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BERMUDA | RSS PODCAST

Opposition take aim at economic record and call for election

OBA LeaderCraig Cannonier

One Bermuda Alliance Leader Craig Cannonier urged Government to call the election as he poured scorn on the ruling party’s claim that the economy is recovering.Meanwhile, the United Bermuda Party joined the official Opposition in a chorus of dismay at the latest unemployment statistics.Mr Cannonier pointed to the most recent results of the Labour Force Survey to rubbish Premier Paula Cox’s claims of economic recovery at a press conference yesterday morning.“We had an eight percent unemployment rate come out this week,” said Mr Cannnonier.“That is a staggering number of people — 3,300 unemployed.”He noted that the figures came from a survey conducted in May, and unemployment had doubled since 2009.“Dozens of businesses have closed and there have been hundreds of layoffs since that time. It would be very interesting to know where the employment stats stand right now.”The Labour Force Survey released this week was conducted between May 13 and 19 this year.It revealed that 10,000 residents — or more than a quarter of the Bermuda workforce — are either unemployed or underemployed. It found a ten percent unemployment rate among Bermudians and that black men accounted for 75 percent of the unemployed males. Thirty-six percent of young Bermudians could not find work, the survey results showed.But it also found increases in sectors such as international business — up from 3,802 to 4,094 — and financial intermediation — up from 2,741 to 3,131. The business services sector also added more than 500 workers and the struggling retail and repair services sector added nearly 200 jobs, according to the survey.Government’s immediate response to the survey findings was that it was putting in place short-term stimulus programmes and medium- to long-term changes in policies, programmes and legislation to drive economic growth and job creation.Meanwhile a ruling party statement issued last night suggested that Bermudians should take the “long view” noting that median income had increased by $20,000 since 2000.Reality does not match Premier Paula Cox’s rhetoric that the economy is recovering, Mr Cannonier insisted yesterday.Despite spending millions of borrowed dollars, “we are still spending less on Bermuda and less on Bermudians. That is not an economy in recovery”.“That means we are continuing to contract. And what that means is that more and more people are finding themselves without work. More and more businesses are essentially closing down.”Interim UBP leader Kim Swan echoed much of Mr Cannonier’s sentiments in a statement released on Thursday.He noted that the Labour Force Survey results showed that as joblessness escalated, Government “was still spending extravagantly” and had ignored the UBP’s call for “greater financial prudence, transparency through the proper tendering of projects and the need for balanced current account budgets”.Mr Swan said: “The doubling of unemployment from four percent in 2010 to eight percent in 2012 is huge and in real terms we are talking about thousands of Bermudians out of work and thousands of Bermudians working far below the income threshold required to cope with the high cost of living in Bermuda.“In the immediate time frame — in the absence of unemployment benefits — it is important for there to be consideration for those struggling in Bermuda.”Mr Swan advised locals facing economic hardship to seek advice, work with their creditors and re-evaluate spending habits to reflect earnings.“These current statistics tell the painful story of a difficult time for us, the Bermudian people. It also reflects how a spend-happy government with very limited reserves and now a huge debt burden has placed the Bermuda people in the most vulnerable economic position in modern history,” Mr Swan said.At his party’s press conference, Mr Cannonier denounced Government talk about a work permit forum and ending conscription as electioneering.His party has been saying “all along” that the work permits regime needed to be looked at, he said.He noted that a third of young people are unemployed and asked, “How long have you had conscription on your table, Government?”Even with rising unemployment, a job fair that attracted 900 people for 130-odd jobs couldn’t take place this year due to cuts, he added.“We’re not standing strong, we’re continuing to fall,” Mr Cannonier said.“It is now time for truth and reconciliation. It is now time for our Government to stand on this record and it is now time for Bermuda to judge our Government based on this record.”Mr Cannonier said his party is committed to social and economic equity for all.“Bermuda is frustrated and I say to our Government — call the election,” he demanded. “Bermuda is tired. Bermuda is frustrated and it wants to move on.”Premier Paula Cox told delegates at her party’s annual conference on Wednesday, that the election will be held before the year ends.While only the Premier’s candidacy remains to be announced for the PLP, the OBA is yet to roll out candidates for four districts.Mr Cannonier insisted yesterday that his party had already selected a full slate of 36 candidates.