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BERMUDA | RSS PODCAST

Magic, no. Pragmatism, yes.

Is it anti-climax or were expectations too high? There is a sense of ‘what was missing’ when Finance Minister ET (Bob) Richards read the Budget yesterday.But in the cold light of day, what else was to be expected? The focus was on the debt, jobs and the economy the three things most necessary.Although the debt ceiling was raised to $2.5 billion this is a one-off measure with the focus being on paying down the debt, not adding to it although about $333 million will have to added this year.That is no fault of the OBA, it is due to what they have inherited. And this year there is no raiding of the Sinking Fund just to pay off the interest on the national debt.Chasing unpaid taxes is long overdue, help to stimulate the housing market will be music to the ears of virtually every homeowner and the increase in sin taxes will delight the health campaigners.However, what was missing was an increase in the budget for Community and Cultural Development. This newspaper has consistently called for a good social agenda to catch the would-be criminals before they become trapped by a life of crime.Hopefully in time that will still come, but it is shame that that Ministry has only a marginal increase in its budget.Looking to the future, talks with the unions over pay must not fail. Under the previous PLP government, unions agreed to a pay cut, albeit with a reduction in the amount they paid into their pensions (a very short-sighted agreement).There is no need to change their minds now if anything the situation is more dire now. If they do not cooperate, the reasons will be all too obvious.Yesterday this newspaper asked if Bob Richards could make magic, now it appears he cannot, but it does appear that he is the pragmatist the Country needs.