What Recession?

Let's be real with ourselves folks, the average Trinidadian is not poor. He does not know what 'poverty' truly means. I say this because there has been a lot of debate lately about 'belt tightening' and 'untightening' courtesy the Honourable Prime Minister. Everybody who can speak English has an opinion about Trinidad and Tobago's economy. The Central Bank Governor says we are not in a recession http://guardian.co.tt/news/general/2009/08/12/central-bank-governor-recession-no-cause-panic. I agree.

I came to this conclusion on Tuesday, while I was at my hairdresser's. I learnt there that a popular mass band, Tribe had sold out its costumes for carnival 2010 in less than 7 minutes after allowing persons to shop online. A typical carnival costume costs about 600US or more. But there are other indicators of wealth. In the last few years American food chains like TGIF and Ruby Tuesdays are now likened to KFC. They are no longer considered 'posh' places. They are well patronised by everyone, from the entry level public servant to business executives (I confess I am a regular). This morning on my way to work I noticed a few Land Rovers, and Mercedes. Some years ago, those vehicles would have drawn stares- not anymore! When the global recession that originated in the United States started last year, I expected us to go into free fall here. But I am still waiting. Prices are still high, businesses are still doing well, people party and travel. It is business as usual albeit there have been lay offs in the construction industry.

For me I remain cautious, I still remember my parents talking about the effects of the last oil boom in Trinidad, which burst in the 1980's. Most of us were too young to appreciate the financial hardship that resulted. I fear we will repeat the same mistakes.