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Joey Jagan is not consistent on economy

Dec 20, 2009 Letters

Dear Editor,
I write with reference to Joey Jagan’s letter, “It is time that govt. take care of all the people’ (Kaieteur News, 12-19-09).
The thrust of Mr. Jagan’s piece is that the Government of Guyana should do as the Obama Administration has done in the USA. I rather doubt that Joey Jagan really believes this at a serious level. I must also say that this latest prescription from Joey Jagan is inconsistent with his more enduring theme of fostering U.S. style private enterprise in Guyana.
Let me get straight to my main arguments. Guyana should not do what President Obama has done because unlike the U.S. economy, the macro-economic fundamentals in this country are strong. In the U.S. by contrast, the entire economy has been tottering on the brink of collapse and the Obama administration was forced into spending hundreds of billions of dollars to bail out big banks and other financial institutions, not to mention of course corporations like GM and AIG. The people at the bottom have received very little. An $8,000 tax credit for first time home buyers has been the most generous ‘gift’ to ‘the people’. The ‘Clunker’ deal was intended to boost GM and Ford and of course car dealerships.
I wonder what Joey would say if the Government were to dole out billions to private businesses in Guyana as has happened in the U.S. When all is said and done, the U.S. unemployment role is still over 10% and the fact remains that millions have lost their homes and their life savings. I voted for President Obama both in the primary and general elections but must say that he has not done enough for the average person in the way that Joey Jagan would have us believe. I do believe he has done an excellent job in stabilising the U.S economy.
If Mr. Jagan wanted some pumping of the economy he would want to note that only last week Government approved some $4.6 billion dollars in various relief and infrastructural projects. Financial Papers 3 and 4 (2009) would bring relief to rice farmers and others and would soon inject even more liquidity into the system through such projects as road construction. This is about jobs. It is better for workers to take home a paycheck rather than a government filled hamper. No?
Joey Jagan should also note that Government has made some significant moves in the housing sector. Private commercial banks can now lend at the same rate (4.95%) as the New Building Society and the definition of a low income loan has been raised to $8 million. This move has been praised by leaders in the financial sector. Joey Jagan should study the comments by Mr. Eaton Chester, Managing Director of Citizens Bank. He should also follow comments by Minister Irfaan Ali, who has been aggressive in facilitating homeownership in this country.
Finally, for years Joey has called for less government and more private enterprise in Guyana. Now he wants the Government to become the leading edge in economic development. Joey Jagan needs to clarify for us where he stands.
Randy Persaud

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