Thursday, April 18, 2024

Stuart: Arthur raising old debate


Share post:

Prime Minister Freundel Stuart said while Opposition Leader Owen Arthur had given a disquisition on the economy, he personally did not hear him say there was anything fundamentally wrong with the 2011?– 2012 Estimates of Revenue and Expenditure.
Stuart was speaking on the third day of debate in the Lower Chamber where he insisted that there has been no serious criticism of the Estimates.
He said that the crux of Arthur’s discourse actually hinged on an old debate that had divided the Barbados Labour Party and led to the formation of the Democratic Labour Party – and this was the question of running a deficit budget as opposed to a balanced one.
Basically, he said, BLP leader Grantley Adams felt Government should not spend more than it earned while Errol Barrow and (Sir James) Cameron Tudor, fresh out of the London School of Economics and Oxford University respectively, argued that effective meaningful economic advancement could not be achieved by a “housewife’s budget” but by a deficit budget.
Stuart said this was how Barbados had been able to transform itself from a village to a nation; and since it had worked over the years, the DLP would remain “unrepentant devotees of Keynesian economic thought”. (RJ)


Please enter your comment!
Please enter your name here

Related articles

Rihanna says fashion has helped her personal ‘rediscovery’ after having children

Rihanna has told the BBC that being able to wear fashionable clothes in public again after having two...

Court closed after bedbug found

THE OISTINS MAGISTRATES’ COURT has been closed after a bedbug was found in a chair inside the court...

Another appeal for ganja ease

GENERAL SECRETARY of the National Rastafari Registry Secretariat Trust, Paul “Ras Simba Akomba” Rock, is once more appealing...

Lewis Hamilton says he plans to race ‘well into’ his 40s

Lewis Hamilton says he will join his old rival Fernando Alonso in racing in Formula 1 "well into...