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53% of voters say economy is biggest issue

Photo by Mark Tatem Shopping and Economy - June 2011

More than half of residents think the economy is Bermuda’s biggest issue and only 11 percent have confidence in the way things are headed, according to a new poll.A Mindmaps poll conducted for The Royal Gazette in July has found that the economy/ unemployment is the top concern for 53 percent of people. Those who expressed concern about the economy were generally equally spread across sex and race but the most concerned age group was those aged from 35 to 44.A total of 53 percent of those who expressed their concern about the economy said they were not confident in the direction that Bermuda’s economy was headed. Just 11 percent said they were confident with how the economic downturn was being handled.Residents were asked using a scale of one to five, where five is very confident and one is not at all confident, how confident are you with the direction that Bermuda’s economy is headed?The statistics showed that a total of two percent of people were very confident, nine percent were confident, and 24 percent were not at all confident.The age group with the most confidence in the economy was the over 65s with 16 percent, while the 35 to 44 year olds had the least confidence with 32 percent.Blacks had a lot more confidence in the economy than whites (14 percent compared to one percent) and women were a little more hopeful (11 percent) than men (nine percent).The other big issues of concerns were crime (for 20 percent of residents) and education (for 13 percent of residents). Other issues mentioned by residents included tourism, housing, racism and independence.Premier Paula Cox said Government had predicted the economy in 2011 would be “sluggish” and it would not fully turn around until 2012 at the earliest.She said: “As I have consistently stated, the Bermuda economy is not isolated from the global effects of the financial turmoil. Clearly Bermuda has been and will continue to be impacted by world events.“Government is committed to helping people and business sectors in difficult financial circumstances through this recession. It will not last forever.“The current economic slowdown is the most severe one to have affected Bermuda since the 1930s. Under these circumstances it is imperative that everyone in the community pull together”.Ms Cox added that Government had taken a number of measures to “assist Bermuda weather the storm” such as establishing a Price Commission and allowing families who have fallen behind in rent or mortgage payments to apply to the Pension Committee to access a portion of their private pensions.Shadow Finance Minister Bob Richards said there were no surprises with the statistics as the One Bermuda Alliance had highlighted the economy as a priority quite some time ago.He said: “It’s the biggest short-term and long-term problem that we have. All other issues are interlinked with the economy.“It’s like the economy is the hub and issues like crime and education are the spokes on the wheel”.Mr Richards said he was aware the “confidence and hope was just not there” as Bermuda’s economy was “very poor”.He said: “The only thing that surprised me about these figures is how long it’s taken a lot of people to catch on. It’s long been an issue, we have been struck by a sense of despondency among Bermudians”.He said: “Now we need leadership that inspires confidence to turn things around, not a Government that reacts to certain events and makes excuses that they are someone else’s fault.”United Bermuda Party leader Kim Swan called on Government to be “more understanding” to “unprecedented numbers of Bermudians” who have found themselves “adversely affected” by the economy.He said more attention should be paid to homeowners who are struggling to pay their mortgages but do not normally qualify for social assistance.Mr Swan said: “Government cannot do it alone and it is important for the financial institutions many who are already acting compassionately to help work with their clients a guide them through these perilous times.”The caring spirit that we instinctively find during hurricanes is necessary now for this category four economic hurricane. The economic decline is worse than the numbers reflect especially for the Bermudians living and feeling it”.A total of 405 Bermuda registered voters aged 18 and above were quizzed in the Mindmaps poll.The data was weighted to be representative of Bermuda’s population on race, age and gender. The margin of error for the study was 4.9 percent.