We welcome the continued call by The Gleaner, most recently in its editorial of July 21, for a 'national, non-partisan and serious dialogue on debt restructuring'. 'Debt restructuring now crucial' is the headline this time but it has been preceded with similar editorials on April 8 and 9, and May 27 together with an Editors' Forum on May 17.

In the July 21 editorial, The Gleaner pointed out that "many of the holders of Jamaican government debt are Jamaican nationals who have enjoyed a long run of this windfall and who, we suppose, have a stake in Jamaica's future. Enlightened self-interest underpins the logic of rebalancing. The consequences of instability or collapse ought to frighten them".

This is exactly the point we - the Campaign for Social and Economic Justice (CSEJ) - have been stressing. Shareholders in failing private companies would not expect handsome dividends. They would, in fact, expect to see the value of their investment diminish, rather than grow as if there were no tomorrow. So why not also in this case with the national debt?

Grave injustice

Where we would differ with The Gleaner is regarding the need to shed thousands of public-sector jobs. It is a grave injustice to inflict the burden on this group when those with greater resources (domestic investors) escape. It is for this reason that the CSEJ has gone further than The Gleaner and called for, if necessary, a unilateral rescheduling of the domestic debt. Perhaps, the prime minister can announce such a measure next Sunday, as he did with the public-sector pay freeze (effectively a cut) just before the Budget.

None of this is to argue that restructuring or even repudiating the debt is enough. There is an urgent need to force greater tax compliance by individuals, private businesses and even government bodies. The Internal Revenue Service does that in the United States of America, so why not here? Combined with debt rescheduling, this would allow interest rates to fall and the economy (and jobs) to grow.

I am, etc.,

PAUL WARD

Campaign for Social and

Economic Justice (CSEJ)

pgward@cwjamaica.com