<THE 1970s ARRIVES
Then came the Michael Manley administration of the 1970s. under his “Socialism is love” leadership between 1972 and 1980, the economy lost 17.5 per cent of its GDP; the national debt increased tenfold from J$300 million to J$3,000 million; inflation ballooned by 250 per cent; revenues remained constant while expenditure galloped by 66 per cent; the budget deficit sprinted from 3.9 per cent to 17.5 per cent of GDP, probably the highest for any country not at war; investment buckled by 40 per cent of GDP; foreign-exchange reserves were eviscerated, collapsing from US$239 million to -US$549 million and unemployment increased by more than 43 per cent, moving from 182,000 to 271,000! Such glaring economic mismanagement and incompetence that caused the then World Bank president to label Jamaica the second-worst economy in the world. The country was set on a course of disaster.>
Clearly our best Prime Minister !
Mi hear seh man mek people kill demself fi beam up to Space Ship behind meteor so.. anyting possible when it come to comrade brain washing !
Then came the Michael Manley administration of the 1970s. under his “Socialism is love” leadership between 1972 and 1980, the economy lost 17.5 per cent of its GDP; the national debt increased tenfold from J$300 million to J$3,000 million; inflation ballooned by 250 per cent; revenues remained constant while expenditure galloped by 66 per cent; the budget deficit sprinted from 3.9 per cent to 17.5 per cent of GDP, probably the highest for any country not at war; investment buckled by 40 per cent of GDP; foreign-exchange reserves were eviscerated, collapsing from US$239 million to -US$549 million and unemployment increased by more than 43 per cent, moving from 182,000 to 271,000! Such glaring economic mismanagement and incompetence that caused the then World Bank president to label Jamaica the second-worst economy in the world. The country was set on a course of disaster.>
Clearly our best Prime Minister !
Mi hear seh man mek people kill demself fi beam up to Space Ship behind meteor so.. anyting possible when it come to comrade brain washing !
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