Disaster Fund
From "Suggestions to stimulate economic recovery for Bermudians once Shelter in Place ends"
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Gov't should implement a disaster fund that everyone pays into in the form of a tax. It should be used to pay back the loan used for the Covid-19 pandemic as well as any future adverse occurences.
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Profile of Grahame Rendell
Posted by:Grahame Rendell
6 years ago
Perhaps your final sentence is the motivator - sorry if you and your colleagues feel assymetrically singled out. Many others have no work at all. Unfortunately Bermuda's economy may never improve (to pre-covid levels). So your Fund may not be a viable option for 5+ years away. In the mean time government borrowing continues to climb . . . . lets hope the interest rates on this borrowing don't cripple future decades of debt repayment.
Profile of Marisa Sharpe
Posted by:Marisa Sharpe
6 years ago
@Grahame Rendell You should not make such assumptions on my angle. In doing so you are inferring your own position. It is unfortunate that some in the private sector have no work at all but fortunately Government is compensating them. Note that many others in the private sector are still getting paid. If what you are alluding to is considered perhaps their salaries should be cut as well.
A disaster fund will ensure that Government is not placed in this untenable position in the future. Companies could also donate to this fund at anytime as part of their civic responsibility.
Profile of Grahame Rendell
Posted by:Grahame Rendell
6 years ago
Please understand the economic practicality. Government is borrowing circa 150M to bolster the redeployment of funds to unemployment and business support. There were (no longer) 36,000 jobs and maybe 25,000 income earning households. Your 'everyone' would need to contribute at the minimum 6,000 to you proposed Disaster Fund at a time when personal savings are depleting and financial stress is increasing .
Profile of Marisa Sharpe
Posted by:Marisa Sharpe
6 years ago
@Grahame Rendell The fund could be implemented at a time when the economy starts to improve. Yes everyone should contribute. It could be used to pay off the Covid 19 debt as well as future affects of disasters such as infrastructure, unemployment and associated healthcare. Also anyone who needs it would be able to benefit from this fund. This is preferable to deducting salaries from certain workers during these economic times which could have serious long term effects on the economy.
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