A NEW AND BINDING COVENANT FOR STABILITY, EQUITABLE GROWTH AND PROSPERITY Finally, let me use this opportunity to thank my family – my wife Sandra and children – one of whom has been bold enough (or foolhardy enough) to follow me into this Parliament. Words cannot adequately express my appreciation for their caring, advice, and love; without which I would not be able to withstand the vicissitudes of public life.
2.0
JAMAICA 50 YEARS ON Mr. Speaker, this budget debate assumes special significance for the fact that it is taking place in the year that we celebrate the 50th anniversary of our Independence. We have a lot to celebrate, for no one can deny the genuine progress that our country has made over these fifty years. We have sustained and deepened our democracy; we have created a more egalitarian social order by providing unprecedented access to education and training at all levels, the improvements to our healthcare system have made life expectancy in Jamaica comparable to that which obtains in the developed countries of the world. Our performance in housing construction and the modernization of our physical infrastructure is a source of national pride. Our Artistes and Athletes have stamped the imprint of Jamaican culture on the consciousness of the world. Yet, for all these achievements, there are deficits on our national balance sheet. One major deficit is our failure to achieve sustained economic growth. Average income per person today remains the same as it was in 1973. Average annual growth rates have been 0.8% over the past 40 years. In other words, Jamaica has not fulfilled the economic mission envisaged by the founding fathers.
Unfortunately, to compensate for the weak growth performance over the years we have witnessed a build-up of an unsustainable public debt stock which now stands at J$1.7 trillion which constitutes an increasing 5