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Charlotte Amalie
Thursday, October 6, 2022
HomeNewsArchivesYOUNG VI WOMAN DOESN'T WANT MORE DEBT

YOUNG VI WOMAN DOESN'T WANT MORE DEBT

Dear Source,
I generally do not agree with the idea of a "babysitter" to watch over the affairs of the Virgin Islands, however, the administration that is currently in office has proved time and time again that they are incompetent and incapable of handling the finances and welfare of the people of the Virgin Islands.
The individual states do have a cash flow problem, but that is not, in my opinion, the reason why the delegate wants some intermediation in the matter. We should not be compared financially with the mainland economy. There is no reason why the territory should be strapped for cash, and all this continuous borrowing does not make it any easier for the younger generation of the Virgin Islands to bear.
Unlike states on the mainland of the U.S., the government of the V.I. doesn't have an obligation to pay federal income tax or a state tax and many other expenditures that other states are stuck with, leaving more money in the hands of the local people to create revenue for business, that help the territory with employment, etc.. Where is all the money being paid by working men and women and local businesses and the "allowance" from the United States.
I am a 25-year-old who plans to return to my home, St. Croix, to live, and throughout the rest of my years, as a resident of the V.I. I do not want to have this tremendous debt hanging over my head and the heads of my children.
Though Standard & Poors has increased the ratings of the V.I. it is still low and chances are that the bonds will not sell very well in the markets. These bonds will be debts owned by the government of the V.I. (which really means the people of the V.I). Therefore it will be the responsibility of the people of the V.I to pay when the bonds reach maturity. Who's to say that the economy will recover by then, and if it doesn't, what then?
The government has taken on entirely too much debt. It all started with the tremendous raises given to commissioners and other unclassified government employees. It is a fact that the Virgin Islands was already financially burdened, then this. The public sector has too many people working for them who are making entirely too much money. If we could reduce the payroll of the government, we will be able see our way and move to a more profitable territory instead of a more debt ridden one.
Cleone Brandy
Southern Connecticut State University student
New Haven, Ct.
St. Croix resident

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