{"id":27063,"date":"2012-10-17T08:48:43","date_gmt":"2012-10-17T12:48:43","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=27063"},"modified":"2012-10-17T08:49:59","modified_gmt":"2012-10-17T12:49:59","slug":"government-revenue-miscalculation-serious-problem","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2012\/10\/government-revenue-miscalculation-serious-problem","title":{"rendered":"Government Revenue Miscalculation &#8216;Serious Problem&#8217;"},"content":{"rendered":"<figure id=\"attachment_27064\" aria-describedby=\"caption-attachment-27064\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-27064\" title=\"james-smith\" src=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/10\/james-smith.jpg\" alt=\"\" width=\"200\" height=\"150\" srcset=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/10\/james-smith.jpg 200w, https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/10\/james-smith-150x112.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-27064\" class=\"wp-caption-text\">James Smith<\/figcaption><\/figure>\n<p>The Government\u2019s revenue estimates were off by as much as 16 per cent at the recession\u2019s peak, a key Ministry of Finance adviser yesterday describing this as creating \u201ca very serious problem\u201d that at one point blew the primary deficit up to $640 million.<\/p>\n<p>James Smith, himself a former minister of state for finance in the 2002-2007 Christie administration, told Tribune Business that the higher fiscal deficits run by the Government from 2007-2008 onwards were created by overly optimistic revenue projections.<\/p>\n<p>With government spending in each Budget tied directly to revenue estimates, Mr Smith said it was virtually impossible to adjust the former in time if the Government\u2019s income failed to match expectations.<\/p>\n<p>He told Tribune Business that Baha Mar\u2019s economic impact during construction was \u201cmuch less\u201d than any of Kerzner International\u2019s Paradise Island expansions, due to the workforce being dominated by Chinese labour.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government\u2019s revenue estimates were off by as much as 16 per cent at the recession\u2019s peak, which has created \u201ca very serious problem\u201d that at one point blew the primary deficit up to $640 million.<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[12],"tags":[153,29,98,168],"class_list":["post-27063","post","type-post","status-publish","format-standard","hentry","category-headlines","tag-business-2","tag-economy","tag-financial","tag-politics-2"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/27063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=27063"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/27063\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=27063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=27063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=27063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}