DFS Johnson confirms poor economy despite Premier’s rhetoric
While testifying before the House of Assembly (HOA) last month to examine the draft estimates for the year 2015 Ms Johnson, an economist by training, told the Select Committee while speaking on the Financial Services Sector that “incorporations had been declining on a monthly basis”.
In comparing 2013 to 2014 up to September, the DFS told the members that “there is a 6 % decline that had occurred”.
It was her hope that many of the initiatives of the previous Virgin Islands Party (VIP) government, such as the London Office and marketing efforts in South America, would have a positive impact on the industry and assist in reversing the downward trend in incorporation figures and diversifying the current product offerings.
In addition, the DFS confirmed that between 2012 and 2013 while the National Democratic Party Administration was saying for that whole year that the economy is robust, there was a dip in employment.
Hon Fraser vs Dr Smith on the economy- Fraser-nomics.
Chairman of the Virgin Islands Party Honourable Julian Fraser RA, (R3) has consistently differed with Premier Smith on the economy. Hon Fraser has been in tune with the reality that people are hurting, and the middle class has been wiped out, because of higher taxes and fees, no stimulus for the economy and no public investment in the last three years. In addition, many small and medium scale businesses have closed their doors due to the harsh realities of the economy and unemployment is up as a result.
Hon Fraser has called for a balance while keeping the Reserve Fund with monies for a rainy day, but the VIP boss has also proposed spending money to stimulate the economy and promote private sector investment.
Many have dubbed his approach not just to promote austerity measures but a balance with stimulus like they have done in the USA as Fraser-nomics.
Whereas, the Dr Smith NDP Administration has cut out petty contracts, by which the “little man” could have gotten some money in his pocket. Dr Smith also believes in harsh austerity policies by no public sector spending but placing all into the Reserve Fund.
This policy, after three long years, has resulted in many Caribbean nationals having to return home, banks taking residents’ houses, car, and land, along with lack of jobs for the youths. It has also sunk many Virgin Islanders into poverty living with children going to school and bed hungry, a fact confirmed by one of his own party member Honourable Alvera Maduro-Caines.
This NDP economy policy has also resulted in a high crime rate in the 29,000 population Overseas Territory and guns everywhere. Despite this reality, Dr Smith continues to say things are great and the economy could not be better.
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27 Responses to “DFS Johnson confirms poor economy despite Premier’s rhetoric”
You are lying because Ralph spoke and Andrew wasn't there, so only one member of the VIP didn't speak. But how about the fact that 3 government ministers who has responsibility for their ministry's and departments budget didn't speak. Not a word in defense of the hundreds of millions of dollars under their control. Isn't that a shameful lack of respect for the poor tax paying stiffs?
Then there was the member for the eight district, a rookie, not a word. And you got the nerve to come on her with your lies criticizing the VIP
the VI will have an opportunity for a renewed and more sensible start to build this country?
I hope so. Every cloud have a silver lining.
You don't have a clue what you are talking about. Either that, or you are a SIMPLETON. Please stay on the side walk, you don't belong in the main stream.
Perhaps Government can actualy grow a pair of balls and do something about the sad state of crime and lack of jobs ffrom spouting the same sh1t they have been saying for the last 3 years on the matter,