plp govt. Tax&Debt policies create Bermuda's race to the bottom

by Sal | January 13, 2012 at 02:03 pm

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Bermuda's race to the bottom :even more job loses for Bermudians

in the corporate world this type of financial planning would "get the planners fired." out of control plp gravy train "failed" its audits Four years in a row!!

Cog plp 2012 budget dog-and-pony show:a budget that will spend more money on salaries then the entire Budget of the Government of Bermuda in 1998 (the one they inherited from the UBP)

Consolidated Fund Financial,civil servants’ pension scheme is unsustainable

In her 2010 budget speech, Paula Cox,called it the "Year of Recovery" . Last year she was "Resetting the Dial". What's this year going to be? "Let's all pull together" or some stupid slogan like that? Now that she's screwed everything up she'll want everyone to help? After they've spent the past 14 years telling us "we don't care what you think"?

Larry Burchall says:

Taking a closer look at the figures in the Statements of the Consolidated Fund, this is what shows up:

(A) The 2010/11 overspend was actually $311m, not the $276m touted. The real numbers are neatly assembled on page 5 of the Statements. They show:

Expenses, Current ($1,272,650,610)

Capital Development ($ 31,647,283)

Capital Acquisition ($ 4,215,873)

Total Spending ($1,308,513,766)

Revenue $ 996,728,405

Total deficit/overspend ($ 311,785,361)

(B) Page 59 of the Statements shows Public Debt. Page 35 reports the $200m loan taken up in May 2011. The final tally for Public Debt shows this:

Gross Public Debt $1,030,000,000

Overdraft facility at 31 Mar 11 $ 57,490,260

Gross Public Debt 31 Mar 11 $1,087,490,260

Less Sinking Fund 31 Mar 11 ($ 85,508,498)

Net Public Debt at 31 Mar 11 $1,001,981,762

Add new Debt taken up 18 May 2011: $ 200,000,000

Net Public Debt at 30 Sep 2011 $1,201,981,762

(Plus any increased take-up in the $100m Overdraft facility since 31 March 2011)

Debt Limit is $1,250,000,000. Available now is $48,018,238.

(C) Page 43 shows Personnel costs as $599,745,003. Page 42 shows Revenue as $996,728,405. In 2010/11, 60 per cent of revenue was being spent on personnel.

After Personnel costs were met, only $397m was left over and available for everything else. However, a total of $1,308m was spent. So a total of $397m + $311m was spent on everything else.

$397 + $311 = $708m spent on everything else + $600m spent on personnel = $1,308m spent altogether. Of the $1,308m that was spent, $311 has to be borrowed.

1/2 Government's budget goes to payroll: running deficits now for 6 solid years, plp Government running our island into the ground for 14 years ! plp Government spent $276 million more than it took in revenues,deficit was $1.29 billion,in the fiscal year ending March 31, 2011

The 4th Qualified Audit, plp Government in crisis,bleeding red ink with the same excuses from the Minister of Finance that "we will do better". Nothing gets done, and it doesn't get better,years ago she said she told Ministers to reduce their spending by 15%. They ignored her then and she made the now infamous statement that "I'm merely a cog"

Salvation Army sees surge in demand: but the over paid,over fed plp pigs at the trough are not suffering,Cog cut millions from Salvation Army & all charities BUT THEY WONT CUT THEIR CREDIT CARD SPENDING,TRAVELLING & PARTYING,plp debt interest cost ALONE costs $263,000/day with 6000 unemployed & worsening?

Let em eat Cake "Marie Antoinette" Cox's proposal NOT A CUT! it is another plp "we had to deceive you" shift in funding from the MPs to the taxpayers

Cog is pandering to her dumb sheeple,plp MP's are NOT taking a pay cut, they will get a net 1.25% take home INCREASE for a year,her annual salary $224,000; Deputy Premier Derrick Burgess $181,000; Attorney General Michael Scott $193,000 other full-time Ministers get $168,000./yr plus GP cars,travel credit cards,Blackberrys & unlimited travel!

the plp Minister's and MP's Pension Plan is fully funded, but the Public Service Superannuation Fund is underfunded by $975 million. The Fund has assets of approximately $475 million and a liability of over $1 billion dollars !!

Cayman Islands was now a better choice and could grow in this market "without the malice, without the inhibitions of race, without the inhibitions of transport."

plp govt is even sabotaging experienced willing hotel job applicants! Job programme rejection stuns man

HSBC gets rid 14 jobs! Banks,Insure cos, even your OWN GOVT has already sent IT support jobs ,even help desk jobs to foreign call centers,now basic building management outsourced to foreign countries!

After a year and a half No condos sold !! while the hotel planned for the same South Shore, Warwick site DEAD in water!! yet another stupid plp disaster ,a cynical plot to transplant plp voters into that constituency backfired ,now TAXPAYER"S are stuck with the bills,while a prime South shore Hotel site was ruined!

Entrepreneur loses business,desperate for work !!“I believe that we should march, not riot, but come together and go to Parliament to demand better. Everyone else in the world protests.”

Retail sales down for 43rd month!

36 people lose their jobs yesterday

20 jobs lost at Bank of New York Bermuda office

fund closes with loss of ten jobs !

Balance of payments surplus shrinks 3.5 percent value of goods imported into Bermuda fell for the sixth straight quarter.

Robbing people to pay Paula.Government's payroll costs have to be cut by Larry Burchall

but plp pigs at the trough keep wasting TAXPAYER"S money on useless schemes, for friends & family ,photo ops for politicians with fake celebrities IE: Syncarily Gala

‘A flip-flop on a flip-flop’

plp in full re-election mode willing to say anything to create the sense of government action, even if it contradicts their positions a few months ago
plp gang of amateurs,too busy posing, traveling partying & guzzling champagne!Does anyone in authority know what's going on?

plp govt. buffoons at its worst:Minors is clearly incompetent and should resign.

Foreign cleaners told to leave with 4 days notice !!

sends damaging signal world wide Bermuda expels “unwanted” permit holders www.cmlor.com

Government Spin Misleading Bermuda

Economy, Trade and Industry Minister Patrice Minors ,a long title for a birdbrain,who was totally useless as Tourism Minister. Now plans to close down even more hard working business entrepreneurs & make even MORE Bermudians unemployed

plp work permit moratorium, on blue collar jobs such as cleaning, landscaping and gardening,construction jobs, including masons, carpenters, electricians and plumbers

a knee-jerk reaction ,sledgehammer approach after 14yrs of waste,Tax &Spend ,bankrupting Bda.Inc. too little,too late.The plp black bourgeois elitists ,are just now realizing that the bottom rung blue collar jobs should be protected for our people, who work only with their hands.In reality,it is an attempt to create- CLASS-RACE WARFARE for their re-election campaign

in a recession of Biblical proportions,the island is dying & bleeding to death,yet the plp elitists parachuted Handbag Burch,with a long history of racist,caustic outbursts,into a safe seat, Col.Burch has reatedly shown he is violently divisive to this community

and these hypocrites call themselves a labour party

The solution is to fix Education so Bermuda can produce people with the skills needed, and that includes trades people, not just accountants etc

First they can get rid of all the Caribbeans David Burt,plp's Joseph Goebbels, has employed on his exclusive govt. contracts,then cut the over paid consultants,& civil servants who write all the plp PR propaganda, such as recently advertised two new 180,000/yr jobs .

Secretary to the Cabinet, Donald Scott,who drives a BMW,acts for plp policy,NOT TAXPAYER"S WHO PAY HIS $180,000 + perks salary.

This oligarchy, a group of pompous fools,the Berkeley clique who told Anthony Francis he would have to resign his govt. post when he was announced as a OBA political candidate, are worse than anything in Bermuda's 400 history: the black bourgeois elitists who have raped & looted the treasury,for 14 years!!