Comments on: UBP’s Richards On Budget: No Plan, Direction

By: Arthur Raynor - Atlanta

Arthur Raynor - Atlanta — Sun, 20 Feb 2011 12:26:45 +0000

Anyone up to the task of doing a breakdown (without the political spin) on How, When, Why, What of Bermuda’s debt/borrowing situation.
Break it down for the common person/teens etc. who does not have the high Mathematical/Accountant/Economic knowledge or degrees.
For example it can follow a question and answer format as below:
Q: Why does Bermuda borrow money?
A: Because Bermuda does not blah, blah, blah
Q: Who do we borrow money from?
A: Bermuda borrows money from China, Germany and Africa at different times or at the same time
Q: When does the money have to be paid back?
A: By a fixed date or there is no fixed payback date as long as you pay the interest.
Q: What are the pros and cons of borrowing from other countries
A: Blah, blah, blah
The bottom line is to keep the explanation simple and easy to understand for us non-Mathematical/Accountant/Economic types.

By: PEPPER

PEPPER — Sat, 19 Feb 2011 22:24:53 +0000

I hope Bob Richards, keeps on telling us what the hell is going on …this man is what is best for Bermuda…

By: Jim Garlic

Jim Garlic — Sat, 19 Feb 2011 18:18:53 +0000

Is it true that Bobs’ company has cut all financial ties to this Government seeing how desperate the situation is ?? You know as his civic duty to save us a bit money…..Just asking

By: Reality

Reality — Sat, 19 Feb 2011 17:51:29 +0000

This is a guy that I can listen too and trust. He speaks in a way that is clear and understandable. He predicted what was to come and it has come to fruition but unfortunately people trashed him simply because he is not in the PLP.

By: george

george — Sat, 19 Feb 2011 17:08:48 +0000

Paula Cox has done all of these cuts in this year’s budget. How much did she cut from her own salary and the rest of her cabinet, mps, civil servants, etc. to match the cuts she made yesterday? If not, WHY???

By: Bottom Line

Bottom Line — Sat, 19 Feb 2011 13:00:22 +0000

Borrowing money to pay for current expenses is a death spiral. By the time common folk clue in to how bad the death spiral has become (give’m 2 or 3 more years) it will be too late. The PLP will be saying yes massa to Wall St.

By: Bermie

Bermie — Sat, 19 Feb 2011 11:11:36 +0000

AS her father father once so eloquently stated, this is VOODOO economics based on trickery for the masses.

By: Triangle Drifter

Triangle Drifter — Sat, 19 Feb 2011 04:46:39 +0000

I wonder how many Bermudians truly understand what this Governments gross mismanagement of our finances is really costing them?

If Bob Richards projections of $190,000 per day come true, and he has a better track record than the PLP for accurate predictions, then financing our debt will cost every man woman & child on this rock something like $3.00 per day.

What, $3.00per day does not sound like much to you? How about $1066.00 per year EACH for interest charges? If you have a family of four & had $4264.00 extra to spend each year, what would you do with it? That is alot more than most pay for rent.

How much are you paying for interest on your car loan, your mortgage?

This PLP Government has us headed for near $70,000,000 per year in interest charges. That is near doulble what is budgeted for Tourism. Gee, that is what Berkley was originally contracted for. How many seniors could be well taken care with that money? How many deserving students could have scholarships paid with that money? How much less would we have to pay in taxes if we were not saddled with these fees from fiscal incompetence? The PLP has failed, & failed miserably.

More than a few would like to know…Where did all deee money go Paula?