Categorized | National News

PLP Blames FNM for Bad Economy

The Progressive Liberal Party (PLP) is blaming the Free National Movement (FNM) on the poor state of the Bahamian economy.

In a press statement released yesterday, the PLP said that as much as the party tries, the FNM cannot run away from the significant role the Ingraham administration played in creating the “national mess” they left behind on May 7, 2012.

The PLP claims that when the FNM came into power in 2007, they inherited a thriving economy, but quickly pushed the country into an economic decline.

“Their policy of tax and spend failed miserably and the FNM allowed political spite to drive their economic and investment policies to the detriment of thousands of Bahamian families. The decision to defer and delay viable projects hurt the economy and made the recession worse. Further, the FNM Government was unable to secure new capital injection to stimulate the local economy and government spending was unsustainable,” they said.

According to the PLP, the recent FNM Government mismanaged public projects which were designed to stimulate the economy and said that Bahamians in turn did not receive value for the money.

“The New Providence Road Improvement; the jump start business assistance program and the 52- week Jobs Training Program are a few examples of the wanton wastage of scarce public resources by the FNM. The PLP calls on the government to hold public hearings on the administration of these programs in the public interest,” they said.

Responding to FNM Chairman Darron Cash’s statements on Sunday in which he said there is no comparison between the two parties when it comes to accountability and that he welcomes an inquiry into the sale of BTC, the PLP said that Mr. Cash should also welcome investigations into the afore mentioned programs.

The PLP says the low rates promised to Bahamians as a result of the BTC sale never materialised and that the sale was a ‘national giveaway’.

The party praised the current government for getting the country back on the right track.

“The official record reveals that almost 2,000 jobs were added to the economy between May and October of last year or during a six months period; this is good news. This places the PLP on pace to create well over 20,000 jobs in its current term.”

“We applaud the government’s pro-growth strategy, no new taxes in the first two fiscal years and its bold new initiative to broaden the tax base, effectively bringing about a fairer tax distribution system. These initiatives will no doubt reposition the economy of The Bahamas for long term economic recovery, sustained growth, improved revenue performance and prosperity for all Bahamians,” the party said.

Written by Jones Bahamas

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