Pay Me Now Or Pay Me Later
Is more borrowing really the answer? How would you cut government costs?
You don’t need an economics degree to know that the current pattern of borrow and spend is a path to financial destruction for the Virgin Islands.
The Territory started the fiscal year with a $280 million deficit, and it is predicted that the FY 2010 will duplicate that shortfall. That’s a $600 million dollar hole.
The Governor has begun his public campaign to seek approval to borrow another $100 or so million from the Legislature – this in addition to the $250 million borrowed last year – that is earmarked to meet day-to-day operating expenses.
And the only alternative to this approach, we are told, is to lay off government employees and cut government services.
If you ran your household finances this way, you’d be starving, bankrupt and living on the street – and we may be if this pattern continues.
The Governor has been quoted as saying that the initial $250 million already borrowed will last until the summer, and that he is preparing a bond package for the next $100 million to submit to Senate President Louis Hill shortly.
Slow down Governor. We’ve got some other suggestions.
- Stop hiring people! You’ll never get out of this hole if you keep adding dollars to the same payroll you’re borrowing to cover. What happened to the hiring freeze? Are these additions we’re seeing essential personnel? How many “assistants” and “special project coordinators” do these agencies need when the financial situation is so dire?
- Call for an accounting to the Legislature of how the “lump sum” budgets have been spent in the first half of the fiscal year. Press department heads to justify questionable expenses. Don’t accept vague responses or promises to bring the documentation later – the problem is immediate.
- Much of the shortfall is attributed to faltering revenues, and many of those revenues are missing because of the ongoing dispute around property taxes going uncollected. We are all aware of the ongoing legal controversy on the tax question but we must repeat a question we have asked before – Why not collect the taxes we can, at the old rate, until the rest of the controversy is settled?
- On Wednesday, the Legislature heard testimony from numerous government agencies that revealed that millions of dollars in appropriated funds are sitting idle, waiting to be used for projects that have been on the books, in some cases, for years. Take a hard look to determine whether some of those projects are relevant anymore – we are sure there are some that are not – and, dare we say it, reprogram those funds toward operational needs.
The point is this – there are alternatives to continuing to borrow to get out of this mess. It is unrealistic to believe there will be any end to the deficits if some hard decisions aren’t made, and made quickly. We haven’t even begun to address the larger issues – the Government Employees Retirement Fund, the retroactive pay, the list goes on.
But you’ve got to start somewhere, and we’ve got to quit borrowing.
We’ve started the list. Readers, what do you suggest?
Â
Loading ...
@ Solider Crab
Agree
Mapp and Donastorg 2010!
For the betterment of all the Territory, the teams need to join forces!
I would like that anything to have a change from these people, the only thing is that Donastorg think its all about him, that I think thats the only peoblem.
Come on man, give Donastorg some slack. Both men would be Great Governors. They need to put all the crap aside and team up. It’s the only way to go. Mapp the first 4 years and Donastorg the second 4 years.
Mapp/Donastorg 2010 fo all ah we!
I too agree. It is a great team, a can’t lose team, the best team: Mapp/Donastorg 2010!
I dont want to be hard on Donastorg, but if he had done the right thing last time we would not be in this mess now, but I would like to see him go with Mapp this time, or I for one would not ever vote for him for anything ever.
If it’s the Mapp/Donastorg team that will bring about a positive change and rid the people of the status quo,then I say they should ‘knock heads’ and put personal egos aside for the greater good.This election is going to be of critical importance.No ands,ifs or buts! The Dewolf brigade must be sent packing.Vote them to hell out.Mess this one up and things will only get worse.
There is no doubt that a Mapp/Donastorg team will spark tremendous political excitement.
Message to Mr. Mapp and Mr. Donastorg:
Please join forces. With both of you on the same team it is a guaranteed victory. We need help. We must get rid of John deJongh. We fear that all opposing votes will be split between both of you, giving deWolf a chance to slip through.
If you love your home and care about your people, please join together. Mapp without Donastorg will not win the election. Donastorg without Mapp will not win the election. Mapp/Donastorg is a sure WIN!
Mapp/Donastorg 2010
I prefer a Donastorg/ Mapp … If not im rolling with John .
If Mapp/Donastorg I will not be voting period.
What is going on with MAFOLIEGATE ? When is the next hearing ????
Anonymous,
I think you need to do some research before you decided to bash Donastorg for not joining with Mapp. You need to ask Mapp to come out and tell the truth about his past and why Donastorg finds it difficult to trust or even subordinate himself to the likes of Mapp. I can tell you that depositions of recent pass and some coming will give the answer you have asked for in this forum. I think Prosser has the answer to this entire puzzle and may have send lots of officials down the drain. While some continue to be critical of Senator Donastorg and perhaps even try to derail this man quite often; let the truth be told and told real soon. He will prove to be the best choice among all the candidates. I was never a Donastorg fan and for reasons porported by my aliances; Senators Redfield, Golden, Hansen, and the list goes on to even include Former Lt. Governor Mapp. I am waiting for the truth to be told and sooner than later. I can’t take the hypocracy that has permeated. Don’t be surprise if some can’t even run for Governor. I can now say unequivocally, I am now sold on Donastorg. Now, the Naysayers can attack me for saying this but remember I said this on this day. I will not and cannot support anyone who was corrupted and I don’t think Donastorg can support anyone that was and is corrupted. So for the dejongh and the Mapp supporters, make sure you do some serious research before you end up with egg and mud in your faces. I must admit that Donastorg has proven to be worthy of being Governor.
(comment edited by Administrator)
I was unsure about Donastorg, but after reading this post I would never vote for him for anything, his people are just as bad as this GOV, I can’t see going for the same thing that we now have, Donastorg act like it’s all about him and now I can see that his people are the same, dont care what they do or who they try to hurt to win, just win, I for one have had all of that type of thing, and will be talking about this to all my friends and family, because these things has to stop.
I think the Mapp / Prosser connection is a very serious issue. I like Mapp otherwise.
Donastorg/Lee Rohn LOL, this is what you and Lee Rohn think that you can tell people to make them vote for you, try something else, anything that come from you and Lee Rohn is just as bad as it coming from this GOV.
I agree about Prosser making politicians nervous. Funny thing is when politicians get greedy they like to attack citizens who have money. I’ve analyzed the Prosser events at 30k feet and forcing him into BK (bankruptcy) actually diminished the value of his and Innovative assets.
According to this article (http://www.forbes.com/forbes/2004/1101/124.html) the assets were worth $1.0 Billion, but now they are worth much less and it looks like bribes are flying around and questionable characters are profiting off of the local telecommunications company. See the attached Demmansay.com analysis http://www.demmansay.com/files/Follow_the_Money_VI_Ratepayers_Fraud.pdf.
Look around at some of the cases in court, either BK or criminal (the Schneider Regional fiasco comes to mind) and I truly hope these private citizens use the court system to teach greedy politicians a lesson.
St.Lucians , Dominicans ,Antiguans and Barbudians our associations will unite , we must and will publicly endorse Senator Donastorg for Governor, A date will be set in which this would happen. Location is already known. We rolled with John in 06 but not agane.
I like both Donastorg and Mapp. If any evidence of corruption surfaces about Mapp then I’m with Donastorg 100%.
I know someone that was at deJongh meeting when they said they have the ‘dirt’ on Mapp. So it’s not Donastorg with the info on Mapp it’s deJongh.
I believe people in dejongh camp are trying to make Donastorg and Mapp out to be enemies and it’s not true. They are planning that when they release whatever info on Mapp his supporters will run to deJongh.
You got it right.