Abraham Lincoln reminded America about the importance of the rich. I know I am grateful for the risk takers that become successful by providing goods and/or services other people want. That’s how many of us have jobs today.
Lincoln put it this way.
“You cannot help the poor by destroying the rich. You cannot strengthen the weak by weakening the strong. You cannot bring about prosperity by discouraging thrift. You cannot lift the wage earner up by pulling the wage payer down. You cannot further the brotherhood of man by inciting class hatred. You cannot build character and courage by taking away people’s initiative and independence. You cannot help people permanently by doing for them, what they could and should do for themselves.” –Abraham Lincoln
I will attempt to make four points:
1. Government spending is the problem, not lack of income.
2. The present tax policy is not a bad one.
3. If we must change our system, what do we change it to? And,
4. Restraints on the growth of the tax system and hence the size of government are crucial.
Most public utterances about this subject from the political class here in The Bahamas suggests that the government needs more tax dollars in order get its fiscal house in order. Seldom, if ever, do they mention less spending.
Our government has increased in size and spending exponentially since The Bahamas was granted independence in 1973, and then borrowed what it over spent and the country is now in debt as a result to the tune of over $4 billion.
The debt levels have increased to such an extent that I am truly concerned that future generations will not enjoy the standard of living many of us in this room have come to enjoy.
