Stubbs To Detail Economic Stimulus Programme

July 21, 2019 | 6 Comments

A public presentation entitled Building an Economic Roadmap to Bermuda’s Future is being offered by Robert Stubbs on Wednesday [July 24] at 6.00pm in the Bermuda Underwater Exploration Institute’s Tradewinds Auditorium.

A spokesperson said, “Mr. Stubbs will detail an economic stimulus programme for Bermuda and outline a long-term, multi-decade sustainable development plan for the island which promises to deliver greater efficiencies, more affordable housing, less congested roads, genuinely inclusive growth and a healthier island lifestyle for all Bermuda residents.”

“The research presented is long-term and is designed to expose the root causes of Bermuda’s economic crisis,” says Mr. Stubbs.

“Before understanding what an economic stimulus programme or sustainable development plan for Bermuda looks like, it is important to understand why we can expect such plans to work.”

“The reality is our crisis was policy induced,” says Mr. Stubbs, “and was started well before the Global Financial Crisis of 2008. The historic peak in Bermudian employment occurred in 2000, eight years in advance of 2008, and the forced exodus of Bermudians from Bermuda was already underway prior to the outbreak of the Global Financial Crisis in 2008.”

The spokesperson said, “The damaging economic policies identified in Mr. Stubbs’ research date as far back as the 1970’s and 80’s. The focus of the research is on the policies themselves, their consequences for our economy and the adjustments needed to correct the mistakes.”

Mr. Stubbs emphasised that “moving forward with the stimulus programme as soon as possible is vital in order that our economy expand before our Government progresses with their plans for substantial tax reform or a Living Wage.

“Significant growth in the economy over the next three to four years promised by the stimulus will allow both initiatives to be adopted, while avoiding additional business closures and more job losses amongst Bermudians.”

The spokesperson said, “Mr Stubbs’ outline of a long-term sustainable development plan for Bermuda derives from an urban economic analysis of the island.

“Urban economics, an important sub- discipline of microeconomics, analyses the factors influencing the changing distributions of where people live and where they work in an urban area. Intelligent urban design is increasingly viewed as critical to the successful execution of sustainable
development plans for nations globally.

“In addition to local media, Wednesday’s presentation at BUEI is being covered by German Public Television for a segment to be aired nationwide in Germany in August focusing on Bermuda’s economic crisis and some of the more progressive initiatives being discussed on the island as potential solutions.

“Like much of the Western world, Germany is experiencing economic problems and some of our potential solutions could be transferable internationally.

“Indeed, the parallels between Germany and Bermuda may well be surprising. Pay gains awarded the average worker in Germany have barely kept pace with cost of living increases for over a generation – since the historic fall of the Berlin Wall in 1989.

“More recent liberalisation of labour market regulations in Germany have had the desired effect of reducing unemployment but, like most Western economies, many German workers today face precarious employment in insecure jobs with no benefits and no guarantee of full-time work.

“The labour market reforms are commonly referred to today as the “Americanisation” of the workforce and, as in Bermuda, many German workers are forced to make ends meet in jobs paying poverty wages.

“Perhaps most ominously, Germany faces the threat of the rising influence of an already extremely powerful finance industry. Many of the international banks exiting London due to Brexit are selecting Germany for their European headquarters. Our circumstances constitute a cautionary tale for the Germans because Bermuda’s economic crisis occurred just as our finance industry rose to dominate our economy.”

“In addressing our challenges,” says Mr. Stubbs, “in many ways we are extremely fortunate in Bermuda. The island’s small size makes us more manageable and able to react effectively. Successfully adopting our needed reforms will require teamwork with Bermuda’s public and private sectors, PLP and OBA supporters working together to complete the necessary changes.”

The spokesperson said, “There is limited seating, so we encourage people to reserve their seat: Tickets [$5 in advance, $10 at the door] may be purchased through ptix.bm.

“The event will also serve as the soft launch of SEED Bermuda [SEED being an acronym for [S]ocial, [E]conomic and [E]nvironmental [D]evelopment], a group co-founded by Mr. Stubbs to undertake, disseminate and debate rigorous non-partisan economic, social and environmental research with the goal of implementing a series of evidence- based policies for a more modern and sustainable Bermuda.”

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Comments (6)

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  1. Joe Bloggs says:

    A very important exercise but the PLP Government has made it clear that it does not care about Bermuda’s economy. It has been elected to bring social and economic change and that is what it will do.

    For Mr. Stubbs’ important work to be implemented would require successive governments to adhere to an economic model that is all too easy to attack on the basis that it fails to “correct historic wrongs” quickly enough if at all

  2. Sister Sister says:

    Someone needs to help this island it’s obvious the government of the day do not have a clue on how to fix the economy. All they know how to do is raise taxes and through away our money. Burt needs to have an over haul of his ministers before they embarrass him anymore than they already have. If Burt cannot do it then move ove4 and let Curtis take the lead.

  3. aceboy says:

    Yea, we are just like Germany.

  4. Realist says:

    I really hope members of the government and opposition attend. Both are bereft of ideas and need to swallow their pride and open their brains. Let’s see who attends.

  5. Bolt Action Rifle says:

    This really sounds positive. Hope there’s a huge turnout and good press coverage and this group continues their work and gets widespread community support.

  6. Be realistic says:

    I think people on the whole would have more respect for politicians on both sides of the chamber if they admitted they they are open to intelligent alternatives put forward by people who have clearly done their research.

    Rather than continually slamming the OBA on jetgate, America’s Cup and the airport redevelopment or attacking the PLP on Port Royal, Dr. Brown and the so called ‘friends and family scheme’ let’s work together – build an improved Bermuda for everyone – Black, white, Born Bermudian, paper Bermudian ( such an awful phrase), Ex Pat (who are so very important for the economy).

    Everyone from the guys who collect the trash, the nurses, the hotel receptionist, air conditioning technicians, accountants, CEO’s and politicians are all equally important and key to the success of our island home.

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