Black People : Extreme Austerity in Jamaica

Discussion in 'Black People Open Forum' started by oldsoul, Apr 9, 2015.

  1. OldSoul

    OldSoul Permanent Black Man PREMIUM MEMBER

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    U.S. President Barack Obama, right, accompanied by Rep. Yvette Clarke, D-N,Y, walks down the steps during their arrival on Air Force One, Wednesday, April 8, 2015 at Norman Manley International Airport in Kingston, Jamaica. Obama arrived to Jamaica for a two day visit and will travel to Panama for the Summit of the Americas, April 10-11.
    Extreme Austerity in Jamaica
    President's official visit to the Caribbean nation should provoke a reassessment of disastrous IMF policies

    The international media isn’t paying much attention to President Barack Obama’s trip to Jamaica this week, but maybe they should. The country has become a terrible example of what can happen when creditors — led by the International Monetary Fund — are able to impose harsh austerity on a small nation in an attempt to collect on an uncollectable debt. Because the U.S. Treasury Department decides what the IMF does in the Western Hemisphere, President Obama himself can claim responsibility for this crushing economic failure.

    The Caribbean island nation has had declining living standards for the past 20 years. Per capita GDP has fallen by an average of 0.3 percent annually, making Jamaica the worst-performing economy in the hemisphere over that time frame. And this measures only average living standards. It is much worse at the bottom, with poverty more than doubling since 2007 and unemployment surpassing 14 percent – higher than its peak from the 2009 world recession.

    But where Washington bears the most responsibility are the country’s dim future prospects. It is currently under an IMF agreement that requires the government to run annual primary budget surpluses – revenue minus spending, excluding interest payments – of 7.5 percent. This is the worst such burden in the world.

    http://www.commondreams.org/views/2015/04/09/obama-should-put-end-extreme-austerity-jamaica
     
  2. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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