Bermuda, like any western liberal democracy and capitalistic economic system, has the inherent and perennial antagonism of a clash between the entrepreneurial class and the labour or working class. To prosper, the capitalists increase prices, particularly when they have monopolies and a captive market like Bermuda. For labour to prosper (or even survive), they have to annually seek wage or salary increases. An increase in wages and salaries decreases profits for the entrepreneurs. A “wage freeze” without a concomitant, reciprocal and proportionate “price freeze” leaves Bermudians, as the Premier has said as “ … an Island of consumers and so positioned as “price-takers”. There are many points to be picked up here from these remarks and we will not be able to explore them all. However, two very important points that stand out are that all Bermudians are not created equal, that is, some Bermudians because of the historical inequity of wealth distribution, can weather ‘price increases’ better than others. The other point to note is that the economic system that is presently in place was fundamentally constructed in 1620 by the capitalistic entrepreneurial class (the Bermuda Co. Inc) to largely benefit the merchant class with ‘trickle down’ benefits to the working poor, indentured servants and slaves. The UBP deliberately perfected that system by systematically diminishing, under Premier Sir John Swan, the importance of the labour-intensive tourism sector in substitution for the more capitalistic driven and capital-intensive ‘international business’ sector. In short, the UBP and its entrepreneurial class are the original architects of the ‘woes’ of our present domestic economy. The UBP made our primary wealth-earner essentially a “one-pony” show. The deleterious effects of that move we feel today.Since 1998 and until now, my Government, the PLP, refuses to transform, short-term or long-term, an economic system that largely benefits the entrepreneurial capitalistic class with selective and diminishing “trickle down” benefits to the working class or labour when and where possible. Professedly, the PLP stands for progressive, labour party. Nevertheless, to our chagrin, it continues to manage, extol the virtues of and tweak this pro-capitalistic, essentially labour antagonistic economic system. My PLP Government accordingly steadfastly refuses to more evenly distribute the wealth of this anti-labour economic system by; as all progressive western democracies with modern welfare systems have long done, implementing a progressive and proportionate taxation (fiscal) system which taxes the profits and capital gains of selected corporate entities achieving predetermined wealth levels.In short, my PLP Government continues to leave particularly the working poor defenceless and vulnerable to the whims and fancies of the entrepreneurial and professional classes who, unchecked, continue to charge increasingly exorbitant prices for essential goods and astronomical fees for critical services. With respect, the existing legislation and the Price Control Commission are woefully inadequate, toothless paper tigers passing as ‘defenders’ of the price takers. Collectively, and in all seriousness, these “structures” are mere distractions and do not address the fundamental problems of those who truly need protection against price monopolies, price gouging and rapacious and greedy merchants who with impunity push prices and fees as far as the “capitalistic market will bear”. This is when and where the government of the day should step in to balance and ‘hold steady’ the situation by addressing both sides of the “economic coin” in a fair and proportionate manner, ie; implement both wage and price freezes simultaneously.Accordingly, I propose the following approach:In the short run (with a view to making the arrangement a permanent fixture) implement a reciprocal and proportionate wage and price freeze (of all essential staple goods and services). This will “hold” the domestic economy stable and will not, contrary to the Premier’s pronouncements, adversely affect or “interrupt supply lines”. Except in a positive direction. This measure should ensure that at least those households earning $70,000 or less are guaranteed a nutritious and adequate diet and essential medical, legal, dental and insurance services etc. The “volume” of services will in fact increase and this increased demand will in fact increase supply lines, not interrupt them. All other “luxury” items will then be the preserve of the wealthy to purchase as they see fit. This plan should see us through the recession.In the long run, the PLP Government should fundamentally review its fiscal or taxation system and its monetary policy, which permits the non-governmental, private financial institutions to set or adjust interest rates (especially the greedy and bizarre move to raise these rates in a recession?). This review should remove the current unjust, regressive taxation system and replace it with a proportionate and progressive taxation system, which includes the appropriate level of taxation of and for our international sector. We should soon see what good, corporate citizens these companies really are. As long as these international companies escape the tax level they face onshore in their homelands, they will continue to do business in Bermuda. I just refuse to buy “the lie” and nonsense that these companies will leave the attractiveness and ambience of our tax-haven atmosphere. The contribution made from the taxing of the billions of dollars made by these companies will “bolster” or even underwrite our domestic budget and permit us to hugely reduce or remove import duties, levies etc, thus driving down prices, the cost of living as a whole, and increasing the wages, salaries and savings and therefore the ‘purchasing power’ of the dollars in the pockets of every Bermudian. This reform will be an actual “wage and income” increase without physically raising wages and salaries, etc. Again, the concomitant increased demand driven by the availability of more dollars may even reciprocally increase the ‘supply lines’ of goods and services. Not interrupt them adversely.It’s really time for fundamental and not “cosmetic”, lightweight, superficial change in this country. Many of us are really tired of the constant “rearranging of the chairs on the Titanic”. Transforming the traditional economy is essential in this changed Bermuda. If we are to avoid or delay a life-altering “clash“ between the haves and the have-nots then this transformation must be modern, fair and fundamental. Such a transformation requires bold, innovative, competent and committed people. Who’s up for the challenge?