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How can there be a surplus when we have so much debt?

David Burt, the Premier and Minister of Finance, has stood by his projections when delivering the 2024-25 Budget Statement last February (Photograph by Akil Simmons)

Dear Sir,

We are told about what has been achieved to make Bermuda a fairer place by spending, spending, spending. We have also been told that for the first time in years, we have a balanced budget.

In 1998, the Progressive Labour Party won the election and the “corrupt” United Bermuda Party handed over a surplus of $1.2 million. Now there is a deficit of $3.5 billion plus causing a large interest being paid by the taxpayer. Social services and floodlights for football clubs are all very nice if you have the money, but, as my father always told me, if you cannot afford it, you do not buy it.

In this present climate of “live for today and to hell with tomorrow”, credit-card debt-spiralling, do we then have to support those who are running into financial problems?

In the Great Depression of the 1930s, the day my sister was born was the day my father lost his job and he was out of work for 18 months. When the bailiffs came to the house to take furniture to cover my father’s debts, they were turned away because it was my mother’s property. He eventually got a job that he detested, but he was able to pay the rent and get food on the table for his family. Life was not easy for my parents, but as a child, I was not aware of their financial problems until later in life.

Social awareness is all very good, but I have not heard from any political or independent candidate how the national debt will be paid down. How can there be a surplus when we have so much debt? I am unable to get my head around this conundrum!

ANTONY SIESE

Paget

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Published January 21, 2025 at 7:59 am (Updated January 21, 2025 at 2:41 pm)

How can there be a surplus when we have so much debt?

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