EDITORIAL: Hard times hit
The National Anthem of Barbados reminds us that there will be times of plenty and times of need. It is becoming increasingly clear that we are heading directly into a time of need. Every expense that residents have to pay periodically has been increasing gradually. Fuel prices seem to increase more than they decrease. Some argue that there should be a protest by leaving cars and walking, riding bicycles or catching public transportation. However, public transportation costs have also increased and not everyone is in a position to walk or ride to their responsibilities. Each basket of groceries seems to contain less items but somehow costs more money. Even vegetables had price increases due to water shortages. Fast food which was a slightly cheaper and more convenient option for some has also seen increases. Chief Executive Officer of the Barbados Agricultural Society, James Paul assured the country that farmers would try to keep the prices of meat products stable despite the fact that the international cost of grain is rising but this appears to be a difficult promise to keep.
Barbadians appear to be undergoing a total lifestyle change. The increases have caused changes in the standard of living of individuals. It is not a time when residents can afford to be proud. People will need to drastically cut expenses in order to have enough money to cover their priorities. If a person has a luxury vehicle, they might need to swap it out for a more economical option and if they have rented a spacious home they may need to switch to something a bit more concise and less costly. It might not be too bad for those who are at an age where they are settled in their careers and are well on their way to completing mortgage payments, counting the months until retirement. But for those who are just starting out and trying to build a foundation the task is daunting. Those with children have the additional expenses of child care, uniforms, textbooks and school bags to worry about. The standard of living was declining even before the pandemic came to our shores and derailed any progress the Government had made.
In a recent report the Central Bank recorded a 24 million dollar profit while the Barbados economy suffered an expected 19.8 per cent decline in 2020. It was noted that this was the highest decline among Caribbean Community countries. It cannot just therefore be the fault of the loss of tourism revenue because many other countries in the region have experienced the same thing.
The Barbados Economic Recovery and Transformation Plan’s Monitoring Committee has also expressed concern about Barbados reaching some of its targets in the 2021-2022 fiscal year.
Some of the points made in the Auditor General’s report also suggest that Barbados has not been doing all that it can to ensure that every cent is used efficiently for the benefit of residents. This is not to say that a strong effort is not being made by the current administration. Strides have been made in the areas of the blue economy, agriculture and international business but we have not yet found a sure way to pull the island out of its debt situation.
It is therefore no surprise that more residents are seeking assistance for anxiety and depression disorders. All that is left to do is brace ourselves and try to get through the difficult period together. We can only do what we should have been doing all along and let the Lord be our guide.