Pay Cut for PM, Ministers, MPs.

[Lazie]

Is this really a good idea? I recall when the Jamaican PM did the same, todate, only the MPs on the gov't side agreed to cut their salary. What were the numerous excuses by the beloved opposition then? Even though they continuously exclaim how much they love the poor.

Now I see the Bahamas' PM is going the same route, yet some comrades on this very forum was trying to explain how difficult it may be if the MPs tek a salary cut.

I wonder if Bahamas is able to get things under control fiscally if the Ralston Hymans, Ronnie Thwaites and Anne Shirleys will give them credit instead of knocking the fact that it was achieved via less spending etc?

Yaad full a hypocrite ... mi see dat everyday.

http://www.bahamasissues.com/showthread.php?t=29709

[Mosiah]

lazie, there is no bigger hypocrite than LIAD BRUCE!

[Lazie]

lazie, there is no bigger hypocrite than LIAD BRUCE!

Pot a call kettle black! Tell me something new?

[ReggaeMike]

Of course a pay cut for MPs is a good idea. That the government MPs agreed to cut their salaries is quite admirable.

However a proper pay cut that will make a difference will never really happen out here though, not to the extent necessary. They may accept a pay-freeze (which is not a pay-cut) or a pay cut amounting to something small percentage wise (say 2-5% or maybe 9-10% at most) but for the most part it will be cosmetic (it will have to be).

The reason why is that in our economy there is no way they can actually effect a pay cut without doing something else that is truly essential: fixing the dollar.

In Barbados, Bahamas, the Cayman Islands and I think Turks and Caicos where there have been public sector pay cuts including cuts in the pay of MPs the economy is founded on a currency which NEVER devalues. So when the Bahamian MPs accept a pay cut they know that what they already have in the bank will retain value for tomorrow and the day after and the day after (so they can potentially go for much deeper cuts). They also know it will be easier to get public sector cuts to restore competitiveness if they set the example, so public entities cut salaries and will cut the costs of products being sold for export, thus increasing their appeal to customers. More customers buy the products and what they lose in terms of pricing they will eventually make up for in volume of product sold.