Prosperity in disguise
THE EDITOR, Sir:
Household debt is now consuming more than 56 per cent (more than 70 per cent by previous estimations) of household income in Jamaica!
So this is the source of the so-called ‘prosperity’ that is buoying consumer and business confidence! It is based on more jobs, perhaps, but ones that don’t cover the bills. Yes, we are really catching up towards attaining first-world status, with our working poor driving cars they can’t afford (or need, if public transport was also first world), just to enrich the banks even more than when they were lending almost exclusively to the Government. Sixty or seventy per cent of household incomes is used paying debt – that figure rings a bell with national debt. We squeeze the people to bring down national debt, sending personal debt to now similar heights. Where is the progress of prosperity in all of this? The bankers advising the Government via the Economic Growth Council are certainly getting it right – for themselves.
Campaign for Social & Economic Justice