Saturday, 9 March 2013

Collective Sacrifice Alone Not Enough

The working class has borne the brunt of sacrifices for years and years........and more years. I am a member of that group so I know all too well; however, I don't work in the public sector.

Frankly speaking, I have no problem making a sacrifice to the benefit of my family, community, or country. Where in lies the rub is when you feel you have done this and it has not achieved its objective or you need to make more of them on a continuous basis; in order to make it (whatever it is) work.

This is an editorial excerpt from the Gleaner June 3, 2012 titled 'Wage Freeze a first step'
"It is Dr Peter Phillips' claim that Mr Audley Shaw, and the Jamaica Labour Party administration more broadly, sqaundered the opportunity afforded by the Jamaica Debt Exchange (JDX) - the arrangement under which domestic holders of Jamaica's bonds agreed in 2010 to lower yields and longer maturities.

It saved the country more than J$40 billion in interest payments and lowered debt-servicing costs from nearly 60 percent of gross domestic product (GDP) to a bit above 40 percent.

The wage agreement for government workers, signed last week between the administration and public-sector unions, is not of the same magnitude of the JDX. It, nonetheless, represents a significant opportunity for Dr. Phillips as he attempts to fashion a recovery programme from Jamaica's sickly economy. 

But this is a narrow window which the People's National Party administration must negotiate with skill lest, in short order, it, too, is accused of squandering an opportunity for moving Jamaica towards a balanced Budget."

The full article can be found on the link below
http://jamaica-gleaner.com/gleaner/20120603/cleisure/cleisure1.html

The proof of the pudding is in the eating, so only time will tell if the PNP squanders this opportunity with the new National Debt Exchange (NDX).

The debt exchanges seems inextricably linked to public sector wage freezes. Nevertheless, the author of the editorial-mentioned above-offered possible solutions to Jamaica's current debacle.

I am never the predictor or anticipator of gloom and doom but I have a question. How much of these lost opportunities can Jamaica withstand until it (whatever it is) works?

Our collective sacrifice alone obviously is not enough. I keep hearing and reading that the sacrifices are the start......where is the finish? The country needs to be a net exporter.

The revolving door feeling has got to end at some point.


Follow on twitter: @antoniobellmc

© 2013 Antonio Bell. All rights reserved

Disclaimer
All the commentary posted in this publication are my personal view(s) and do not reflect the view(s) of any Association, Federation or Governing Body.