OBA: What Is PLP’s Plan To Stimulate Economy?

May 4, 2019 | 56 Comments

“The Minister for Cabinet was being disingenuous at his press conference when he announced some good economic indicators – cherry picking which ones to highlight and overlooking some underlying factors,” OBA Leader Craig Cannonier said.

Mr. Cannonier said, “An increase in air and cruise ship visitors is due to policies implemented by the Bermuda Tourism Authority and a rise in employment income in the construction industry is due to on-going capital projects such as new hotels and the airport, which were started under the OBA.

“In addition, while employment income rose overall, that is down to two factors: a rise in the number of people employed by Government, which is being paid for by higher taxes, and a significant rise in fourth quarter income in the IB sector.

“The statistics show that people in international business earned a total of $259.9 million, an increase of $23.3 million, compared to the same quarter in 2017. But what the Minister failed to point out was that for the full year, IB employment income fell by $12.8 million, to $1.14 billion. People are losing their jobs or leaving the Island.

“Wayne Furbert makes a good soundbite when he mentions the Government’s ‘socio-economic policies’ but does not state what they actually are. The OBA understood that we had to have a twin-track policy of stimulating the economy, with things like the AC and construction projects, while at the same time controlling Government expenditure.

“In our reply to the Throne Speech last year we recommended several initiatives to help the economy including proposing that private pension schemes invest a portion of their portfolios locally and that all companies operating in Bermuda participate in the mandatory private pension scheme to mitigate the immediate outflow of capital and drive development of our local capital market.

“We also stated that the 60/40 rule should be amended again, so that all Bermuda residents may qualify under the 60% ownership portion, subject to a carefully designed set of criteria.

“This will allow more of the wealth already on the Island to be invested into our economy, which again increases the availability of domestic capital. This provides more competition for the banks, which will drive better lending rates for Bermudians.

“What is the PLP’s plan to stimulate our economy? I don’t see one.”

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  1. John says:

    They plan to create 2,000 jobs…sounds familiar?

    • inna says:

      Craig is talking about NOW, not 7 years ago.

      Again, what is the PLPs plan?!?!

      • John Lee says:

        Every government has initiatives but the proof is in the pudding. OBA did an average job with the economy and PLP will likely do the same. That is no discredit to either government but macroeconomic forces always play a part. Craig grandstanding like he has all the answers is a turn off. People are tired of the political rhetoric. Stop attacking each other and work together

        • Ringmaster says:

          No chance. The OBA were trying to get Bermuda back on track in 2012-2017 but were unable to do so because the PLP wanted power back at any cost. Well they got power back but now don’t have a clue what to do in Government. Opposition is easy – rally the troops, have marches, shut down public meetings, shut down Parliament, control radio. Well their power base are in for a shock in a few years time, as the debt will be unable to be serviced and the IMF will step in.
          The PLP want to live in the 1970′s so will suffer what happened in the 1970′s to the Islands to the South.

          • John Lee says:

            I Agree that the OBA tried to get the economy back on track. Though I would blame any failings on their own messaging and communication. This showed that they were out of touch with a large segment of the community.

            • Caps again says:

              THE oba WILL ALWAYS BE THE the UBP.

              They will never win again. A third party will be created….. what happens in the darkness will come out in the light.

              AFTER THE NEXT ELECTION THE ubp/OBA WILL FAIL AGAIN AND THE BDA PARTY WILL EMERGE AS A PARTY THAT REPRESENTS BLACKS AND WHITES IN 10 to 14 YEARS!

              LETS STOP THE LIES WHEN WE ALL KNOW THE oba/UBP IS A WHITE PARTY & THE biu/PLP IS A BLACK PARTY. THE RACIAL DIVIDE IS REAL.

            • Toodle-oo says:

              And had they daily kissed the backsides of that ‘large segment’ , gave them gold bars and paid their mortgages they still would have kicked them to the curb.
              It had nothing whatsoever to do with the litany of accusations/excuses constantly being bandied about including ‘being out of touch’ or ‘not being able to get their message across to the masses’.

            • Anbu says:

              But its not the obas fault that the large segment of the community you are talking about are thick. They didnt want to hear it cause the pee el pee told them to shut it down. Smh.

            • lav says:

              “This showed that they were out of touch with a large segment of the community.”

              The PLP, representing a people who have never experienced discrimination, has done it’s best to remove rights from some Bermudians.
              How you plp voters can live with this AND preach from your high horses about discrimination is mind boggling…..but then, when you speak…the reason becomes clear.

        • Question says:

          The PLP is taking credit for successes initiated by the OBA. Even then they’re screwing the economy up again. It was the OBA that got us out of the 7-year PLP recession.

          • John Lee says:

            Bermuda lost 2,000 jobs during the OBA’s tenure…even though they promised to create 2,000 jobs so I wouldn’t deem the OBA’s economic track record as a total success. My prediction is that the economy would be more or less the same if OBA was in power to this day. Empty statement by Craig and I’m sure most voters see through the political shallowness of both parties

            • question says:

              The OPBA also created jobs and expanded the economy, something which the PLP is completely unable to do.

              • John Lee says:

                On a net basis, Bermuda lost more jobs during the OBA’s tenure. They had some good initiatives but they were also helped by the timing of the US coming out of recession. I don’t think Bermuda’s economy would be better if OBA were government.

                • Double S says:

                  Lies.

                  In 2012 alone the PLP lost 2,000 jobs alone.

                  • Pork & Bean says:

                    Lets not forget one thing. The PLPs job loss figures should have been much higher. We all now the game they played. Employment figures appear better than they really were because they simply hired 1,000s into the civil service to hide the truth. So now we have a bloated and ineffective civil service.

                • question says:

                  The US was in and out of recession in 15 months. Bermuda’s PLP recession lasted 7 years. The OBA got us out of recession in 2015, six years after the US got out of recession in 2009.
                  And now we’re back in recession again.
                  It’s a pity if you can’t see the correlation.

                • Toodle-oo says:

                  *I don’t think Bermuda’s economy would be better if OBA were government.*

                  And why do you think that confidence in Bda has gone down the tubes since the last election ?

                  (ask any investment banker or real estate agent if you don’t believe the plummeting retail index numbers. )

                • Ringmaster says:

                  When you say Bermuda lost more jobs, what is your source? More jobs that when? In 2012 the local economy was still tanking thanks to the PLP, but the worldwide recession had ended several years earlier. You can’t turn around a tanking economy overnight. Was the OBA perfect, no way, but if the PLP had remained in power Bermuda would now be at the mercy of the IMF, and ask Barbados what happened next. Look at today’s news about Arbitrade, a key part of the PLP’s plan. Total shambles, and not unexpected except to those like Premier Burt who were sucked into the scam. If you believe someone who say they have title to $15bn of gold you deserve the consequences.

                • Question says:

                  Maybe Arbitrade will refurbish Victoria Hall and employ a few hundred people.
                  Hahahahahahahaha!
                  Just kidding obviously.

    • dick francis says:

      AC, hotels, airport …. a heck of a lot more jobs than fintech …

  2. Jay bird says:

    Cannonier you can hold these conferences all you want. We understand.

    To win – you gotta do it like PLP did and get out there to everyone’s home to explain. Even back of town – stop being scared! You guys are great in power but horrible as opposition.

    • Anbu says:

      Aaahhhh so go out and lie then. Got it. Exactly what the plp did. And boy did they tell some whoppers lmao

  3. Fools on this thread says:

    Fool

  4. Straight forward question. Now attack the question not the messenger.

  5. wahoo says:

    The only plan was to win government at any cost necessary. The sad thing about Wayne is he actually believes the junk that he says unlike others that are deliberate in their efforts to just plain mislead the people.

  6. 2 Bermudas says:

    Your gov’t failed to balance the budget by not addressing the inefficiencies in the civil service and therefore doubled our debt. You should take some responsibility too!!

    • Ringmaster says:

      Agree there. Bob Richards should not have take the socially responsible route but should have fired at least 3,000 Civil Servants. But he didn’t and the OBA get the blame for increasing the debt. Had he done what needed to be done, the OBA would still have lost the election, but Bermuda as a whole would be be financially better off today.

  7. It increases taxes?

  8. Maybe they have to do what you did, sneak on a jet and go under de table.
    And that was confirmed by Sir John.

    • Toodle-oo says:

      Are you referring to the Global Hue contract again ?

    • lav says:

      Are you referring to the Uyghurs , OJ?

    • Mark says:

      Fintech Gate
      Bus Gate
      Berkely Gate

      Need we go on?????

    • Anbu says:

      Oh right, the trip that cost us a whopping ZERO dollars. How much ya people spent so far oj? They aint spending their money you know. But i guess its good to get tailed as long as the foot looks like yours huh? Try again muppet.

  9. Stop Bipartisan politics says:

    Put the politics of racial division aside for the benefit of the country overall.

    I fear our people’s thinking has not evolved that far yet.

    Blessings abound.

  10. Charlly X says:

    …..And your solutions arrrrrrrre ??

    • wahoo says:

      Solution would have been to leave OBA in Government but too late for that. Can anyone name one positive thing that has happened under the plp in the last 2 years?

      *OJ, if you are going to try and answer being on the black list is a bad thing.*

      • Ringmaster says:

        I think the PLP have done well so far with their plans. They have started on their jobs plan by hiring several hundred in the already grossly overstaffed Civil Service. They have also started with their soak the average Bermudian by raising taxes to pay for them, plan. Buy more cars for the elite plan seems to be working well. Create Ministers of Something plan is in full swing. Increasing health care costs by moving funds around to create the illusion costs are less then blaming private insurance companies for raising premiums to pay for the increased Government costs shifted to the private sector has done well too.

      • Trump supporter says:

        You have to give them some credit.
        Horrible trash service.
        Even worse bus service
        Retail sales down
        Debt just ballooning
        Being black listed
        Pretty good to-do all that in the time they’ve been in.

        • What says:

          Whine, whine, whine! There are flights leaving every day. Get on one!

          • kevin says:

            Many have …..that’s how we got in this mess …but you don’t see it …the plp have failed us and it started in 1998 , they haven’t produced a successful year yet 16 years of economic distruction great job ….keep on voting for them
            you too should take credit it for our current state you help create it

          • DeOnion says:

            along with everyone else?

          • Anbu says:

            We would if we could afford it smartass. But thanks to your government even the people that WANT to leave cant. Buy me a ticket. Ill be over after work, thanks in advance.

    • Question says:

      Quite a few solutions are listed above for anyone who can be bothered to read. A lot to ask I know.

      If you want a few other ideas, how about voting for people who don’t get us on international blacklists? And who won’t increase taxes every five minutes and then lie and backpedal?

  11. PANGAEA says:

    Many of you do not understand their strategy !

  12. PANGAEA says:

    ” DIFFERENT STROKES FOR DIFFERENT FOLKS.” Is un democratic !

    Party leaders have got to” Face the Nation” with plain language ,

    Government take over 20 % of our income for what ?

    The annual Throne Speech, is just that and soon forgotten .

    When Governments looses touch with the tax payers, it is reflected at the poles.

    Party leaders , ( no substitutes )should want to reach out to the nation, try a weekly Radio /TV address
    failing that we may loose confidence.

    W & E get your priorities in order, we have an island RAT problem.

  13. Rebecca Smith says:

    No plan

  14. Joe Bloggs says:

    “We also stated that the 60/40 rule should be amended again, so that all Bermuda residents may qualify under the 60% ownership portion … This will allow more of the wealth already on the Island to be invested into our economy, which again increases the availability of domestic capital.”

    You are joking, right? No one keeps their investment money in Bermuda anymore. Confidence in Bermuda among Bermudians disappeared years ago.

  15. OPNYUN says:

    PLP plan = pretend it don’t exist. they destroyed the economy and future of Bermuda the last time they were in power. Now let us at least hope they can fix their own cr@p. but i dont think they care about anything other than power and getting rich.

  16. lav says:

    “When Governments looses touch with the tax payers, it is reflected at the poles.”

    NOT in bermuda. ‘Real’ bermudians vote based on skin colour, nothing more, nothing less.

    • Caps again says:

      YOU SPEAK THE TRUTH!!!!!!!!!!!!!!! Thus the only reason they need JET GATE CRAIG.

      With his track record they’ve already lost!!!!!!!!!!!!!!

    • Anbu says:

      Hammer meet Nail. They’ll say thats racist tho lol.

  17. OBA, your strategy is fruitless.
    Cannonier MUST stimulate the country with the truth.
    What??
    The TRUTH??
    Like Trump, he has lower levels of appreciation for the truth , and honouring what Bermuda’s populous wants.
    Submit your truth, Cannonier, in writing and get your butt on TV and speak the truth!!.
    Born Bermudians will not listen to your hype and lies.
    Pathetic!!
    COME CLEAN ON YOUR/O.B.A. JET GATE SCANDAL and stop allowing “THEM” to use you!! Unfortunately, it enhances stupidity!!

  18. Dready says:

    Please OBA, if you want to win the next election, you have to change your leadership!

  19. Miss Smith says:

    Have you not heard? PLP has Dave Allen’s 100 day tourism plan.

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