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Monday, June 23, 2008
The stark reality is that the cost of living today has outstripped the growth in household disposable income of many consumers in both developed and developing countries. This concern was expressed by Barbados Prime Minister David Thompson as he addressed a recently held National Consultation on the Cost of Living. According to Thompson, a growing number of households had barely enough money at the end of the month to pay the bills, to finance mortgages or to cover the expenses associated with raising a family. The PM gave the assurance that steps were being taken to address the situation, not only in the short-term, but also the medium and long term. The proposed solutions include: tackling monopolies and increasing competition by removing the middle-man wherever necessary; addressing the inefficiencies at the Bridgetown Port; and reviewing the structure and nature of taxes on some consumer products.
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