The Alliance stands for a Government that is fiscally responsible:
careful in its spending
honest in its financial reporting and
works for the betterment of our people
Over the past five years Bermuda’s economy has deteriorated. A recent survey showed that more than two thirds of business leaders expect things to get worse.
Government continues to spend more than it raises in taxes, putting the country deeper and deeper in debt.
Capital projects continue to come in substantially over budget.
There is an increasing dependence on International Business, while Tourism continues to decline.
Government debt has exploded to $850 million in 2009.
In 2010 Government has raised both taxes and the debt ceiling, while spending even more.
Bermuda must ‘steady the ship’ if we are to continue to enjoy a successful economy.
The Alliance recognizes that managing an economy is a dynamic and complex task, and that there are uncontrollable global forces which affect our destiny. However we identify the following as key contributing factors to Bermuda’s deteriorating economic situation:
Poor Government financial planning. Government ridiculed those warning of a recession in 2008 as “…running around screaming that the ‘sky is falling’…”
Government has been spending more than they
have been earning.
Bermuda’s economy is too dependent on
Government Revenues are too
dependent on Customs and Payroll Tax.
Our tax system hits lower
Income workers harder.
The Alliance believes:
Government must make a commitment to spend less than they earn, and commit to a 5 year plan that pays down our massive debt.
Our Plan Current Debt Levels vs. Ministry Budgets
Government must use sound judgment in spending and be transparent in decision making.
Government must encourage economic activity by promoting new industries and working with existing ones.
Government must look for new and innovative ways to raise income.
Government should review its tax policy to give relief to those with low incomes.
After incurring more debt in the last 5 years than the previous 395, the current Government’s profligate and irresponsible spending has mortgaged the future of generations of Bermudians.
Bermuda’s reputation as a financially sound and fiscally prudent jurisdiction is in serious jeopardy.
The Bermuda Democratic Alliance understands the important role that Government has to play in managing our economy. We believe that the strategies discussed in this platform will lay a solid foundation for Bermuda to build a stronger and more fiscally conservative future.