Recently, the ratings agency Standard and Poor's (S&P) revised the country's financial outlook from stable to negative, insisting that the government's fiscal profile continues to weaken.
That was followed more bad news on the economic front when Prime Minister Perry Christie said that Sandals Emerald Bay Resort is in danger of closing its doors.
The government has met with the developer and is determining what assistance can be extended to help save the 600 jobs at the resort and the hundreds of others which result from the economic activity generated by the investment.
The closure of Sandals would devastate Exuma - this at a time when high unemployment rates persist across The Bahamas. The Department of Statistics most recently measured the jobless rate at 14.7 percent.
Since the 2008 financial crisis there has been great debate worldwide about the role of government in market societies. Some say government should never intervene to offer bailouts or assistance and let market forces solely determine the fates of businesses. Others argue, that for the greater good, governments should do what they can to ensure that formerly strong industries survive the "financial tsunami" that has destroyed so many.
Here in The Bahamas, Sandals is now a test case for these opposing ideologies.
Sandals is a reputable company, a pride of the Caribbean. It bought the Emerald Bay resort from its receivers several years ago, bringing the property back to life and employing hundreds of Bahamians. However, things have been tough.
When asked about operations, Sandals Hotel Manager Kyle Mais told The Nassau Guardian that while occupancy levels are picking up, the resort is not making a profit. The resort opened in 2010.
"We have not made a profit since we have been open," Mais said.
"We need government assistance to make sure that we stay viable and actually are turning a profit because after all, it is a business."
Mais added that the cost of doing business there is very high, pointing to high electricity costs, the cost of subsidizing airlines, paying taxes, etc.
We do not think the government should be in the business of owning hotels or paying the salaries of employees of private businesses. However, it is reasonable for the government to offer assistance to reputable businesses in financial trouble due to global conditions through, for example, tax breaks. These breaks could include exemptions of deferred payments.
Stopover guests, the kind Sandals brings to The Bahamas, spend significantly more than cruise visitors. Our economy grows stronger when we are able to bring more of these people to our shores. Sandals also helps diversify our tourism offering - it offers smaller all-inclusive hotels - as compared to the mega-resort model exemplified by Atlantis and Baha Mar.
The prime minister should do all he reasonably can to assist the Jamaican Stewart family with their investment in Exuma. If those 600 people are jobless because the hotel closes, most will end up on the welfare line seeking unemployment benefits.
We are better served by helping the resort get back on its feet rather than handing out more welfare checks.

Click here to read more at The Nassau Guardian