Burt: “Investment In Our People’s Future”
“This PLP Government has invested in our people and invested in Bermuda. These are investments in our people’s future, and just like a mortgage, will be paid over time,” said Junior Minister of Finance Senator David Burt in the Senate this morning [Mar.21].
Senator Burt said, “Long-term economic growth results from the investment in the physical infrastructure and the intellectual capital of a country. Over the Progressive Labour Party’s term in government, Bermuda has seen significant investment in infrastructure that has benefitted our people.”
“It is no secret that over that past 4 years, Bermuda has seen a significant increase in its debt,” said Senator Burt. “This was a direct result of the decision to maintain demand in the economy via borrowing.
“As I stated earlier this is understandable as it is identical to the approach of governments worldwide as they coped with the Great Recession. It was the right thing to do.
“This PLP Government has invested in our people and invested in Bermuda. These are investments in our people’s future, and just like a mortgage, will be paid over time.”
Senator Burt cited $230 million spent on education infrastructure, $50 million spent on busses and ferries, $25 million in facilities like the Sylvia Richardson Residential facility, $105 million dollars on affordable housing, as well as the police and courts, an urgent care centre in the east, and a new cruise ship pier in the west.
“Debt is a tool that is used by governments, by families and by business. It is a necessary tool in times of crisis. It is a tool that we chose to use, and we value our people over our bottom line,” continued Senator Burt.
“The Opposition loves to harp on their old record pre-1998 when they were the Government, but they conveniently forget the fact that they neglected to invest in the infrastructure of this country.”
He also questioned what the One Bermuda Alliance would cut in order to meet the promises outlined in their budget reply.
“The most shocking item in the oppositions reply to the budget is that they did not offer an alternative vision. The text was full of condescending comments, but it was devoid of any figures or details of what the OBA would cut.
“It’s curious that a party that claims to be a government in waiting cannot even put forward a competing budget,” said Senator Burt.
Senator Burt’s full speech is below [PDF here], click ‘Fullscreen’ for greater clarity:
These are investments in our people’s future, and just like a mortgage, will be paid over time.”
How will we be able to pay it off over time, if we keep on borrowing more money?
Investments??? you mean like Worldcom and Enron? Who is in charge of the investments Bernard Madoff?
The PLP’s investment in OUR people? Slip of the tongue?
This PLP Government has invested in our people and invested in Bermuda
YEAH THIS IS TRUE, BUT AT WHAT EXPENSE? David you’re trying to defend an extremly difficult position that you didn’t cause, and others benefited from. saddening
Government revenue, and the futrue pension benefits of employees, would certainly be enhanced if all companies who still receive Government contracts were current with their payroll tax payments. Where does Senator Burt stand regarding this important issue?
Yes a 60 million dollar court house building and an overpriced cruise pier that has already been damaged by a cat 1 hurricane are a great investment, can’t think of anything better to spend that kind of money on. If you gave every Bermudian a million dollars it would be a quarter less than what was spent on a building. I am sure there are no Bermudians out there that could use a million dollars.
are your sums correct? 60,000 (people) given 1 million each equates to 60 Billion dollars
I like how a concrete block around one’s neck is now a “tool”.
This sounds like
someone pledging allegiance to the cog. With any luck there’ll be a promotion in store for Mr. Burt. What a shame to see so much effort gone into re-writing history when all that energy and intellect should be marshalled into re-writing the script to get us out of this mess. This would be more helful to all Bermudians, irrespective of their political preferences.
Burt is simply jockeying for a Cabinet post.
This is a good example of “transparency”
He forgot to mention that the goverment borrows money to pay the civil service….
thats probably what he meant by investing in peoples future paying for a bloated swollen civil service(Greece)….
Investments yes, but financial mismanagement by overrunning costs by 100′s of millions on every single project is inexcusable. It is one thing to borrow and invest and another to borrow and then waste. There has been no real cost cutting by the government in terms of perks and personal spending on the tax payers dime. These unnecessary items like personal cars and cell phones are not really investments in Bermuda’s people but investments in the PLP’s own elite. You can spend but the perks and the wastage and funds unaccounted for have to stop. Has anyone calculated the net expenditure caused by cost overruns from government projects in the last 10 years? I would love to see how much was wasted and poorly budgeted.
Well said,I’m told cell phone bills used while on overseas government junkets are sometimes several thousand dollars for a few days use.Most of that is personal use!
Death to party politics!!! I think Bermuda’s time is now to overhaul the political strucutre currently in place as it does not work how it stands now. We need to strip the political party affiliation out of all our lives as it only hinders our progress as a country. Every time an arugment comes up about how to better the current economic and cultural situation in Bermuda, it comes down to party policies, and ultimately race!
This statments cited in this bernews article from the Senate speech clearly demonstrates this as there was no point that came from the statments. They were nothing more than a brownie-point earner for the cog as itiswhatitis states.
The Cog Only realized and admitted a recession was coming after she was warned and warned over and over by Bob Richards. By that time it was already to late. I remember distinctly her saying he was using “scare mongering tactics” and his warnings were “just a little blip on the radar screen”.
Investments eh? Well there are good investments and bad investments. We are escalating in debt so thanks for the future you’ve paved for us PLP
On another matter, the PLP states that the Global Recession starting in 2008 created the problems since then. However there has been nowhere near the reduction in revenues compared with the increased expenditure, and increased debt. This proves the Recession is not the major factor to the increased debt. Further, if the PLP says the Global Recession is to blame for Bermuda’s financial ills, it is totally disingenious to take credit for the 84% increase in GDP since 1998. This has largely been as a direct result of the influx of new insurers in 2001 and 2005. Does this mean that the PLP will take credit for the tragedy of 9/11 and that they created Hurricane Katrina? More rewriting of history. Forget Greek Mythology, we now have Bermuda Mythology.
I’m sorry, but how is collapsing the local real estate market and sucking that liquidity out of the economy an “investment”. And chasing intellectual capital away from Bermuda with idiotic permit restrictions? Really, is that an investment too?
Oh, can I have my land license money back?
What’s that? No?
YEAH SANDY, I’M WITH YOU ON THIS ONE….GIMME MY F&@#IN MONEY BACK!!!!!
My kids say “Please, no more investing.”
So, I just want to understand – all of the complainers who commented before me would rather try an untested party that is unwilling to lay out their vision for how to get Bermuda out of this “mess”?
Be clear that you cannot get out of debt without raising revenues or cutting spending. Even if they don’t want to say it, those are the only options and both of those options hurt!
Sure, spending money more efficiently helps but it does not
Continued…
Spending money more efficiently helps but does not solve the “debt problem”. Cut off a few government cell phones and see if that keeps government from cutting civil service jobs or social programmes.
Just saying, be clear about what your options are and what you choose. Change for change sake is not the best move!
You’re saying we need to raise revenue and/or cut spending. Agreed. So why then vote for the PLP when they are RAISING spending and CUTTING revenue?!?
Yes, I would. Also “BeClear,” methinks your logic is not entirely clear in-so-far-as if you follow it, the oligarchy of 1950s Bermuda would still be running this place, never mind the UBP. Regardless, for this voter, Mr. Richards would make a far better Finance Minister than the Cog and Mr. Cannonier is as far as I can tell a reputable businessman from a well thought of family, no reason whatsoever why this man of integrity should not be in the top job.
Mr. Cannonier was voted into the top job by the membership of the OBA, not selected by a Central Committee. That is the reason why he is there and Bob Richards is not.
This is why the PLP should be kicked to the curb because they have reduced revenues by interfering in immigration matters and the real estate market. Their incompetence has led to massive overspending AT THE TIME as they were actively reducing revenue.
Can you not figure this out??
Um um the PLP isn’t taking things seriously, they believe it was okay to spend all that money. Seriously anything has to be better and smarter than that. Sorry Charlie
Well, if you continue with the PLP, revenues will continue to reduce and expenditure will continue to increase.
Any more questions?
BeClear, Let’s be clear. The PLP increased debt 100 million on average each year they have been
in power. 13 years x 100 million = your current debt pile, 1,300,000,000 and growing.
Nobody but a true patriot and lover of this Island would try to fix that mess. Would you perchance be running next election? If not, step aside and let the adults by to put a tourniquet on this gaping wound. We gambled on the PLP and lost a billion. We are not just at zero broke we are way past that time when David Saul and David Gibbons brought in a balanced budget (oh those wicked UBP and their full employment, loans and mortgages aplenty and JOB SECURITY!!)
So you got what you deserved and how painful it is to realize the PLP wear the same suits as the UBP. Of course half the UBP managed to wriggle in to the enemy camp late one night and oh how galling that is to see the cabinet posts going to these johnny come latelys! You lot confused Eva royally. They say a picture is worth a thousand words. Check out the Bernews shot of The Grand and most Spectacular Atlantic Affordable Tenements as seen from the ocean.
That sums it all up for you…clearly.
As a young person just entering the workforce, I don’t understand how you can claim to have invested in the future. Do you realise the debt that my generation will be paying off for the majority of our lives? Our previous premier spent like it was free money (Playboy Club, new luxury car, using the best venues in the world for student receptions) and almost every government project has gone over the estimated cost, sometimes substantially.
Why come out with this statement all points he has made have been thoroughly debunked and shown to be terrible value for money in every case. I notice he did not mention TCD and its overspending wonder why? When will politicians actually do something for the people with the people actually in their mind at the time they are doing it?
LOL have they stopped bring in the parking voucher books yet so that the parking meter is the only why to park yet………
RockSolid in deed
Mr. Burt, time to realize and be forthright about the fact that the PLP is/has been running the show and the buck stops with them – period. Pointing fingers to anything the opposition does or does not do is 100% irreleveant to each and every Bermudian that is saddled with the decisions the PLP have made.
Your right here Mr. Burt ,They are the ones who will be charged to pay back that little debt we owe , Ernie could have told us that . ” on our way everythings a o.k. , sunny days …. Can you tell me how to get , how to get to Sesame Street …
Gosh the PLP investment in “our” people is going to be painful. When the 3% growth doesn’t appear (which only they believe) there won’t be anymore to pay the civil servants much less invest in “our” people. As an X-PLP voter, I don’t buy it. But the question is: will the PLP supporters buy it, notwithstanding the evidence to the contrary?
And just to let Burt know (in case he even cares) reference to “our” people is clearly a plea to PLP voters and I guess to us black voters. That attitude is only one of the many reasons I am an X-PLP voter. How could I have been so wrong? Yuk.
Just prolonging the pain like the U.S. is currently doing by just raising debt ceiling.
Need to be like the UK and Europe, bite the bullet and take the hit now and move forward,leave this bad chapter in the past.
It is okay to borrow for capital projects like a new Causeway or Airport,these in the long run produce a return on investment.
I do not think this Government has a clue about economics.They borrow and borrow and at the end of the day, there is nothing to show for it.
Current debts racked up from buying votes not your typical investment for the good of the island.
Senator Burt,
Firstly, we can not blame these major(ly embarrassing) cost overruns on multiple infrastructure projects on the Great Recession.
Second, I believe the real issue many of us have is how terrible your party has been at budgeting and forecasting (not spending in and of itself).
In your presentation, you quote then Finance Minister Cox back in 2008 acknowledging “economic clouds on the horizon”. So, did the Minister take her (very accurate) sentiments into consideration when producing future budgets? If we take a look at two of your charts (1. Variance Between Budgeted Spending and Actual Spending, 2. Variance Between Budgeted Revenue and Actual Revenue), I think the answer to the question becomes clear.
I would like to believe in your charts which show *future* revenue ticking up to meet a *future* decline in spending. However, given the track record of your party, and how off the mark the Finance Ministry has been with budgeting/forecasting, I’m sure you can understand why many of us can not take you seriously.
I like Burt’s use of Graphs which exclude all PLP spending. It is a bit like saying: I only spent what I earned if you don’t count everything I spent. Or, look how good I did but ignore the stuff I spent which took us over budget. Or better still: it doesn’t matter, debt is good for you and our overspending doesn’t matter.
I really like his argument that the “Great Recession” is the root of all evil, and the PLP was the savior of Bermuda’s economy. What planet is he living on? Planet PLP, obviously.
Senator Burt, your presentation is brilliant. I love how you presented in the Senate today, it was clear and succinct. I just love how you clearly indicated and proved many “fictional stories” by the OBA, and proved to them what truly fiction was, and what facts were. Well done, you are a smart politician. Senator Burt you are a brilliant, skilful, and exceptional presentation, one worth listening too and remembering. Keep pushing on Senator Burt. Senator Burt, you are an extremely gifted young man, that inspires many to want walk in your shoes.
Brilliant, excellent presentation of “Facts”.
Can’t tell if you”re joking or not…
not joking….its either Betty Trump or Rhonda…take note of the phrase “keep pushing Senator Burt” …this topic went on for some sometime without one of the Sheeple chiming in…..keep pushing
Investment in the future pretty compelling stuff, only if it were true, would somebody please tell these misguided souls that governance is a moving target? Good intentions without thought can be disasterous, we have spent future dollars against needed expenditure our children will be facing already saddled with cripiling debt.They are a fiscal nightmare, had this been done under the UBP THE PLP/UBP/BIU yahoos would have taken to the streets. Living within our means served us well and gave these failures a good book of business in 1998. We need a rescue and an OBA life ring looks pretty good considering I’m going down for the 3rd time in this COX government ocean of DEBT.
The Senator is so handsome !
Really Burt, pulling the wool over the voters eyes again eh…..if you believe your claims then you are deluded.SMH
All I can say is
Flip + flop = flipflop
Flipflop + PLP = flipPLoP
It never ceases to amaze me how these PLP Ministers can stand up and speak such nonsense. Do they think everyone is stupid and cannot see what they are about?
If they can’t add 2 and 2 together, they should realize there are people that can!
Burt thinks Bermudains are stupid and can be fooled. Reports of audo editing, now this.
I’m not aware of Senator Burt’s personal finances though I have some idea of those of several longstanding Senior Cabinet ministers not to mention a recent crossover – in several cases living way beyond their means for many years and not realising that the party is over if it ever began. It is not uniquely chicanery though that has clearly played a part; naïveté, ignorance and arrogance come to mind. Until this country can persuade its best and brightest to engage in even the smallest degree of public service, we are doomed to be governed by people who are simply in way over their head and who generally would not last five minutes in the private sector.
Not worth a comment…..
Burt Clearly hasn’t a clue… How is it a good thing to admitedly overspend and have no plans on how to pay it back ? Is this guy for real? Where did he get his education from….. if he has one at all. It’s the blind leading the blind here clearly. some members of PLP are best just to retain perceived ignorance versus proven. I.E. Just keep quiet!
lol
Senator Burt a perfect example of the saying “In the land of the blind the one eyed man is king”
Who is the OBA running in Senator Burt’s area?