Servicing our growing debt
April 19, 2012
Most financial commentators today are focusing on how much Bermuda has to send overseas every year to simply service the debt that the PLP has created. In 2012 alone, I believe this is going to be $115 million. How many hundreds of millions have we already spent servicing this growing debt? How much money has effectively been flushed down the toilet? Had the PLP not failed and continue to fail so miserably to manage the public purse over the E Brown/P Cox years and Eugene Cox had been granted life to continue the fiscally sound path he was following, Bermuda would have had about $105 Million staying right here, this year and every year, which would help all of those Bermudians who are currently suffering.
Think of how may seniors and families are in distress and what a share of $2 million every single week would do for them. Unfortunately, we don't have the money anymore so they will just have to suffer. Thanks PLP.
While many have been focused on the annual cost of servicing the debt, nobody seems to be coming up with plans to pay down the national debt projected to be around $1,400 million by the end of this year. Even if we could pay this off over 10 years, Bermuda would be sending around $250 Million dollars overseas every year, or more than 25 percent of our entire income, and the Government of the day would have even less to help those who are suffering. The PLP have led us to the brink of bankruptcy and I fear for us all if they are allowed to continue to mismanage what is left of our economy because the sufferings of today will be nothing compared to what will come.
We need a Government who recognises the needs of business, the needs of our job creators and guest workers and the understanding that without them all of Bermuda is doomed. To avoid further upsetting their core supporters, the ones suffering the most, the PLP are still using less than half measures in trying to correct the damage they have inflicted upon Bermuda. We need a Government who will take the hard decisions to get us out of this mess and allow all of our people to grow. We need change and we need it soon.
FINDING IT VERY DIFFICULT TO STAY POSITIVE