May 23, 2012Dear Sir,Economist Craig Simmons this week urged voters to not be fooled by politicians who claim they’ve got all the answers to the Island’s economic woes. He was quoted as saying he was sceptical of anyone making out that they knew a “Great Recession” was heading for Bermuda and criticising Government for not preparing accordingly. He said this was “a common theme” from the One Bermuda Alliance in recent months. Let us examine the public record insofar as the One Bermuda Alliance’s Shadow Finance Minister, ET (Bob) Richards, is concerned.In the February, 2008 Budget Reply, Mr Richards is on record as stating the following: “There is no evidence that this Budget takes the threatening international economic storm clouds into account. It carelessly continues the spending spree of recent years despite the real possibility of revenue shortfalls as a result of a weak US economy … The government has made no provision for an economic downturn that is widely expected. This is irresponsible, just as it would be for a sailor not to trim his sails when storm clouds gather. It is prudent to prepare for a storm whether it be meteorological or economic.”Mr Simmons also is quoted as saying: “I’m sceptical of experts who claim to have known the Great Recession was imminent. Perhaps some experts thought a recession was imminent, but that’s not the same as knowing.”In his 2009 Reply to the Budget, Mr Richards actually said: “Mr Speaker, while one year ago I warned this House of this impending storm, I have been stunned by its severity and destructiveness, by the power to bring some of western society’s most prominent financial institutions to their knees … I certainly wasn’t smart enough to foresee the utter financial destruction that took place in the latter half of 2008.”Mr Simmons also said the following: “Businesses, consumers and the Government will not be able to spend their way out of this recession without growth from new international businesses, or non-cruise ship tourist arrivals, or foreign investment.”Just this month, Mr. Richards stated in a press conference: “We [the OBA] firmly believe that, as foreign exchange is the lifeblood of this economy, government and Bermuda cannot spend its way out of recession, we have to earn our way out.”And lastly Mr Simmons is quoted as saying: “What makes this recession different is the total amount of private and public debt outstanding — about $6.4 billion or 110 percent of GDP.In his 2011 Budget Reply, Mr. Richards stated in reference to foreign debt: “Clearly, the situation is not sustainable. Remember: Bermuda has to EARN foreign exchange from selling goods and services to foreigners. So, not only do we have to earn our way out of this recession, we have to earn our way out of this mountain of debt, now pegged at more than $2.25 billion in public and private loans combined (in foreign debt).”The record speaks for itself. Mr Simmons’ words mischaracterised that record insofar as the OBA’s Bob Richards is concerned.JUST WATCHINGPaget