VSB is reporting that Dr. Brown’s speech tonight, the source of many fatalist rumours on the island, is on the subject of “Bermuda: the next 400 years”.
I suppose its easier to talk about the next 400 years, than the mismanagement of recent years, or the financial pain of the coming year. Despite the empty storefronts in town, I believe the economic recession is just beginning to show its teeth here.
In yesterday’s news, a local headhunter estimated that Bermuda’s economy will shrink by 1,000 jobs this year … and may shrink by 1,000 more in the next.
Estimating conservatively, if each of those 1,000 lost jobs was paid $50,000, that’s $50 million that is not sloshing around the Bermuda economy. That’s tens of millions of Government fees that are not being collected. That’s thousands of square feet of surplus office and housing not earning rent. And so on …
In most places in the world, the economy – and local government’s approach to stimulating it – is the top of the agenda. Here, our leaders seem too self-absorbed to bother.
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