A third pillar needed for economic survival
The Revolution Will Not Be Televised — Gil Scott-Heron
As a country we have to begin thinking more and more critically about how to diversify our economy.
No matter what some may say, the reality is that IB will continue to merge and consolidate. IB will continue to outsource and downsize.
The net result is we will see a net loss of persons working in IB which will have a knock-on effect on:
• Office rentals
• House rentals
• Payroll tax revenue to Government
Coupled with this downturn in IB, we have a tourism product that is attempting to be rebranded and revitalised. On one hand we have a few hotels possibly on the horizon, yet on the other hand we have less flights arriving causing a significant drop in air visitors.
So with those two facts we have near zero option but to look for that ever elusive third pillar for economic survival and success.
It is time to evolve our economic base and tax structures
Along the way of looking for that third pillar, there are some fundamental things we must as a country seek for social survival and success.
Many of us need to re-evaluate our priorities and goals.
The days of wasting money on multiple shopping trips and or cruises have passed us by.
There are probably four main things our income should be used for at this point in time:
• Saving for a down payment on a home
• Paying our mortgages
• Educating our children
• Saving for retirement
The harsh reality is on any given day, anyone of us could be made redundant due to companies cutting expenses and or going out of business.
Cutting out unneeded expenses is akin to cutting out excessive intake of sugar.
We must evolve our own personal financial outlooks.
Speaking of sugar, too many of us have adopted unhealthy lifestyles in regards to our physical and mental health. We need to get more frequent health checks inclusive of:
• Mammograms for women and men
• High blood pressure
• Prostate examinations
• Heart Disease
We have rising health costs because of a number of factors inclusive of an ageing population and increasing amount of persons taking ill with serious health issues.
Part and process is the foods which we intake. Too many carbs and sugars and not enough fruits and vegetables.
As a country we must be more proactive in our use of medical advances that are available to us.
Diagnostic imaging and other tests can now help us to detect possible chronic diseases well in advance of them taking hold of our health.
We must evolve our eating habits and health checks.
As a country we have been used to defining things along lines divided into black and white columns.
In the year 2015, more and more Bermudians are involved multiracial relationships. These relationships are producing multiracial children who will see life through a different lens than many of their relatives of either ethnicity.
We know traditionally mixed race persons have been defined as black regardless of having a non-black parent. Yet more and more of these individuals no longer define themselves by societal standards.
As such, in years to come less and less persons will be ticking either the Black or White boxes in regards to social circles, school choices or voting patterns.
We must evolve and discuss openly and honestly the historical and present day racial issues confronting our Island and the ever changing demographics.
Change is inevitable. We will control the change or change will control us.
The Evolution will be Televised