In the runups to recent elections, the PLP was enthusiastic in giving away Government services to shore up their base. These handouts and freebies contributed mightily to our budget deficits and humongous public debt. (Simple bad management and a taste for the high life accounted for the rest.) We just can’t afford it anymore. But [...]
Entries Tagged as 'Economy'
How Broke Are We?
October 3rd, 2011 · Comments Off · Economy
Premier Cox’s “save the retailers” announcement seems to have backfired. The payroll tax holiday is a job preserving move. But the 40% hike in airport duty (combined with a steep reduction in allowances) has people freaked. Is Government that broke? What new taxes will come next? In 2010 Q4 local travellers reported $21 million in [...]
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Timing
September 26th, 2011 · Comments Off · Economy
Unlike the rest of us, the House of Assembly is still on summer vacation. The legislature is expected to stir sometime in early November for the Throne Speech. Now, with the rumours of a Christmas election, one wonders why they’d even bother. After all, the promises of the 2007 Throne Speech were promptly forgotten when [...]
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Resetting the Dial
August 29th, 2011 · Comments Off · Bermuda Politics, Economy
The PLP’s theme for 2011 is “Resetting the Dial”. I suppose this acknowledges that they’ve been way off course in recent years. But it does beg some questions: Who sold them this crappy sundial anyway? It doesn’t seem to tell the time! How does one reset a sundial? Can’t they afford a clock anymore?
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The Labour Vote
August 24th, 2011 · No Comments · Bermuda Politics, Economy
After years of inept management the Bermudian economy has shrivelled. Inevitably we are feeling the stirrings of widespread unrest and conflict amongst Bermuda’s labour unions. However, the wildcat strikes take their frustrations out on the general public. And we too are suffering under the perma-neophytes in the Cabinet. There is an election coming. Your vote [...]
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Mea Culpa
July 25th, 2011 · Comments Off · Economy
It’s always amusing to compare what Bermudian politicians say off the island to what they say to our faces. Over the weekend the Commonwealth Parliamentary Association tweeted the following summaries: CPA_UK (@CPA_UK) Hon Terry Lister (#Bermuda) #CPC2011 Tourism not enough, need legal immigration & incoming business for economic growth CPA_UK (@CPA_UK) Hon. Mr Lister: Migration [...]
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Elephant in the Room
July 21st, 2011 · Comments Off · Economy
With all the talk of how the PLP is screwing Bermuda into penury, and the PLP’s counter-claims that they empathise with our getting screwed, Bermuda is ignoring the elephant in the corner: What is Bermuda going to do when Government revenues in 2011-12 come in below expectations? When, not if. The 2011-12 budget already predicted [...]
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Land Tax
May 11th, 2011 · Comments Off · Development, Economy
Bermuda’s economy is contracting very quickly. It’s not Platinum, it’s the Pucker Period. And here lies an interesting thought. The Government’s policies have led to a significant exodus of high-paid expatriate residents (term limits) and a cooling of residential real estate sales (restrictions on Bermudians with foreign-born spouses). This has led to both a decline [...]
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Rookies Still After 10 Years
April 27th, 2011 · Comments Off · Economy
The mistake the PLP made was to convince themselves that the size of your Government is based on the size of your GDP. It isn’t. It’s based on the taxes your community is willing to support. In their delusion, they doubled the size of the lowest productivity part of our economy. And sought to match [...]
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Sick Leave
April 23rd, 2011 · Comments Off · Economy
Minister Lister has shed some light on the cause of the cuts to the bus service: high levels of sick leave have traditionally been covered by paying overtime to other workers to fill the gaps. With the current restrictions on overtime, they can’t cover the basic schedule. This is not a budgetary problem, it’s a [...]
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