The Bermuda Government under the PLP provides a constant circus of conflict, allegations, and political machinations.
That’s bad for Bermuda.
It’s good for the PLP though, because it keeps people focussed on the scandal-du-jour instead of seeing the big picture.
And that big picture is not pretty.
Larry Burchall points out that Bermuda’s Net Public Debt was $198,159,000 in February 2007.
In the very same paper, Paula Cox admits that Bermuda’s Net Public Debt today is $679,000,000 (excluding the $200 million guarantee made on behalf of the Bank of Butterfield).
In three years, the public debt has grown by $480,481,000!
And that’s before the economic recession really dug it’s teeth into Bermuda – that debt is likely to go up by $xx0,000,000 again this year!
Prudent and efficient? Gold Standard? I think not!
Minister Cox admits she doesn’t have as much control over budgeting as she’d like:
I can indicate support or objection. However the sponsoring minister(s) knows that I cannot overrule their request unless I have others who join with me to support and uphold my position.
With the turbulence in Cabinet in recent years, it’s my opinion that it’s highly unlikely that anyone is holding Ministers accountable. And it shows. Oh, and by the way, that’s the LAMEST EXCUSE EVER from a Finance Minister.
The budgets have grown massively. And still the Ministries overspend. And there is no consequence for the politicians. In the US they have a charming tradition of naming legislation after the politicians that proposed it. I suggest a Bermudian variant. The Bermuda national debt – which will be with us for many years – should be called the “Brown/Cox Debt”.
Listening to the apologists on the local radio shows, the common denominator seems to be the old racial “it’s our turn” battle line. They seem to think that this extended waste and mismanagement will not impact them.
They are wrong. The costs of the constant circus are mounting fast, and only we Bermudians will be left holding the bucket.
Global Voices Online » Bermuda: Busting the Budget // Jan 28, 2010 at 11:58 am
[...] And that’s before the economic recession really dug it’s teeth into Bermuda”: Vexed Bermoothes says that “the costs of the constant circus are mounting fast, and only we Bermudians will be [...]
Pliable // Feb 3, 2010 at 9:24 am
[...] Minister of Finance published a controversial opinion last week that she should not be held accountable for the Bermuda Government runaway expendture, [...]