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PLP Deputy: Budget is 'badly flawed'

Thu, Jun 3rd 2021, 10:28 PM
Politics Tribune Stories

PROGRESSIVE Liberal Party Deputy Leader Chester Cooper has slammed the Minnis administration's proposed 2021/2022 budget for the upcoming fiscal year, branding it as one that's "badly flawed" and "far removed from reality."

Mr Cooper’s comments came after Prime Minister Dr Hubert Minnis on Wednesday revealed additional tax relief initiatives aimed at assisting people amid the pandemic, including a back-to-school value added tax (VAT) tax holiday and a VAT holiday for hurricane preparedness.
#On May 26, Dr Minnis unveiled several tax concessions for entrepreneurs and small businesses and outlined plans to create employment in the public and private sector among other things.
#However, on Wednesday Mr Cooper attacked the government’s financial plans to help the nation rebound from the COVID-19 pandemic, referring to the 2021/22 budget as one “of sheer fantasy” and a purely political one.
#“This budget is a disaster much like this administration's entire term in office,” he said in the House of Assembly. “The government debt has increased over 40 percent. The last three years of this administration has given us the worst fiscal outcome for any consecutive three-year period of GDP in Bahamian history.
#“This administration came into office promising better fiscal management but will go down in history as the worst manager of fiscal affairs in a modern Bahamas. This budget is sheer fantasy. It will stunt the growth of the country for decades unless it’s policies are reversed and reversed quickly,” Mr Cooper added.
#“Don’t get me wrong, there was never any question that Dorian and the pandemic would bring economic hardship that led to heavy borrowing but the Minnis administration’s navigation of the pandemic added to the dangers presented in this budget and accompanied communications will ensure that things get worse before they get measurably better.
#“This is a budget characterised by short-term thinking and ignorance of the severity of our debt position and it contains reckless electioneering.”
#Addressing the government’s revenue projections for the upcoming fiscal year, Mr Cooper characterised them as “unbelievable” and unrealistic.

Mr Cooper’s comments came after Prime Minister Dr Hubert Minnis on Wednesday revealed additional tax relief initiatives aimed at assisting people amid the pandemic, including a back-to-school value added tax (VAT) tax holiday and a VAT holiday for hurricane preparedness.

On May 26, Dr Minnis unveiled several tax concessions for entrepreneurs and small businesses and outlined plans to create employment in the public and private sector among other things.

However, on Wednesday Mr Cooper attacked the government’s financial plans to help the nation rebound from the COVID-19 pandemic, referring to the 2021/22 budget as one “of sheer fantasy” and a purely political one.

“This budget is a disaster much like this administration's entire term in office,” he said in the House of Assembly. “The government debt has increased over 40 percent. The last three years of this administration has given us the worst fiscal outcome for any consecutive three-year period of GDP in Bahamian history.

“This administration came into office promising better fiscal management but will go down in history as the worst manager of fiscal affairs in a modern Bahamas. This budget is sheer fantasy. It will stunt the growth of the country for decades unless it’s policies are reversed and reversed quickly,” Mr Cooper added.

“Don’t get me wrong, there was never any question that Dorian and the pandemic would bring economic hardship that led to heavy borrowing but the Minnis administration’s navigation of the pandemic added to the dangers presented in this budget and accompanied communications will ensure that things get worse before they get measurably better.

“This is a budget characterised by short-term thinking and ignorance of the severity of our debt position and it contains reckless electioneering.”

Addressing the government’s revenue projections for the upcoming fiscal year, Mr Cooper characterised them as “unbelievable” and unrealistic.

 

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