ImmiMin Burch announced that, even though Cabinet had approved the new 10 year work permits, he does not intend to issue any. FinMin Cox announced that, even though the House has approved the “Economic Spendulous” budget, she does not intend to spend it all. Happy April Fools! It is fitting that all our taxes go [...]
Entries Tagged as 'Budget'
Economic Spenduluous
March 30th, 2010 · 1 Comment · Economy
The Government is trying to position its blockbuster budget as being an economic stimulus. Except no-one can pin down exactly what part of the economy it’s stimulating except public sector flab and waste. Maybe we should call it the PLP’s “economic spenduluous”. The news has been rife with new layoffs this week … primarily affecting [...]
Tags:Budget
Quote
March 24th, 2010 · No Comments · Economy
Larry Burchall continues his biting analysis of the Bermuda Government’s incompetence and financial follies: In 1940, a great Englishman said: “Never… was so much owed by so many to so few.” In 2010, a great Bermudian might say: “Never… was so much owed by so many because of so few.” The full extent [...]
Tags:Budget
Confidence, Waning
March 17th, 2010 · 1 Comment · Bermuda Politics
I don’t think anyone has any real confidence that Government will act to restrain its spending, or plan to work down the debt without strangling the community with taxes. The budget debate has eroded confidence even further. First, there are the long-winded and meandering briefs by Ministers and their proxies which preclude any debate on [...]
Tags:Budget
Rebalancing
March 13th, 2010 · Comments Off · Bermuda Politics, Economy
Finance Minister Paula Cox admits that she must “rely on the residual goodwill” within the business community. And that there sums it up: they’ve been relying on the residual goodwill for so long that there’s not much goodwill left but residue. She also scoffs at the business community’s squeals at being squeezed so hard to [...]
Tags:Budget
Bermuda’s Biggest Problem
March 10th, 2010 · No Comments · Bermuda Politics
The biggest problem with this years budget is that, even with the big tax increases, it still leaves the Bermuda Government operating with a substantial annual deficit ($145,000,000 deficit for this year’s operations, and $1,065,000,000 for the Consolidated Fund). A reduction in Government spending is the only option, or we’ll be faced with even larger [...]
Tags:Budget
2010 Budget Debate
March 9th, 2010 · No Comments · Bermuda Politics
The “Road to Ruin” budget is an important one, as it deals in levels of Government expenditure and debt never seen before in Bermuda. As in previous years, Government does not make it easy for the citizenry to watch what they are up to. They do not make the debate schedule publicly available on the [...]
Tags:Budget
Road to Ruin
March 5th, 2010 · No Comments · Economy
The UBP has given their Reply to the PLP’s Disasterous 2010 Budget. It is scathing. Read it below the hop. They focus on a few areas in particular: “The Government is banking on a recovery taking place this year. We believe recovery this year is unlikely. Imposing tax increases at this time is the wrong [...]
Tags:Budget
Essential Problem
February 4th, 2010 · 1 Comment · Economy
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 [...]
Tags:Budget
Pliable
February 3rd, 2010 · No Comments · Economy
The Minister of Finance published a controversial opinion last week that she should not be held accountable for the Bermuda Government runaway expenditure, deficits, and debt. She implies that she does not have the support of Cabinet to enforce financial discipline and hides behind “collective responsibility”. She said: I can indicate support or objection. However [...]
Tags:Budget