Does nobody understand that?

Taking one well paid executive (many have left in the last year or so and many continue to leave)

$750,000 @ 14% = $105k per year lost. Add in the duty paid by that individual, payroll tax for their nanny etc. and you could easily say $150k leaving the public purse per year PER INDIVIDUAL.

That $150k per year is a MASSIVE loss in the scheme of things. It would be great to see a detailed analysis of the loss to the economy from these continued departures.

LOL

LOL

LOL

Perhaps you’re right, we start looking to Greece and Ireland for how to manage debt. Very clever.

I don’t think the govt helped at all.

To your point about expenditures, you don’t seem to understand that the expenditures in this graph above is GOVERNMENT finances, not individual finances. I don’t spend Govt money, Govt Ministers and civil servants do. To said, the GOVERNEMNT is responsible for the monies spent in excess of the revenues taken in.

..I bet if you asked the person who put this together his/her personal feelings on it, he/she wouldn’t use the word “practical”.

2006 on, a certain Premier takes office, and suddenly the PLP starts borrowing massive amounts in the short term so it can spend more than it brings in. Pre-recession. At a time when we could have been saving in case there was a recession.

So now, a recession later our economy is in a free fall due to this unnecessary, irresponsible extravagance and where is said Premier? Off into the sunset.

It wouldn’t take much research to see the number of Bermudians who said this is exactly what would happen when Dr. Brown came to power. Yet his supporters dismissed such worries as ‘haterz’ and racists.

Well now even they should be able to see just what he did for Bermuda. That debt figure is Dr. Brown’s real legacy.

How are those BIU accounts for 2010 coming along?

There’s nothing we can do about Dr. Brown now, but why is the Finance Minister who presided over this mess still in her job? It has long been clear, from both her words and her actions, that she’s too timid to stand up to her colleagues and do what’s necessary to deal with the debt and get expenditures back below revenues again.

The increased debt from prior years is explained on page 3 of the budget statement, mostly payroll tax roll backs and tax concessions to the hotel, restaurant and retail sectors.

The erosion has before this great “recession” came into effect. Comparing all budget statements from 2004 to now is even more shocking as the expensises continue to rise annual whilst revenue trends decrease.

why does everyone have to go back to Dr Brown, and what they perceive was done, versus what is being done!

Ewart Brown became Premier in 2006. The following year, the gap between expenditures and revenues increased sharply and kept growing.

The global financial crisis did not kick in until 2008.

And the rise in duty effects the lowest earners in Bermuda. For this bracket of individuals more than likely cannot afford to fly away and shop for their goods.

No instead most would shop online for the goods that were either i) not available in BDA or b) too expensive to purchase locally.

So for the person that orders clothing online the tax increase (described by the Prem as being “harmonization” or “standardization”) is 317% increase (from 6% to 25%).

So it really, in essence, affects the lower rung more than anyone else.

Unless local retailers reduce their proces in response. If they don’t then this tax increase is simply a waste of time and another stream of Govt revenue.

400 for a 19 ”

let em be vex mate

They are taking in less revenue but expenditures are up. Therefore more borrowing has to take place to account for the gap between the revenues and expenditures.

..that borrowing incurs a charge (interest), which is not included in this graph.

This is why it is essential for the Govt to cut costs. excessive use of GP cars, cell phones/data costs whilst on travel, non-essential travel, non-essential staff, non-essential consultants. Trim trim trim !

This is simply not sustainable.