Column: Foley On Budget, Bermuda & More
[Opinion column written by Maurice Foley]
As Bermuda approaches another Budget Day, the national conversation will naturally focus on numbers — revenues, surpluses, investments, and projections. Those figures matter. Fiscal stability matters. But ultimately, the most important question for Bermudians is much simpler:
Did we get the results we were promised?
For many families across our island, the honest answer does not feel like yes.
We have heard repeatedly about progress, about surpluses, economic recovery, and what has been described as “quiet but meaningful” improvements. Yet outside of government statements, many Bermudians are still dealing with a very different reality. Grocery bills remain high. Electricity costs continue to strain household budgets. Housing affordability challenges working families. Healthcare expenses weigh heavily. And too many young Bermudians still feel that opportunity lies elsewhere rather than here at home.
I hear this frustration regularly when speaking with residents across our community, including right in St. David’s where families talk about the same pressures affecting households across Bermuda.
Even in everyday life, the gap between promises and experience is clear. Drivers navigate deteriorating roads and potholes that damage vehicles and increase maintenance costs. Families wait weeks, sometimes months to access certain healthcare services or specialist appointments. These may seem like individual frustrations, but together they shape how people judge whether progress is real.
This disconnect is not about politics. It is about accountability.
Economic data tells an important story. Since 2017, much of Bermuda’s growth has been driven by international business rather than the local economy. While we should absolutely celebrate the success of international business, it is vital to our country — the benefits have not spread evenly across our community. Retail sectors have struggled, local job growth has been limited, and population decline continues to present long-term challenges for pensions, healthcare, and economic sustainability.
At the same time, wages for many workers have not kept pace with inflation. When purchasing power declines, households feel it immediately, regardless of what broader economic indicators suggest.
Government finances may be stabilizing, but household finances must stabilize as well.
One of the most important developments in Bermuda’s financial future is the introduction of Corporate Income Tax. This represents both an opportunity and a risk. The opportunity is clear: new revenue that can strengthen Bermuda’s fiscal position, reduce debt, and invest in infrastructure and services. But the risks are equally real. Revenue concentration in a relatively small number of companies and industries makes careful planning essential, particularly given global economic uncertainty.
That is why strong fiscal guardrails, transparency, and accountability are not optional — they are necessary.
Bermudians deserve confidence that public funds are being managed responsibly and strategically, particularly as new revenues enter the system. They also deserve to see clear improvements in the things that affect daily life: education outcomes, healthcare access and affordability, infrastructure, economic opportunity, and the cost of living.
Leadership is not measured only by what is announced. It is measured by what people actually experience.
As a former Senator, I understand how complex governing can be and how global forces affect small economies like ours. But acknowledging challenges is not pessimism. It is simply being honest about where we are so we can move forward.
Bermuda is a resilient country with extraordinary potential. We have world-class industries, talented people, and a strong sense of community that has carried us through many challenges before. The question before us is not whether Bermuda can succeed — it is whether our policies and leadership are producing the outcomes Bermudians deserve.
Bermuda needs policies that turn national progress into household progress.
As we approach this Budget, accountability should remain at the center of the national conversation.
Because the true measure of progress is not found in balance sheets alone; it is found in whether families feel more secure, opportunities are expanding, and the future looks brighter for the next generation.
That is the standard Bermudians deserve. And it is the standard we should expect from any government.
- Maurice Foley, Former Senator & One Bermuda Alliance Candidate, Constituency 3 St. David’s
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