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Bda powerpoint economic platform sb 2 1

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    Bda powerpoint economic platform sb 2 1 Bda powerpoint economic platform sb 2 1 Presentation Transcript

    • Economic Platform
      • Background
      • 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
      • Background
      • 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.
      • Background
      • 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.
    •  
      • Background
      • 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.
      • Problems
      • 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:
      • Problems
      • Poor Government financial planning. Government ridiculed those warning of a recession in 2008 as “…running around screaming that the ‘sky is falling’…”
    •  
      • Problems
      • Government has been spending more than they
      • have been earning.
      • Problems
      • Bermuda’s economy is too dependent on
      • International Business.
      • Problems
      • Government Revenues are too
      • dependent on Customs and Payroll Tax.
      • Problems
      • Our tax system hits lower
      • Income workers harder.
      • Our Plan
      • 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
      • Our Plan
      • 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.
      • Summary
      • 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.
      • Summary
      • 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.
    •