bda powerpoint economic platform sb 2 1
TRANSCRIPT
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Economic Platform
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BackgroundThe 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
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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.
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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.
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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.
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ProblemsThe 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:
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ProblemsPoor Government financial planning. Government ridiculed those warning of a recession in 2008 as “…running around screaming that the ‘sky is falling’…”
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ProblemsGovernment has been spending more than they
have been earning.
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ProblemsBermuda’s economy is too dependent onInternational Business.
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ProblemsGovernment Revenues are toodependent on Customs and Payroll Tax.
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ProblemsOur tax system hits lowerIncome workers harder.
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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.
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Our PlanCurrent Debt Levels vs. Ministry Budgets
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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.
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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.
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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.
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