“Premier Paula Cox said that the island's 'economic recovery has begun' at the Bermuda Business Summit yesterday, which provided an update on the Government's efforts to promote and grow business both in the tourism and finance sectors. While she did not state specific reasons why she believed the local economy was in recovery, Premier Cox did say that she attended a promising meeting in London with an executive from the Gulf Co-operation Council region.”

— The Royal Gazette, August 31, 2012

It almost feels like every week we receive some bad news related to Bermuda's economy. We hear stories of persons asking for help with medical bills, senior citizens needing help with rent and families looking for food donations. We also hear stories of public services being cut, charities being underfunded and schools facing closure. There are also stories of increasing numbers of Bermudians leaving our shores for one reason or another.

Last week the Opposition presented its Reply to the Government's Budget. As I read it, I was reminded of the news story from 2012 quoted above. Here we are almost four years later and I am really left wondering what did Premier and Finance Minister Paula Cox see that led her to claim that economic recovery had begun.

Was the Progressive Labour Party in denial about how bad things really were back in 2012? Was it being dishonest in claiming that economic recovery had begun? Was it delusional about those meetings in London? The better question to ask is where would we be now had the PLP remained in power?

To answer that question, we should first consider the numerous auditor reports released before and since 2012. First we have a collection of special reports, which address matters that need “immediate investigation and resolution” because “they could represent a misuse of public funds or a breach of Bermuda laws”.

The special reports on the PLP administration are as follows:

In 2009 we had a Special Report on the Consolidated Fund; in 2010 we had the report on Motor Vehicle Safety and Emissions Testing; in 2011 we had the Misuse of Public Funds Report; in 2014 we had the Report on the Port Royal Golf Course; and in 2015 we had another report, on the Dockyard Cruise Ship Pier.

We should also consider the Consolidated Fund Report for 2010, 2011 and 2012. This report contains the most damning account of financial mismanagement and raises critical questions about what appears to be the most appalling conduct over numerous government projects. This report is now the subject of a Commission of Inquiry.

Let's now consider the PLP's attempt to introduce good governance legislation. Per the Ministry of Finance press statement: “The introduction and passage of the Good Governance Act 2011 and, now, the Good Governance Bill 2012, underscored our commitment to enact measures geared to strengthen financial accountability in government and to enhance our governance framework. We wish to communicate a strong and clear message to the public that Government has zero tolerance for behaviour and practices that do not accord with the highest standards of good governance.”

Given the long list of special auditor reports, particularly the Special Report on the Misuse of Public Funds, I am very much inclined to believe that the PLP's good governance legislation was not a proactive measure, but a reactive one intended to prevent existing mismanagement and misconduct.

Now let's consider Bermuda's ability to increase revenue. Breathing new life into tourism is no easy task, but you must first start with effective leadership. Unfortunately, the aforementioned auditor's reports raise many questions about political interference regarding contracts as well as mistreatment of civil servants. Other problems can be seen with local and international business. The PLP has consistently demonstrated a willingness to attack our sources of revenue out of political expediency. I can think of no better example than the comments made at a PLP town hall meeting just before the 2012 election:

“There's a pile of money sitting somewhere in Bermuda. I see that pile of money being spent now on a campaign by the other side.

“I can tell you now, it's not coming from the black surrogates. It's coming from business and business leaders who are playing a game with our people.”

Yes, our struggling economy has made life in Bermuda miserable for many, and the reality is that it will take a great deal more time, skill and effort for us to get back on our feet. But consider where we would be now if we re-elected a party that jeopardises our financial security. Where would we be now if we had re-elected a party that attacks our sources of income to score political points?

Although we may think that life is hard under the One Bermuda Alliance, a simple review of where we were heading removes all doubt that our economy is far better off under the OBA than it would have been had we remained with the PLP. We will struggle for some time to come, but the alternative was far worse.

• To reach out to Bryant Trew, e-mail bryanttrew@mac.com