that is the safest way to go. So we are faced with a situation of too many buyers chasing too little goods and services.
This is going to lead to unbearable inflation. A house in Portmore that used to sell for $2 million dollars is now being sold for over $10 million. A hamburger that sold for $50 has now been replaced by a patty for $120.
With all of this happening, people are still able to hang on to what little assets they have left under the Peter Phillips regime and not ending up owing banks enormous loans that cannot be repaid.
People are fast learning to live within their means and not lured by banks offering loan specials at 17 per cent, and a few months on these very same loans are attracting interest rates of 70 per cent.
Omar Davies is now the minister of transport and works and the state of the roads reflects the very same way he ran the ministry of finance.
Ken Spencer
Kingston 8
ken3_1999@yahoo.com
Phillips era better than Davies'
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