Poor economic planning
Homeowners feel pinch
February 13, 2012
This Government’s economic policies are having a negative and often overlooked impact on Bermudian homeowners.
Until recently, Bermudians who built or purchased homes with attached apartments have rented out those apartments to guest workers. The rent paid by these guest workers has helped these Bermudians pay down their mortgages and become an accepted and important part of a homeowner’s financial planning.
Today, however, one only has to walk through any neighbourhood to see many of those apartments sitting empty as a result of companies either shutting down or cutting back operations.
Sadly, even Bermudians who have been able to stay employed are now feeling the effects of this Government’s poor economic planning and skyrocketing borrowing.
A $1 billion-plus national debt whose impact affects not only these homeowners, but every business, service provider and charitable organisation that touches their lives.
It’s time for a new national economic vision with innovative policies that don’t simply shuffle Bermudians into low paying positions but creates new opportunities and good paying jobs that Bermudians can be proud to hold.
Only then will the futures of many Bermudians and Bermuda’s homeowners be secure.
GLEN C SMITH
One Bermuda Alliance