Heavy job losses in Bermuda after 14yrs of plp govt incompetence
THE PLP PUTTING BERMUDIANS OUT OF WORK EVERYDAY
Slew of redundancies
10,000 more than a quarter of the Bermuda workforce ,are either unemployed or underemployed.More than 2 years out of date,many businesses have closed or downsized since then.
Another PLP 'achievement' 60 jobs lost at Coral Beach Club
Associated Cuisine’s last remaining businesses, Maria’s Ristorante and Fresco’s wine bar, closed
Condo prices plunged 29% this year!
More merchants close St George’s stores: Crisson’s,AS Cooper’s,Cracker Box,3d season without a regular cruise ship and no ground-breaking on the proposed Park Hyatt resort.
Hamilton has more than 600,000 square feet of empty office space that could accommodate up to 4,000 city workers
Park Hyatt resort has been terminated.Why blow Club Med up in the first place? Typical PLP. Lots of big talk and boasting… A loud explosion… Lots of smoke and dust
11 percent of registered voters had lost their jobs in the last 12 months,Job situation prospects dim, say business leaders
Ms. Piggy, Flip flop & entourage slurp champagne & caviar, posing with Bubba Clinton, sucking up the limelight in NYC. Inflation rises as income falls=Stagnation, the deadly quicksand that Erat Brown & his gangsta plp govt have put Bda in!
Ms. Piggy, flies off yet again,to the Global Women’s Forum Memphis, TN, at the deluxe Peabody Hotel..
This is why Bda Inc. is in the toilet, when a hard working developer, Kevin Petty,invests millions of his money into Newstead/Belmont,only to be bushwhacked by Banks & plp govt,while Jamel Hardtman ,a draft dodging,HATE radio plp propagandist gets promoted at Bermuda Sun,are they that desperate for govt advertising?.
More layoffs at HWP,One of the last things a permit holder does is sell cars,bikes,boats on eMoo currently 93 ads cars For Sale,86 boats & 132 scooter ads.meanwhile:Minus Brains Minors,Minister of Economy, Trade and Industry, is partying in Barbados,thanks to TAXPAYERS at the African Diaspora Heritage Trail Conference.
Major concrete company has shed 40 percent of its staff in the past two months "Those not involved in the two major projects, KEMH and Waterloo, are fighting over scraps to stay in business."
“recovery” in name only.Cog is trying to latch a ride on Obama's election bus, but she can't shed her role in the carpetbagger,Erat Brown's, destruction of Bda Inc."Wealth creation in America (Bermuda)has become so difficult, and wealth destruction so common, that in many respects the recovery, which is not a recovery at all but a period of indefinite stagnation, has become worse than the “Great Recession” that allegedly ended in 2009."
Cog shares stage with Bubba Clinton at NYC conference:While she is off blabbing at conferences and accepting awards she ignores problems & fabricates a cover up to her disastrous record ,as Finance manager, too busy thrusting her snuffling snout in the taxpayer's trough,for another photo op for her vanity wall, Bermuda's money would have been better spent in Monte Carlo with key reinsurance people from around the world..
Fat Pigs at the trough don't give a rats ass about unions or business: sabotage a whole block of businesses forcing shut down : Foul Smelling Liquid Floods Bakery Lane,this is the result of Black Beret terrorist plp govt , as Handbag Col.Burch said "We don't care what you think!
31th Labour Day has morphed into a plp black power agenda, nothing to do with labor,no labor leaders from abroad as guest speakers,just paid political race pimps from corrupt Caribbean banana republics.I bet all the 5000 unemployed & laid off workers from Willowbank and Whites would love to have a gourmet meal like these pigs at the trough
Depths the BIU stoops to ,Louis somner,BIU’s American race baiting communist agitator, is now after West Pembroke Pentecostal Assembly, having failed trying to boycott KFC,White’s is bankrupt,nobody wants to but it,86 workers added to unemployed lines,but this fool’s trying to start a war with a church over closed Nursery and Preschool!
Construction is DEAD, lectures from liar & thief is BS from the lil plp pimp Zane DeSilva,
his company,Island Construction,has benefited from plp friends & family,pay-to-play non tendered contracts,made him a multi-millionaire! likewise Dennis Coreia's Construction,both of these companies are NON-UNION!
White & Sons Warwick stores,Southside & Haywards forced bankruptcy,85 jobs lost!
But plp borrow billions to pay for MP's,pension,sperks, trips & parties for plp insiders,friends & family,& over paid civil servants,unborn generations will have to pay the bills! The actual debt adds at least three billion to the bottom line, with the unfounded liabilities of pension and healthcare, not to mention the PPP projects such as the hospital which are off the balance sheet, but KEMH alone adds half a billion debt that has to be paid. since the Government never completed the Pay/Pension deal with the Unions that this figure will only grow.
While fat fool Wayne Furbert travels the world ,desperation rises for growing unemployed ,with no hope in sight
,now Furbert' s in China! staying at the Hung Low motel, singing Bermuda's another world.
when does the DVD come out of Flip Flop's world tour ?
Report: Bermuda employers not optimistic,hesitant to invest and hire Hopeless is a better description.plp govt. stands like a deer in the headlights of an oncoming truck
people on financial assistance has nearly doubled in the past seven years, and the amount they’re receiving has dramatically increased
The demise of Bermuda is like watching a slow lingering death:This is the fourth small Bermudian business to close this week alone!!
Reported Job Losses IN 2012
Bank of New York Mellon Alternative Investment Services 20
Bermuda Zoological Society 3
BTC up to 30
Green Lantern 15
HSBC facilities management department 14
(most re-employed at HSBC or iFM)
HWP Cycle Division 6
Jupiter Asset Management 11
64 degrees and Silk up to 18
AF Smith 6
Restaurant week casualties:Green Lantern CLOSED AFTER 70 YEARS ,is KFC next?, While Tourism minister Flip Flop Furberts traveling the world partying on your credit card!
plp keep shooting down more taxpaying business's,now a black owned family tradition,the Green Lantern is closing. Thanks to an out-of-touch elitist plp ,where's black empowerment they crow about? govt. allowed a foreign owned Buzz chain to open next to Green Lantern that stole their business. The race pimps would be screaming RACISSSTT if the UBP did that!
They're sucking the life & money out of this economy with their tax n spend policies , they don't give a rat's ass about black or any kind of small biz,the back-o-town empowerment BullShit is for votes & photo ops!
plp Government spends approximately 60% of its revenue to service its personnel costs.
75% Dept Tourism $36 million budget is salaries
Cabinet Secretary Donald Scott,highest paid pig at the trough,drives a BMW,spends all his time defending & propagating plp . politrics instead of SERVING THE PUBLIC TAXPAYER!
no hard times for plp MPs & their elitist entourage driving BMW's ,2 Senior civil service jobs now offered $180,000/yr,plus perks,travel junkets & benefits ,they’re so out of touch with the common man it's pathetic!
Brace yourselves for more tough times — the recession is going away no time soon.
This is Bermuda if plp is re-elected! 3rd world poverty, massive unemployment & debts, worthless currency.! Jamaican 3d world ghetto
Bermuda is dying.
Bermuda's economy in crisis: Our flagging economy in danger of 'falling off a cliff'
“Tourism contributing less to Bermuda's economy”
“Don't expect food prices to fall any time soon”
“Government to allow access to pension funds for tenants in rental arrears”
“Immigration policy threatens recovery”
“Lost dividends cut off income stream in Bermuda economy”
“If anyone knows of jobs, even if it's part-time ... Please let us know”
These are just some of the headlines that we have been seeing in the media which are reflecting the current economic crisis that Bermuda is facing. Most Bermudians are hurting and are looking for some guidance and relief. The following information is an honest look at Bermuda's economy and it is designed to educate you, the public, in making informed decisions about where we are, how we got here and what we need to do in order to make Bermuda the viable economy it used to be.
What is happening…
* Businesses are closing or laying off people
* Rapid decline in jobs
* Increase in homes for sale and empty rental properties
* A growing number of people cannot pay mortgages and other bills
* Charitable donations are on the decline
*Rapid decrease in money for travel, school fees, medication, etc.
*Rapid decrease in money for public infrastructure improvements
*Dividends & profits from businesses have declined considerably
*Civil servant pension funds are underfunded by 65.8 percent
* Crime is on the increase
* Money for maintenance of public services buses, ferries, etc. has decreased
*Money for renovation of commercial properties has decreased
*Home foreclosures are increasing
*Tourism income is declining
*International Business is relocating to other jurisdictions
* Risk of downgrading of the country
Why is this happening?
Two Pillar Economy: Bermuda has two pillars to its economy:
* International Business
These sectors are what earn us our foreign currency exchange which is the US dollars that are earned by Bermuda and is used to pay Government debt, private sector debt and all overseas transactions. Our Bermuda dollar is strictly for domestic use. All other transactions are done in US dollars.
International Business represents 85 percent of our economy, generating foreign exchange earnings of over $1.9b in 2010.
Tourism represents 4 percent of our GDP and generated only $384m in 2010.
As we can clearly see we need to embrace International business and its workforce as it is where we obtain the majority of our foreign exchange, the lifeblood of our economy.
Population and Workforce
There are approximately 64,186 residents in Bermuda of whom approximately 50,533 are Bermudian.
As a result of past experience, in order to maintain a viable national economy, the national workforce (NWF) count must be a minimum of 40,000.
At 40,000 NWF count, Bermudians comprise approximately 27,000 and non-Bermudians approximately 13,000.
In 2011 the NWF is dropping below 37,000 and we are unsure of the figure for 2012. Therefore, we have already dropped below a number that maintains the basic viability of our economy.
The population of 50,533 Bermudians includes:
- Retired Seniors
- Physically challenged
- Mentally challenged
Our birthrate has been steadily decreasing with only 572 Bermudian babies being born in 2006. Our ageing population has been increasing.
When we take all of these different aspects of the Bermudian population into account, we cannot fill all the jobs that are necessary to maintain a viable national economy. Non-Bermudians must be employed to fill the gap. In 2009 and 2010, guest worker manpower declined by an average of 4.5 percent each year and it continues to decline in 2011.
What we need to do is to increase the employment level to 40,000 from its current and decreasing level of about 37,000. Since there is a limited pool of Bermudians from which to draw upon, we have no other alternative but to turn to the foreign workforce in order to stop the decline in the standard of living that Bermudians now see in jeopardy.
Government's financial position
Assuming that Government can collect all funds due to it, 71 percent of Government's current revenue goes to service payroll, personnel costs and debt. This compares to 48 percent in 2002/03 and before.
Debt service and
Personnel costs: $692.8m (71% of revenue)
Left for all other services: $284.4m
(These figures are extracted from 2009/10 Financial Statements of the Consolidated Fund and from the Budget Statement of 2011. The figures do not include the servicing of the $200 million Loan Facility taken up in June of this year.)
The residual of $284.4m is what is left to use for maintenance of all public services, consultancy services, shortfalls in other revenue generating areas and planned capital expenditures.
With the increase in civil servants, debt borrowing, decrease in revenue, and Government's current budgeted debt commitment of $262,000 per day, according to the Auditor General, this residual will not be enough for Government to meet its commitments.
In February 2011, $95,800,000 was budgeted for interest payments plus Sinking Fund contribution for fiscal year 2011/12. When the $200m is fully taken up, this will add about $16m to this year's budgeted debt service costs which will then increase to about $111.8m per year or $306,000 a day.
National Financial Position
Government's accumulated debt including obligations to underfunded pension funds and other Government controlled entities is $4.6 billion.
The private sector has an accumulated debt of $5.2 billion. This debt is not Government's responsibility but it is still debt that needs to be serviced and repaid.
If we take all of the financial commitments that are owed both by the private and public sectors:
4 Each Bermudian (every man, woman and child population 50,533) has approximately $193,900 worth of commitments owing to Bermuda's economy
(Government debt is payable by taxes collected from the general public therefore it has to be considered as owing by each Bermudian.)
The graph (below) shows the Government's revenue, spending, national debt and the national debt service cost.
Between 2000/01 to 2009/10:
* Government revenue rose 47% (from $623m to $917m)
* Government spending rose 93% ($582m to $1.12b)s
* National debt rose over 700% (from $138m to $969m)
* Annual debt service costs rose over 230% (from $15m to $35m*). It is expected to rise 745% by mid-2012
Breadline Bermuda:homeless people originally but we’re now seeing the working poor,”
Economist Bob Stewart
Gov't. has run the economy like a drunk at happy hour "Government has run out of other people's money."
Public sector pay rise flies in the face of economic reality Larry Burchall has the numbers,30 years ago Hotels had highest number of jobs,now Government is the largest employer, it's a train wreck waiting to happen,all on borrowed money PLP pigs at the trough,tax & spend," ran up public debt from $130 million to $947 million in just 7years'
According to the PLP in 1998 Education would be fixed in short order. Nine Ministers later and Three Premiers later the Public Education System once had over 10,000 students now has just over 5,000.
The UBP managed the country's budget at a cost of $496 million in 1998. Under the PLP the budget has grown to over $1 billion.
The PLP has hired 1,200 new staff in 12 years,estimated cost increase of $120 million a year
Between the $120 million on new staff and the $100 million on consultants ,the island is billions in debt & sinking down a rat hole
Parks worker fired at in broad daylight Three bullets were fired at the man as he worked with two colleagues in the centre of the Trimingham Hill roundabout in Paget at 2pm
-8% drop in retail last mth, 39th month retail sales have fallen ! the Bermuda economy is in free fall,yet the plp pigs at the trough are taking trips, and partying ,spinning their web of deceit & Bullshit
in a scene out of sesame street, birdbrain Minus -brains, Patrice Minors,Minister of Tourism,Photo-ops at Fairmont Hotel today, posing as a waitress, while the economy is in financial meltdown .another hotel closes;Imports fall by $21 million`
the PLP Government has no idea how to properly run/manager/promote our tourism product.Tourism is DEAD! and they spin kindergarten BS!
the plp elitists are so out of touch with the common man its criminal
more taxpayer's $ wasted on trips & parties,led by jackboot racist ex union head & Jackass: Derrick Burgess,& his chief sissy, Robert Horton & useless civil servants,1st class tickets,5 star hotels ,gourmet all the way. what makes them think they can be effective participants at a UK Tory convention?
a complete and utter farce!35% airport duty is punitive and a panic knee jerk reaction "Temporary tax relief is not enough, tantamount to putting a band aid on an open, bleeding wound.
duty rate has been raised from 25 percent to 35 percent,plp say to assist businesses
this is nothing more than a tax increase ! while plp ministers,their cronies & bureaucrats travel the world staying in 5-star hotels
Immigration Policy Threatens Recovery; plp don't want to admit that their economic policy has drastically deepened and prolonged the recession. Hence, why this is not a global recession but the PLP recession.
the Bermuda Government debt is around $5 billion when one takes into account the amounts owing to two major Government pension funds, namely the social security fund and the public servants' fund
Bermuda labours under the weight of more than $5 billion in private-sector debt,on top of $5 billion in Bermuda Government debt
today 105 jobs have been axed from Citi Hedge Fund Services as the unit relocates some of its functions to North America
2011 Job Cuts
Bermuda Motors announces layoffs
Disasterous PLP policies towards international business have had a ripple effect. Less car sales (and less boat sales), more apartment vacancies, less retail sales, less restaurant sales, less govt revenues to cover our increasing debt.
Announced and/or reported job losses either through redundancy or retirements. Some job cuts were announced last year to be effective in 2011.
Allied World 15 (The company did not issue an official statement but at least 15 people were made redundant according to former employees)
BELCO 26 (Employees having to take retirement)
Bermuda Press 14
Butterfield Bank 25
Butterfield Fulcrum 10
Conyers Dill & Pearman 13
Department of Education 42 (The figure includes 30 paraprofessionals and 12 unqualified and/or unregistered teachers who failed to make the standard)
Furniture Flair 3 (Business closed)
Government golf courses 6
HWP 21 (Job losses from fire)
M3 Wireless 3 (Job losses from when company merged with CellularOne earlier this year)
Citi Hedge Fund Services 105