Dear Editor,

It is evident that the Government simply does not have a plan to combat the negative effects of job losses within the local economy.

While jobs have been promised over the past few years, we have seen the opposite. The downhill spiral began after job levels peaked in 2008. Since 2008, Bermuda has experienced just over 6,700 job losses. While the trend is consistent with Bermuda’s economic position, the concern is that neither is improving.

There are direct and indirect effects of a further decline in jobs and increasing unemployment within our economy. The National Economic Report revealed that 12 out of the 15 economic sectors in the economy reported job losses in 2014. What can be done to bring a halt to that trend?

Alarmingly, despite the realisation that we are faced with a concerning level of persons already unemployed, the Government will be actively engaged in reducing the size of the public service through attrition in the next fiscal period. This means that hundreds of temporary and non full-time jobs will be lost, in addition to Government not filling vacant posts.

The job losses anticipated in the international business sector as a result of mergers and acquisitions have been estimated at 200 to 300 jobs this year. It is also expected that we will experience similar trends of employment reduction in the other sectors of the economy. Those declines, combined with the 790 job losses reported in 2014, and the thousands already unemployed, will inevitably create the perfect storm.

The local economy will not be able to absorb the impact of new unemployment coupled with the current unemployment levels, thus we will have “Bermuda’s Job Crisis”.

Practical questions come to mind such as; where will the unemployed find employment? What is Government’s plan to address the looming crisis?

Taking a look at the bigger picture: no employment means no income for many. It means that persons lose their ability to pay bills, which will have a negative effect on local business.

It further translates into an added weakening of the economy and an increase of persons in need of financial assistance. When we see increases in demand for financial assistance, it is a clear indication that the Government and the economic system are failing.

Many Bermudians feel abandoned and displaced. Many feel as though the priorities of the Government are not focused on its people. It is clear that Government’s policies are centred on trickle-down economics which is commonly described as “the idea that tax breaks and other economic benefits provided to businesses and upper income levels will inevitably benefit poorer members of society by improving the economy as a whole.” Examples include:

• Payroll tax caps on salaries of the wealthy

• Payroll tax holidays to the retail, hotel and restaurants sectors

• Concessions for hotel developers

• Concessions for America’s Cup

• Introduction of new Business Work Permits and Global Entrepreneur Work Permits

The need to attract foreign investment is understood, the need to grow the population is understood, the need to be viewed as a top-class business jurisdiction is understood.

What is not clear is how long must Bermudian people wait before the purported benefits of Government’s policies reach them? When will the Government put a National Plan in place that charts a strategic direction for the country and maps out the road to recovery? When will the Government place focus back on the people and listen to their cries?

I have heard cries from public sector workers, cries from private sector businesses and employees, cries from the opposition, cries from the unemployed and cries from our seniors.

It seems as though the whole country is crying out. OBA are you listening?

Jason P Hayward