Townhall graphs updated aug 18 11


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Townhall graphs updated aug 18 11

  1. 1. Let’s get Bermuda Working Again
  2. 2. OBA Core Principles <ul><ul><li>Opportunity </li></ul></ul><ul><ul><li>Safety & Security </li></ul></ul><ul><ul><li>Fairness </li></ul></ul><ul><ul><li>Integrity </li></ul></ul><ul><ul><li>Transparency </li></ul></ul><ul><ul><li>Inclusiveness </li></ul></ul><ul><ul><li>Responsibility </li></ul></ul><ul><ul><li>Service </li></ul></ul>
  3. 3. Bermuda Government debt has skyrocketed in recent years, now standing at about $1.2 billion – some 580% higher than in 2004.
  4. 4. The Bermuda Government has been spending more than it takes in since 2003.
  5. 5. For the last 3 years government has not been able to meet current expenses without borrowing. The last data point is an estimate for the current year, which we think will be a deficit as well
  6. 6. SAUL GIBBONS E. COX P. COX Three previous Finance Ministers kept spending close to or less than their budget estimates. But Premier P. Cox, as Finance Minister, has blown her own budgets by huge amounts every year.
  7. 7. The total number of jobs held by Bermudians has steadily fallen since the year 2000, even during times of plenty. This is an indictment of the Government’s protectionist policies that have alienated the international business sector while failing to generate jobs for Bermudians
  8. 8. Government Reform <ul><li>Freeze size of civil service , allowing it to reduce by attrition. </li></ul><ul><li>Institute a S.A.G.E. commission </li></ul><ul><li>Reserve 20% of government spending with private sector suppliers for small business. </li></ul><ul><li>Government should pay bills <30 days </li></ul><ul><li>Reduce ministers pay by at least 10% </li></ul><ul><li>Unclog Dept. of Planning and the planning process. </li></ul>
  9. 9. Revitalize Tourism <ul><li>Implement accountability and expertise via a Tourism Authority. </li></ul><ul><li>Search for new investment in tourism infrastructure. </li></ul><ul><li>Identify all the elements to make that investment a reality, then implement them . </li></ul><ul><ul><li>That would ensure </li></ul></ul><ul><ul><ul><li>actual incoming tourism investment, </li></ul></ul></ul><ul><ul><ul><li>the employment to build it, </li></ul></ul></ul><ul><ul><ul><li>thereafter increased tourist arrivals and spending. </li></ul></ul></ul>
  10. 10. Renew Hamilton <ul><li>Reassess existing protectionist 60/40 legislation to enable foreign investment in the redevelopment of the Hamilton waterfront. </li></ul><ul><li>Work closely with C.O.H. </li></ul>
  11. 11. Bermuda Risk Institute <ul><li>Leverage the existence of Bermuda based intellectual capital with a Risk Institute, targeted globally. </li></ul><ul><li>In conjunction with a major risk management university, the Bermuda Risk Institute would interact with local risk management executives. </li></ul><ul><li>This would bring students and other participants to our shores who would spend money in our economy. </li></ul>
  12. 12. Investment Management <ul><li>A major opportunity exists to bring new investment firms here, not tax driven, but regulation driven. </li></ul><ul><li>This initiative needs to be strongly marketed by investment people, not government. </li></ul><ul><li>Targeted investment personnel would most likely originate from ex-USA because there is no significant tax advantage for Americans. </li></ul>