Vexed Bermoothes

Blustery Opinions From Bermuda

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SAGE Commission

July 29th, 2013 · No Comments · Accountability

Giving credit where credit is due, I think this chart was supposed to be PLP green:

Bdadebt

When your debt per citizen is growing at $10,000 per year, it’s a clear sign you are doing something wrong.

The interim report from the SAGE Commission is out:  Read it now!

The scariest message is the total unfunded liability for the three pension funds run by Government is close to $3 billion.  In effect, that means if you are in your 30s, you probably won’t get a pension unless the plans are reformed and fast.  As the SAGE Commission said: “promises will have to be broken.”  Unavoidable, but still ouch.

I applaud the SAGE Commissions’ efforts to “define” the problems that Bermuda faces.  In my opinion the hallmark of the PLP was that they put in lots of fixes for problems that did not exist, or undertook costly “look busy” kneejerks that in fact caused more problems.  The OBA has a hell of a hole to dig us out of, and those affected (public, civil servants, etc) have to be perfectly clear on the nature of the problems before they can buy into possible solutions.

I had to LOL when SAGE mentioned the major reports commissioned by Government over the years that disappeared.  I can think of a dozen without even trying.  The issue here is that Government is so secret – they hide the reports, thus making it easier to ignore them.  Here’s one reason we should have PATI (or public access to information/freedom of information access).  If the reports were public, at least we could comment on them … and push for action to occur.

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