Manning in an address to the nation, warned that Government’s revenue would suffer a $6 billion shortfall for the year and that unemployment was likely to rise. “I would urge restraint at all levels since this is a period when we must all tighten our belts,” Manning said. Asked by reporters if he too was prepared to “tighten his belt”, the Prime Minister of Trinidad and Tobago Patrick Manning replied, “I do no live an extravagant lifestyle by any means. I do not drink alcohol. If I was to tighten my belt anymore what will happen to me.” - Guardian Nov 21, 2008
The ignorance of our Prime Minister enrages me. Extravagance, as defined by our erudite Prime Minister entails the consumption of alcohol, and solely the consumption of alcohol. Upon stern reflection, when asked by reporters, to ascertain if our Man-in-Charge would be leading by example, a self-righteous Manning said that he found nothing about his lifestyle to be extravagant and there was nothing he was willing to give up, as a matter of sacrificial symbolism, to show solidarity with his financially-strained citizens. I am so angry at his excessive arrogant self righteousness. He will continue to feed off of our sweat while we adjust our consumption accordingly. Absolutely unforgivably sickening.
Another sickening incident was that like Sleeping Beauty awakening after years of slumber the Prime Minister has finally clued in to the vicious financial crisis that has been engulfing North America and the rest of the world since 2007. Considering the barrage of advice being thrown at his cabinet since last year warning him that he needs to cut Government spending, ask yourself, is his response too little too late? Our recent National Budget was based on crude at $70 per barrel. Today it is trading at $51 per barrel.
Why has the price of oil fallen? The price of crude has fallen in response to the global recession. Oil is expected to trade at $45 per barrel in the near short-term. "The declining demand due to recession in Eurozone, the US and Japan may pull down crude from 45 dollar per barrel level; the US witnessed seven per cent decline in oil consumption on week on week basis."-NDTV Profit
Trinidad is not immune to the global recession as the Prime Minister and his Finance Minister imagined. All either had to do was pick up a financial newspaper anytime since early 2007 when the mortgage crisis ballooned, to have an inkling of what the economy might be like in 2008. But no; in Trinidad ignorance and self righteousness prevail in leadership while intelligence and good judgment are told to fuck off.
In September Minister in the Ministry of Finance, Mariano Browne, announced that Trinidad and Tobago's financial sector was safe as it had little exposure to the global financial system.
Since December 2007 Central Bank Governor Ewart Williams has warned that the Government must cut public spending. He said "Trinidad & Tobago must cut public spending and invest more in agriculture to lower food prices and stem rising inflation" - Associated Press report on Dec. 23, 2007.
Annual inflation jumped from 7.3% in October 2007 to 8.1% in November 2007 and one year later inflation is 15.4% in November 2008. What's your inflation forecast for November 2009? (I ask this as visions of Zimbabwe dance in my head).
Did the Prime Minister wait too long to make cutbacks? What measures are in place to help our citizens deal with the impending financial fallout? Given the wealth of expertise and advice given to the Prime Minister over the last year regarding our economic future, it is an outrage that he waited this long to take action. Our time, our stress and our livelihoods are of no importance to the Prime Minister.I am seething with proletarian despair. Until next week, Trin.
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