Let's Get Bermuda Working Again
Earlier this month, our Shadow Finance Minister E.T. (Bob) Richards, in the first of a series of public meetings, started laying out the OBA’ s plans to grow jobs, reduce the debt and get Bermuda working again. Bob’s analysis of the Island’s economic situation was supported by graphs outlining some of the significant trends in today’s economy. People have approached the OBA to see them again, and so we do so in the following slides:
Bermuda Government debt has skyrocketed in recent years, now standing at about $1.2 billion – some 580% higher than in 2004.
The Bermuda Government has been spending more and more than it takes in since 2003.
For the last 3 years government has not been able to meet current expenses without borrowing. The last data point is an estimate for the current year, which we think will be a deficit as well
Three previous Finance Ministers kept spending close to or less than their budget estimates. But Premier P. Cox, as Finance Minister, has blown her own budget by huge amounts every year
The total number of jobs held by Bermudians has steadily fallen since the year 2000, even during times of plenty. This is an indictment of the Government’s protectionist policies that have alienated the international business sector while failing to generate jobs for Bermudians.
Link to view on Bernews