In an article several weeks ago, I explained, like others before me and since, the debt burden being carried by every voter in our country. In response to the truth, the governing party went on the attack via their website and accused me and my colleagues in the Bermuda Democratic Alliance of trying to protect alleged "clubby" friends from Front Street. This is absolutely laughable and shows the desperate lengths to which some in the governing party will go to try and smear and tarnish those who are simply telling the people the truth.

The governing party challenged me and the Bermuda Democratic Alliance as to what we would do to save Bermuda during this economic downturn (which has been exacerbated by overspending and a colossal failure by the governing party leadership to save for a rainy day). In the severe economic times that Bermuda is experiencing, and that were clear would be impacting Bermuda to anyone who would accept the facts over a year ago, the governing party should have been cutting unnecessary spending, but not on necessary services. The Bermuda Democratic Alliance certainly would not have raised payroll tax which has hit the lowest earner in Bermuda the hardest! Obvious examples of expenditure that the Bermuda Democratic Alliance would be cutting if we were the Government would be:

1.Reducing the purchase and use of GP cars and restricting the number per Department and making more use of car pooling.

2. Ensuring strict adherence to the limits of spending and use of Government Credit Cards especially overseas. Set limits on hotel and travel costs regardless of who is incurring them.

3. Cease sending teams of senior Government officials on overseas trips unless there is a predefined cost/benefit.

4. Cutting costs by demanding discounts and promotional events from outside parties such as advertising agents.

In addition we would, as a start:

a. Define a 5-year rolling surplus target, as part of an overall financial strategic plan.

b. Increase transparency of Government expenses through more detailed and timely public reporting and expand the influence and powers of the Public Accounts Committee.

c. Increase the transparency and effectiveness of the Government tendering system. Increase access to Government projects for small businesses. Ensure that all Departments, Ministries and Quangos use the same procurement system and operate under the same spending procedures.

d. Consolidate the resources of the Ministry of Tourism and the Bermuda International Business Association into a Ministry of Commerce, reducing costs, while increasing co-operative relationships with business partners both locally and internationally, and to investigate ways of diversifying the economy into other international sectors such as asset management.

e. Undertake a competitive analysis of other similar jurisdictions; review the work permit process, seeking ways to improve results for Bermuda, Bermudians and Bermuda-based companies.

f. Consider reverting to a duty system that defers duty collection until goods are sold – perhaps similar to VAT.

g. Establish a 'Low Income' Payroll Tax bracket for businesses with employees making $50,000 Annual Salary or less, with a reduced percentage tax on both the employee and employer.

h. On an ongoing basis conduct an effective analysis of the budget and its impact on Bermuda's future financial position. i.e. 5-year planning process.

i. Explore potential privatisation of some roles/tasks performed by the civil service. Review the potential for Worker Cooperatives. Promote new industries in an effort to diversify the economy, employment, and Government revenue streams.

j. Expand the influence and authority of the Bermuda First initiative. Explore alternate sources of Government revenue and foreign cash inflows.

k. Support development of Hamilton as a dynamic residential and cultural hub enabling continued growth whilst limiting environmental impact to the rest of the Island. Consider a provision of incentives for companies who have workers living in Hamilton. Relocate Government services to St George's and Southside to boost the income of the town and reduce rental of office space in Hamilton.

My colleagues and I in the Bermuda Democratic Alliance are not interested in protecting the interests of the chosen so called "clubby" few – but we are interested in protecting Bermuda's fragile economy and encouraging prudence from government in the face of adversity. We demand Government policies which are fair and transparent and reward hard work, family loyalty, trustworthy behaviour and initiative. We demand that Bermuda should have a Government that is fiscally responsible: careful in its spending, honest in its financial reporting and works for the betterment of all our people. We demand that Government should protect Bermuda's assets for our children through protecting the environment, preserving our public institutions and prudently managing public assets. We demand political leadership that acts for the greater good of Bermuda both locally and abroad and prepares us for the future. Are these terrible demands? Are these demands going to protect the "clubby" few or are they in the best interests of all of Bermuda's people?

Governments around the world are implementing austerity measures to save their respective economies. We must recognise the reality we are facing. It is time to stop the ostrich syndrome and face the truth. We must act now. We must stop the rot and the waste. We must change the Government. That is the Better Way.

l Michael Fahy is chairman of the Bermuda Democratic Alliance