Vexed Bermoothes

Bermuda has racked up $679,000,000 of public debt in just a few years.  Now, FinMin Paula Cox says we need to borrow more.

Here’s the essential problem:

• The Bermuda Government can’t properly account for the way it overspent its past budgets (which themselves have doubled in size).
• And they want to borrow more … without the foggiest clue of how they’ll ever pay it back.

Or, let’s be clear, how you and I will pay it back.

We’ll be scratching the ass of $1 billion dollars in debt soon.  The PLP are not acknowledging that it will need to be paid back.  They have no clue how we can ever pay it back.  Even in this era of low interest rates, they are not acknowledging that the annual interest payments alone are more than the budgets of many Government departments.

The way it should happen is this:  Government would downsize both its expectations and its size, institute rigorous budgets and controls, and get a grip on its finances.  Every Bermuda family has to to do it, and so should Government.

The way it will happen is this:  they’ll raise taxes further increasing the outrageous cost of living in Bermuda.

You thought it was a New Bermuda.  Instead it was a Screw Bermuda.