Tuesday, September 18, 2012

BELIZE - Channel 5 tv in Belize reveals during interviews, explosive public opinion in Belize

Channel 5 this morning had back to back, tv interview shows.

a)  First one was the Statistical Unit with their statistics and explanations.

b)  Second show was with a SURVEY done by some NGO, that tried to guage the opinion on specific issues going ahead, both immediately in Belize and for the macro long term.

  It is probably on the internet someplace?  What highlights I remember of it are:

a)  The majority and we are talking 75% or more, want a moratorium on government size as it stands right now.  FREEZE IT!  Was the concept I got from that issue.

b)  That the majority again, do not trust this UDP government with the SUPERBOND restructuring.  But they distrust the Opposition PUP even less by a significant percentage.

c)  That Political Ministers of the Cabinet, should have their salary wages cut, as a cost saving measure to the level of MINIMUM WAGE. The feeling was; that they would do a heck of a lot more to manage the economy better, if they shared the pain.

d)  A control should be put on BELIZE Government spending, to not be any more than revenues.  More or less the WARREN BUFFET LAW, proposed for Belize government, in that in the last 4 quarters, if the total NATIONAL DEBT increases by more than 3%, the politicans get fired immediately and a new BY ELECTION be held. Nor would they be allowed to run for national election again.  ( sounds good to me, perform or get out of public office ) There has to be consequences and penalties for bad management to work.

e)  That we should pay the SUPERBONDS.  My understanding of the restructuring, is that the UDP  intend to do that, but they need to get it restructured and acceptable to both Bond holders and the government economists, so that we could pay. That sounds to me a reasonable approach.  Currently the accumulated SUPERBONDS and NATIONALIZATIONS OF BTL and BEL, are over 100% DEBT of GDP.  An effort is being made, to get the TOTAL national debt down to less than 50% of GDP.  However, back of the envelope calculations, show that would still be too high, to support the current size of the Belize government.  TOTAL DEBT would have to be below 25% of GDP to be realistically effective.

f)  Only 25% of the population have completed HIGH SCHOOL and a smaller percentage of that higher University education.  75% of the children in Belize have not completed primary school, and the number of those that have not completed primary school was not given, but I guess at 60%.

g)  Unemployment rate is 14.5 % and the majority are below 35 years of age, with early 20's, feeling it the worst.

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