Jamaicas debt, about 140% of gross domestic product (GDP), is one of the highest ratios in the world. It means that the two older parties, combined, borrowed close to TWO TRILLION dollars, but failed to translate that into increased national productivity. This is due largely to well documented political corruption. (Click this video to learn the facts: https://youtube/watch?v=PEZnDCMvjO8) Today, If this debt is not reduced, Jamaica faces a dismal future, says the PM, and she is right (even though she is part of the problem). Now, the government must focus on pleasing the IMF or risk being forced to declare bankruptcy. About 55% of government spending goes towards paying the nations debt, while 25% goes on wages. That leaves just 20% for everything else - including education, security and health. bbc/news/business-21423830. The last couple of debt swaps were mild forms of bankruptcy declaration. The government could not honour its debt and as such had to ask some of its lenders to give the government a break by taking less than what was contractually due to them. Both parties have now had to do this in relatively quick succession. And still the government continues to borrow without a clear strategic plan to convert Jamaica into a more productive economy. In about a year, well have fresh elections and the two old parties will just kick the can a little further down the road until a full scale riot breaks out when the hurting masses finally cannot take it anymore; when remittances from abroad slows due to another global financial crisis; and as more and more small businesses are forced close or lay off staff due to higher taxes and lower sales. Go to our website today and register your support for the UIC so that we can put an end to party politics and rescue Jamaica!
Posted on: Tue, 16 Sep 2014 23:27:45 +0000
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