Dear Editor,
On July 21, 2012 an article in
The Economist stated that, “Jamaica has run fiscal deficits in 44 of its 50 years of Independence. Few people pay taxes: the middle class is small, the informal economy big, and enforcement chilled-out. Only about 3,000 of the country’s 65,000 registered firms are thought to contribute. The Government has steadily dished out waivers to favoured industries: tourism pays an effective tax rate of five per cent.
“Lacking sufficient revenue, Jamaica has financed public spending by borrowing. Years of accumulated deficits, a bank bailout in 1995, and punishing interest rates have swollen the national debt to a Greek-style 140 per cent of GDP. Servicing the burden now accounts for over half the budget.”
If over all these years we can afford to bail out the rich and, based on the Panama Papers, they can seek tax shelters abroad, isn’t it time to give the poor a bailout, even once?
If this Government doesn’t or is unable to give poor working class people a bailout, even with the price of oil inching up, not only will it not last one term, I don’t think it can last the day after the budget is read.
We have made sacrifice after sacrifice, years upon years, and now that we seem likely to get a break Richard Byles and others are cautioning us about the International Monetary Fund’s Extended Fund Facility.
It must be time for some form of stimulus. No one goes through life making only sacrifices, not even Jesus did. We have exhausted money set aside for when bauxite runs out. We have exhausted money set aside for when sugar fails. We have not put aside taxes that should cushion the economy when oil starts going up again. We regularly raid the National Housing Trust, what are we going to do when there is a rainy day? Buy an umbrella? With what?
Come on, Messrs Matalon and Byles, spend your time finding creative ways to give the poor a break, we have been giving the rich a break long enough. Try and follow “Butch” Stewart’s lead, please.
Mark Clarke
Siloah PO, St Elizabeth
mark_clarke9@yahoo.com
On July 21, 2012 an article in
The Economist stated that, “Jamaica has run fiscal deficits in 44 of its 50 years of Independence. Few people pay taxes: the middle class is small, the informal economy big, and enforcement chilled-out. Only about 3,000 of the country’s 65,000 registered firms are thought to contribute. The Government has steadily dished out waivers to favoured industries: tourism pays an effective tax rate of five per cent.
“Lacking sufficient revenue, Jamaica has financed public spending by borrowing. Years of accumulated deficits, a bank bailout in 1995, and punishing interest rates have swollen the national debt to a Greek-style 140 per cent of GDP. Servicing the burden now accounts for over half the budget.”
If over all these years we can afford to bail out the rich and, based on the Panama Papers, they can seek tax shelters abroad, isn’t it time to give the poor a bailout, even once?
If this Government doesn’t or is unable to give poor working class people a bailout, even with the price of oil inching up, not only will it not last one term, I don’t think it can last the day after the budget is read.
We have made sacrifice after sacrifice, years upon years, and now that we seem likely to get a break Richard Byles and others are cautioning us about the International Monetary Fund’s Extended Fund Facility.
It must be time for some form of stimulus. No one goes through life making only sacrifices, not even Jesus did. We have exhausted money set aside for when bauxite runs out. We have exhausted money set aside for when sugar fails. We have not put aside taxes that should cushion the economy when oil starts going up again. We regularly raid the National Housing Trust, what are we going to do when there is a rainy day? Buy an umbrella? With what?
Come on, Messrs Matalon and Byles, spend your time finding creative ways to give the poor a break, we have been giving the rich a break long enough. Try and follow “Butch” Stewart’s lead, please.
Mark Clarke
Siloah PO, St Elizabeth
mark_clarke9@yahoo.com