Richards hits out at Budget that 'fails' Bermuda

This was a great opportunity for the Premier and her Government to lead the country.

The people were prepared to play their part. They were ready to support steps that could have put the island on the path to recovery and help Government get its financial house in order.

Instead, they got a 15-page statement that simply did not rise to the occasion.

The Budget offered no plan, no direction and very few concrete steps that would give the country hope that recovery was within reach.

The Premier’s statement was a disturbing study in avoidance. Examples are legion:

• Ms Cox saying the Budget is her “first as Premier and Finance Minister”. This is a poor attempt to separate herself from her own seven-year record as Finance Minister;
• Ms Cox’s head-shaking call for a “credible” tourism plan, as though the Government today had nothing to do with its past 12 years in power;
• The Government’s move to redefine public debt – a shell game to make it look smaller than it is;
• The failure to address soaring public debt, with interest charges set to nearly double to $70 million per year. This is more than $190,000 a day in interest charges;
• Verbiage about the need to re-tool the economy for recovery without specifying a way to do it.

Government had an opportunity to lead by example, with Ministers taking a symbolic pay cut as the springboard for belt-tightening reform of spending. But this did not happen.

We support moves to cut employment costs for businesses. But these measures in themselves are not enough. Government could have done much more. 

In the end, this Budget statement is a triumph of politics over responsibility to the short and long-term economic health of the island.

It is shame and an opportunity lost. Bermuda can do much better.