Solutions Barbados way to go, says Phillips
With both the Democratic Labour Party (DLP) and the Barbados Labour Party (BLP) having struggled to manage the country’s economy over the past five decades, now is the perfect time for Barbados to embrace a new political party.
That is the opinion of Grenville Phillips II, founder of the island’s newest political party, Solutions Barbados, who has argued that since 1966 and under the administration of the DLP and BLP, Barbados had accumulated over $10 billion in debt.
Speaking at the party’s launch at the Combermere School Hall on Thursday night, he described efforts by both parties to boost the island’s economy as, “inefficient, wasteful, expensive and financially unstable, while adding to our national debt.”
“After 50 years of trying we should be financing our development through tax revenues. Instead, we are almost out of options,” he lamented.
And while he contended that a third party was very much needed, he said there was a need for new blood to enter the fray.
“If a third party is composed of people who are just as capable as those in the existing parties, then we should not expect any improvements,” Phillips added.
He argued that Barbados’ economy should be managed by persons with experience in successfully implementing investment ideas, as well as growing a local economy.
The structural engineer revealed that with Barbados’ debt at 135 per cent of its Gross Domestic Product (GDP), there was a desperate need for the most capable people to “be at the proverbial wheel”.
He warned that both Guyana and Jamaica’s GDP were similarly high when their dollars were devalued.
Phillips said Guyana’s debt was 135.7 per cent GDP in 1998, while in 2013 Jamaica’s was 135.5 per cent.
Among Solutions Barbados’ plans to help improve the economy is to privatize the public transportation system and the sugar industry, make taxes more affordable and establish a new national bank.