Tuesday, October 07, 2008

Pure hogwash

In recent Bermuda news, tourism has fallen to record levels this past summer by 19% which when translated into monetary terms equates to about USD $18.3 million. The last time these figures were so low was in the year 1980.

Well, it's a good thing Bermuda has International Business to fall back on right? If this were not the case, Bermuda's economy would technically be crashing. We all know how the government does not like acknowledging that International Business is the main pillar of the economy, perpetually stating that it is Tourism that drives Bermuda and keeps it running. Well if this current trend of a decline continues, then I'd say Bermuda is in for a lot more trouble than it lets on. What would the government have to say about that? How would it explain what strategies are to be put into place to combat this continuing decline? Since most tourists visiting Bermuda are Americans, laying blame on the American market and current economy will only take them so far. So would the Premier who also happens to be the Tourism Minister, bite the bullet and actually state for once that International Business continues to thrive and Bermuda has not much to worry about, because every winter when tourists are practically non existent, Bermuda still manages to stand. However can that be? I'll tell you how. That 13% payroll tax that the government levies on employers goes a long way, especially when it's remitted on a consistent monthly basis. You've got plenty executives who's salaries are upward of half a million, so you do the math. International Business, my friend. Chug chug chugging along.

So, why not admit that International Business is important and it's presence is year round? That would have to mean acknowledging the importance of guest workers in Bermuda, of expats at large, even though it's only a small make up of the population (8,000 out of 66,000). Someone better start setting the facts straight because Bermuda's treatment of expats is preceding itself at other offshore jurisdictions.

I cannot understand why Bermudians have to be brainwashed as such. In my experience, the smart open minded educated Bermudians know where their bread and butter and mortgage payments via rental income, comes from. They know the importance of International Business and the detrimental effects of Bermuda going independent, should that occur. So, while the Premier, who's popularity vote is rapidly falling, spews hogwash about how Tourism is the one and only pillar, do the educated local lot laugh on the inside listening to this never ending tirade? You bet they do! And I'm laughing right behind them.

And that my folks, is the nitty gritty. It was a long time coming.