Swan: ‘Numbers Speak For Themselves’

March 9, 2012

Speaking on Sir John Swan’s comments yesterday, UBP MP Kim Swan said, “We are encouraged that a former United Bermuda Party Parliamentarian has finally stood up and defended their period of governance against the onslaught of disparaging comments put forward by not only by long-time adversaries but also through misinformation by persons who once were UBP or persons who used the United Bermuda Party as a foot stool to get where they are today.”

Mr Swan went on to provide numbers comparing the UBP’s financial management to that of the PLP’s, saying, “The differences are astronomical and speak to our concern about the debt Bermudians are saddled with today.

“Let us compare the state of Bermuda’s financial position under the United Bermuda Party vs Progressive Labour Party objectively by the actual numbers.

“Contrary to what persons want to think about the United Bermuda Party, the actual numbers speak for themselves and are exceedingly complimentary of the United Bermuda Party’s financial stewardship compared to Bermuda financially now under the Progressive Labour Party.”

Mr Swan’s full statement follows below:

It is fitting that former Premier of Bermuda Sir John Swan should stand up and correct the record from his time in office against claims made by the Bermuda Industrial Union President which dates back 25 years; to rightly point out the actions of the United Bermuda Party under his leadership between 1982 to 1995.

As one who is proud of the United Bermuda Party and the former Leader of Her Majesty’s Loyal Opposition for the United Bermuda Party prior to May 2011 – I appreciate a former Leader of the United Bermuda Party (Premier Sir John Swan) issuing a statement putting the record straight about a question pertaining to his period as Premier of this country.

We are encouraged that a former United Bermuda Party Parliamentarian has finally stood up and defended their period of governance against the onslaught of disparaging comments put forward by not only by long-time adversaries but also through misinformation by persons who once were UBP or persons who used the United Bermuda Party as a foot stool to get where they are today.

We hope that with Sir John standing up to defend his legacy should encourage others to do likewise as persons try to rewrite history to suit modern day circumstances.

Notwithstanding the of United Bermuda Party’s successes there were shortcomings and mistakes, of which we respectfully regret, but that contributed to us being voted out in 1998. However, the real point missing from this article should be:-

What was the state of Bermuda’s finances when the PLP took over the country in 1998?

Here are the actual figures for 1998/99 vs the actual budget for 2010/11 from the Government of Bermuda which are as follows:-

  • Actual Revenue for 1998/99 $546.419 million vs Actual Revenue for 2010/11 $999.795 million
  • Actual Expenditure for 1998/99 was $461.992 million vs Actual Expenditure for 2010/11 was $1.040 Billion *NB. 98/99 the country operated with a surplus
  • The Actual Current Account Balance for 98/99 was a surplus of $84.42 million vs a deficit of (-$49.323) million in 2010/11. It is worth noting that these balances exclude debt and the sinking fund.
  • Actual Interest on the Debt in 98/99 was $9.6 million vs $55.29 million in 2010/11. A growth of 600%.
  • Surplus Available for Capital Expenditure in 98/99 was $71.50 million vs a negative amount in (-$133.38) million in 2010/11.
  • In 98/99 the United Bermuda Party used surplus to cover Capital Expenditure
  • Actual Capital Expenditure in 98/99 was $56.241 million vs 2010/11 Capital Expenditure of $121.04 million
  • Actual Budget Surplus in 98/99 was +$15.24 million vs huge budget deficit of (-$254.42) in 2010/11.

The differences are astronomical and speak to our concern about the debt Bermudians are saddled with today.

Let us compare the state of Bermuda’s financial position under the United Bermuda Party vs Progressive Labour Party objectively by the actual numbers.

Contrary to what persons want to think about the United Bermuda Party, the actual numbers speak for themselves and are exceedingly complimentary of the United Bermuda Party’s financial stewardship compared to Bermuda financially now under the Progressive Labour Party.

The numbers don’t lie and the two records outline a major difference between the United Bermuda Party and the Progressive Labour Party’s financial management styles.

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Comments (35)

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  1. Chart says:

    The numbers don’t lie and the PLP spin doctors often do.

    • Maddog says:

      How much did a 2 bed room house cost 20 years ago 200.000, an now 20 years later you want that same house to cost the same,you sound stupid and dumb like Kim swan that’s why the white people left him, they dont care about black people, if the white MPs stayed in the UBP such as Dunkley gibbon , and the rest of them it would have still be there but Kim you do not understand, you are afraid to be unpopular BY joining the PLP SO SAD.

      • @ Maddog, I will ignore your unnecessary insults. Your comments about inflated house prices is relevant but not to this article.

        The numbers posted in this article portray the difference in mindset between the UBP vs PLP.

        The UBP left the PLP with a surplus that covered capital expenditure and a manageable debt level. The Plp failed to heed the advice of the UBP and during the boom between 2001 and 2008 failed to save for a rainy day. Hence Bermuda is in a most vulnerable position today with a growing $1.25 Billion debt.

        Last I checked, I was not in the most popular position but I will continue to represent the “ALL PEOPLE”.

        Respectfully,

        Kim Swan MP
        St. George’s West

        • Maddog says:

          What I was saying MR MP THAT PRICES GO UP IN EVERYTHING. I WILL SAY IT AGAIN. IF YOU PURCHASE A HOUSE THAT COST 200.000 12 YEARS AGO KIM.THAT SAME HOUSE IS 1.200.000 OR 1.500.000 FOR A TWO BED ROOM HOUSE.YOU ARE MISLEADING THE PUBLIC.

          IN CASE YOU DON’T KNOW THIS IS A EXAMPLE DO YOU PAY THE SAME FOR GAS,FOOD,ELECTRICITY,12 years ago. IF MOST PEOPLE BUY A HOUSE TO DAY KIM,THEY WOULD BE IN DEPT FOR A ABOUT 20 to 30 YEARS,KIM SOME PEOPLE WOULD NEVER SEE THERE HOUSE PAID FOR IN THIS LIFE TIME SO WHY DO IT.THEY CALL IT A INVESTMENT FOR THERE CHILDREN,WHITE PEOPLE HAVE BEEN DOING IT FOR YEARS,THE PLP DONE FOR THE FUTURE OF THIS COUNTRY AND THE PEOPLE OF THIS COUNTRY AND GESS WHAT CHILDREN ARE GOING TO HAVE TO PAY FOR IT. THE OLD PEOPLE WORKED HARD TO BUILD BERMUDA NOW IT IS TIME FOR THE YOUTH TO STEP IT UP AND PAY. NOW KIM THAT WHY CHILDREN DON’T WANT TO WORK BECAUSE THEY LISTENING TO YOU HAVING A PITTY PARTY ABOUT DEPT.THAY WHY SOME YOUTH TO DAY DON’T WANT TO WORK BECAUSE THEY BELIVE IT SHOULD BE GIVING TO THEM.

          • jimb0z says:

            CAPS LOCK TO SHOW MY RAGE!!!!!

          • @ Maddog,
            I note your caps and appreciate your examples.
            Respectfully, I disagree with your analysis especially the one on the differential on home purchase prices and equity. Home values and equity fluctuate with market. Unfortunately interest on debt grows unless the principle is reduced.

            Our (UBP) concerns about the astronomical and unsustainable debt relates to its accelerated growth.
            Respectfully, it is my opinion that your comparisons (especially on house prices) are not relevant because:

            • As a family or person pays off a mortgage in 15 to 30 years the principle declines but in this case the debt has grown tenfold with no end insight under this government.

            • Bermuda’s debt is spiralling upward because expenditure has exceeded income for the past 6 years.

            • The UBP paid for capital expenditure with a surplus whilst this Plp government prefers to place the burden on present and future generations.

            • A government with diminished cash reserves is in a vulnerable position.

            My comments point out the difference between the UBP’s financial management vs vulnerable position the PLP government have put Bermuda.

            Sorry to say but the Plp government must take ownership for the financial position of Bermuda.

            At the end of the day it will be up to the people of Bermuda to determine which style of government that they prefer.

            Respectfully,

            Kim Swan MP
            St. George’s West

  2. Hudson says:

    Couldn’t have said it better myself. For those who want to glorify the PLP and tell us that somehow we are better off than we were before, just take your blinkers off and look at the facts.

  3. Real Talk says:

    Mr. Swan, what percentage of that revenue went to enrich the different communities in Bermuda? And, what do we have to show for it today?

    • all clogged up says:

      stupees….I’m tired of hearing the BS ….. the trickle down worked. My mother bought her home + 1/3acre (not a fking condo like me) on the trickle down….as a common government laborer…..so do you really think we’re better off? My heart is with PLP of old…..don’t try to pull this sh*t argument about social projects….my mom paid bus fare for 4 kids, paid childcare and kept her family together of a modest salary…..don’t talk to me about social projects.

      • Maddog says:

        You must be white…

        • Hmmmm says:

          You must be a rascist.

        • The nitty gritty says:

          All you Bermudians crying about poverty, you have no idea what poverty is cause you’ve seen nothing outside this rock or a Philadelphia Mall.You all had the most opportunity to succeed , 95% of you are driving SUV’s, dressed to the nines and carrying the latest cellphones but take great false pride in seeing who can outdo everyone with their sadsack stories of poor poor me grass roots and labour never had nothin and woe is us. So how did so many do it? how do we see so much conspicuous consumption everywhere even in this progressive economic labour havin a party disaster? You whiners want freebies, concessions and handouts without doing the work it takes. Hard work plus making sacrifices, saving for the future and contributing an honest days work are what deserve rewards. Your PLP has rewarded its voters, friends and cohorts with grants, aid, made up jobs, assistance and untendered contracts for 13 years. The direct result is 1.3 billion debt you will not get out from under, values falling and businesses closing.
          You brought this on your sorry selves and now get ready to witness the final act of this
          dismal play.

    • Mad Dawg says:

      Real Talk, there is a famous Chinese proverb:
      “An idiot can ask more questions than a genius can answer”.

    • @ Real Talk, here are the numbers numbers from 98/99 Expenitures:

      $1.5 million Culture
      $14.4 Million Fin Asst
      $58 million Hospitals
      $10.3 million Youth Sport, Parks
      $77 million Education
      $1.9 million Bda Housing
      $13.2 million
      _________________
      $175.9 million Total which represents 36% of the $475 million in total expenditure

      Also, $56 million for capital was covered by the $71 million surplus.

      Respectfully,

      Kim Swan MP
      St. George’s West

  4. Questioning Everything says:

    @Real Talk: The issue was that the BIU president said that funds were mismananged under the UBP tenure. Sir John has respectfully set the record straight. Mr. Swan just provided a comparison of what financial state we were in when the PLP came into power and how far from that we are now. I don’t recall Mr. Furbert saying that pension fund or construction fund under the BIU/PLP has been used to enrich Bermuda’s communities either, but hey maybe that’s just me. Also, when you say “different communities”, I’m led to believe that you are not talking about the West Indian, Filipino, Portuguese or Ex-Pat communities. You actually mean what did the UBP do for the Black community. Please correct me if I am wrong, but after 13+ years in power, what remnants of good should we be seeing that are left over from the UBP era? Wasn’t it the PLP’s goal to wipe the UBP from recent memory based off of how good the PLP are and what they can do for “Bermuda”? As a young person who is deciding whether to vote PERIOD, these are the things that make you go “Hmmmmmm” and then we are left continuously pondering because NOBODY is transparent in this political arena. So I’m left Still Questioning Everything…

    • Maddog says:

      YOU OBA/UBP FOOLS CAN’T TAKE IT, BIU PRESIDENT OPEN UP SOME EYES,EVEN JOHN SWAN RESPONDENT HMMMMMMM.

      • Hmmmm says:

        No that man has paid himself a load of cash out our workers pockets. He made an allegation in the press ans the parties involved, i.e. SJS and the interim leader of the UBP KS responded appropriately and with the truth. Nothing to hide here, perhaps the BIU have everthing to hide though. How about the latest accounts.

      • jt says:

        Can’t take it? This is a response to an allegation that is factual and lays it to rest. Just a little bit different than when criticism is laid a the feet of PLP where “this too shall pass”, “shoot the messenger”, “they did it too”, “that’s a plantation question” etc. are the scripted responses.

        • Maddog says:

          IF THIS WAS SAID ABOUT THE PLP YOU ALL WOULD HAVE BELIVE IT.
          BUT JOHN JOHN SWAN IS YOUR god. AND UNDER HIM THE SAME THING HAPPEN if he said it you white people believe it that why he is broke.

          JOHN SWAN IS NO BETTER THAN THE GOVERNMENT BROKE AND I AM GOING WATCH TO SEE IF WHITE PEOPLE HELP HIM. PS.REMEMBER HE TRY TO SELL ONE OF HIS BUILDING TO GOVERNMENT……

          • jt says:

            So I am white am I? (it’s all I gleaned from your post, the rest is incomprehensible).

          • @ Maddog,
            Sir John Swan is not perfect and has come in for a lot of criticism over the years……. However, here is another example of a statement he has made – where there can be no denying that he was spot on – with this prediction in 2008:

            ” Former Premier Sir John Swan, in a news article in 2008 said:
            “Recession will hit Bermuda hard, with “severe consequences” from the global recession, “including more job losses and falling property values” the businessman said. He further stated that“ Bermuda’s economy was hugely reliant on American-owned international business and that the severe downturn ravaging the US would inevitably have serious consequences in Bermuda. ”

            Unfortunately, this type of advice was scoffed at and not immediately taken serious by the Plp government.

            The lack of preparedness by government is what we are suffering from now financially with regards to the impact of the recession !!!!!!

            Kim Swan
            St. George’s West

          • The nitty gritty says:

            Maddog you should have stayed in school, can’t understand what you are saying or is this ‘gansta’??

      • Pastor Syl says:

        @Maddog: You so right! the BIU president opened up a lot of eyes to his own feet in his mouth. He should know better than to make such accusations that can so easily be proven to be incorrect (not to say “lies”). Of course Sir John responded. The accusation involved the period when Sir John was premier and directly responsible.

  5. Cancer says:

    Now that Ewart is back we will see these kinds of tricks by the PLP/BIU flip flop party. It’s good to have someone on hand to spin the bottle the correct way!

    • Rummy says:

      Off to Caymen with Paula.

      Then again, the State Department covers their asses and assets.

    • LaVerne Furbert says:

      What makes you think Dr. Brown went anywhere?

    • pepper says:

      Ewart never left…he and Zane are running Bermuda… what that does say about this minister… ( who also said that he was the head n$#ga in charge) check it out..) and this man is in charge of our health care ?

  6. What about the People says:

    I would likely stop reading after the first paragraph. The fact that Kim Swan things John Swan was leader of the UBP and Bermuda from 1982 – 2005 shows enough.

    • @ “what about the people”, thanks for pointing out the need for a correction. Sir John was the Premier for 13 years from 1982 – 1995 (not 2005).

      Respectfully,
      Kim Swan MP
      St. George’s West

  7. Just sayin says:

    Not on this subject but, why do seniors have to pay for health care benefits anyway.

    Why don’t we have a national lottery and use the gains to pay for it all, stop persecuting the elderly, we will all be old one day soon. Even worthless MPs that have untold insurance paid for them by us.

  8. Just sayin says:

    Tell me another way Madddog.

  9. Victor says:

    Finally somebody defends the UBP record – 30 years of relatively, honest clean government.

    I have always been astonished at how since 1998 the UPB have been incapable of defending what remained until recently a very strong brand, consistently pulling 48% of the vote in the last three elections. Contrast that to the incredible arrogance, smugness and appalling ignorance of the PLP hierarchy, add to that the stench of corruption from on high along with the pretending not to know from the Cog (if you put up with it, you are by definition complicit – she’s a lawyer and is well aware of her responsibility in this instance) – and yet the PLP have been able to spin this incredible yarn about how bad it was and what a bunch of horrible folks the UBP were, culminating with Ewart’s Me or The Plantation platform of four years ago. Well, the sad truth is that it is entirely plausible that we are on our way back to The Plantation (a Jamaican style one by the looks of things) and it is entirely a result of the PLP Government’s disastrous thirteen years of misspending and graft to the point that we are now broke.

  10. The nitty gritty says:

    Don’t worry they all know it was better but daren’t face that awful truth that they actually could not manage their own careers much less an entire country. I will never forget their sneering arrogance at the 2nd election while still living off the successes of the previous 30 years as they proclaimed..
    ‘and to think you all thought we couldn’t manage Bermuda’s economy’! Well $1,300,000,000 later
    and they proved us right. Hey voters, this is NEW BERMUDA! PLATINUM PERIOD! How’s that working for you??