Never forget what the PNP did in relation to debt and the economic crises – Phillips

Last night Dr Peter Phillips called on Jamaica not to forget how the JLP ran up the debt and then turn to the IMF. I would like however to point readers to the real numbers in terms of debt and the PNP.

Take a look at this report

Focus on pages iv Summary report, then page, 5, 6 & 7.

The PNP likes to talk down to people who they feel do not know, but commonsenseja is here to provide the “truth”. I did not complete this report.

Report Highlights

  • Under the influence of revenue shortfalls, exchange controls and high oil prices, Jamaica’s national debt tripled as a percentage of GDP between 1973 and 1979
  • Jamaica’s debt-to-GDP ratio almost doubled between 1996 and 2003; it moved from 76% in 1996 to 147% in 2003
  •  Off-budget liabilities is a root cause of rapid growth in the debt between 1997 and 2003
  • The size and composition of Jamaica’s national debt has changed considerably over the last four decades. Initially, there was a rapid build-up of external debt in the late 1970s and early 1990s. Debt levels rose once again in the late 1990s. Finally, the third episode of debt accumulation began in the mid 1990s and remains with us. The debt-to-GDP ratio during the 1980s and 1990s reached levels far greater than current periods, with the highest being 262 percent in fiscal year 1990/1991
  • The development of the financial sector ultimately resulted in the country’s financial crisis in the late 1990s.

Dr Peter Phillips was right, but he had the party wrong, he should have said ” Never forget what the PNP did”.

It is as a result of the failed PNP experiment at governance why we are where we are today.

Let’s not forget and let’s not make the same mistake twice.


2 Responses

  1. Did the JLP increase the total debt stock of Jamaica by 60% in the 4 short years they were in power. You see it’s all well and good to say over 40 years the PNP yo-yo’ed the countries debt without acknowledging they also paid it down when it reached catastrophic levels but that’s over 40 years!!! The JLP increased our debt by 60% in 4 years, defaulted on the debt, then claimed that they performed economic miracles! Really now… You lot have no credibility. Let’s see, I borrow 6 times my salary, pay no bills, buy stuff I cannot afford and then claim my income increased! Yeah right. Sell that nonsense to the mental midgets that make up your parties brain trust.

    • The problem started with the PNP we cannot deny that. It has only gotten worse since then. They PNP left such a huge hole and no growth after 18.5 yrs that the JLP had no choice but to borrow money.

      Now that came at a time when the world was seeing the worst economic crises since 1930’s

      Let’s not forget that while growth was exploding around the world in the 1990’s Jamaica was not growing and in fact had an economic meltdown.

      The PNP is now really trying to fix the disaster they have created during the cumulative time tey spent mismanaging the affairs of the country.

      Yes you are right, the problem started with the PNP 40 yrs ago and today we are still feeling the effects.

      We must NEVER forget that !

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