Disclose the ‘real state’ of VI’s economic standing- Hon Penn
In a statement issued on Thursday, September 3, 2020, Hon Penn said this knowledge is crucial as the Territory battles with the COVID-19 pandemic.
“At this stage, of almost six months of COVID-19, it is imperative that the Government report to the people on the state of the economy,” he said.
“We need to understand how much our economy has diminished, we need to know how many jobs have been lost, we need to know how many businesses have been closed, we need to know how much our revenues have declined, we need to know how much money we have spent; and the list goes on. And if there are any silver linings, we need to know this too,” he added.
Opportune time
The Opposition Leader said now is an opportune time to unite and use this data to better manage the Territory’s finances and implement necessary budget corrections.
He said it would aid in finding ways to cut costs even if only temporarily, set new priorities for spending, devise, develop and implement new realistic and achievable revenue streams and negotiate new borrowings and debt reform, to support priority and critical expenditure.
“If there were ever a time that we needed total transparency and unity, it is now. It is critical that in all our plans that our economy remains central. The preservation of life and health is impossible without the preservation and development of our economy,” he continued.
Hon Penn added that a "clear and well-articulated national plan" will help to restore confidence about the future, "enhance our peace of mind, allow us at an individual and collective level to proceed in putting our own plans in place to rebuild our lives and our livelihoods; it will provide a clear road map for what we are to expect and how we are to react as we enter the various stages of this crisis, without panicking ourselves or creating panic in our community.”
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20 Responses to “Disclose the ‘real state’ of VI’s economic standing- Hon Penn”
UK and Canada been paying like 80% of people salary every month. USA giving $1200 a month. This is regardless if you are still getting paid or not. Now that is real money going back in to the economy to pay rents, buy food, buy gas etc. Thank God the Banks gave a break for a few months but landlords still demanding rent. USA just made it so that no landlord could evict any tenant through the end of the year.
How about facilitating low interest loans from government or backed by government for every citizen equal to up to 1.5 times your monthly salary? Repayable beginning Jan 31, 2021. Lil 2% interest. Make it easy for people to access for everyone with 2 months pay stubs, proof of citizenship and permanent physical residence. Small loans that are easily repayable so persons don’t get overleveraged. Government gets some interest. People get access to cash to pay some bills and keep the economy going. (The finance people can flesh out the details here.
Giving so-called stimulus to businesses that are closed or done laid off staff does not have the same impact. It will not trickle down. Especially when, in our economy, most people work in Tourism and except for Maria’s those medium to large businesses are long closed. This government’s stimulus package is pure BS.
I also actually gave an idea that government can use in the loan scheme. So I did not just make a blank comparison.
Bottom line is we been in this since February and besides $150 with of groceries one time, there has been no real stimulus.
Government say they aren't laying off anybody. That's great. But the Delta man done cut every body salary at all the Ports (but not the Board stipends). The O'Neal girl stop paying National Park employees who already barely make any money (but not the Board stipends).
All we good for is press conferences and lockdowns. Nothing of real help to the people. Where is the $40 million taken from SSB? Do you know anyone who has benefited?
Call a spade a spade. Almost 2 years in to this Administration and aside from changing the direction of the traffic, what have they done of any significance except line their pockets and victimize local people? Board stipends increased by 6 times and only vip people who don't know a thing about what they are doing are appointed. People who ran with them are given cushy jobs like LHS, DF, KF. People who defended them are given large $$ consultancies to do nothing like AC, CSC and HW. Kittitian siblings now run our country. Lord help us.
Makes me feel as if we are somehow Trapped.. I dont like the branding strategy. Cant we just be freed people? Aren't we freed ? Doesn't look/feel so.