Premier admits budget failure

| 27/06/2012

Premier moves motion (227x300).jpg(CNS): The country's minister of finance was forced to face the consequences of not being able to present a balanced budget to the Legislative Assembly on Wednesday as he presented a motion to appropriate interim financing for government to function until the end of August. Premier McKeeva Bush admitted his failure to the parliament and said he had wrestled with the problems of increasing expenditures and the need for borrowing, which the UK had refused. Bush said it was easy for people outside to talk about making cuts but he had "been struggling" with the budget since January and "it is not easy when your hands are tied."

Despite being the finance minister and the person responsible for the budget, the premier pointed to a growing civil service, extra spending on crime, legal aid, the bill of rights, the FCO, civil servants and, above all, the previous administration as the cause of his budget difficulties as he acknowledged that he was going to face criticism from the opposition benches.
 
He said he was, however, "on good form" andwould in the course of the debate be able to defend his position. Bush said he expected people would criticize him but the bottom line was spending had to be cut.

"So cuss if you may, scream if you want, but the fact is there has been too much expenditure and we've got to pay for it," he said, adding that people would say he was incompetent and all manner of evil about him. He railed against the control that the FCO now had of the Cayman government's budget and pointed the finger at the previous government for losing control of the country's finances. He said the only way to get it back was to make the cuts.
.
The premier stated that the government was now engaged in further spending reductions so that he would be able to bring a full year's annual plan and estimates in the next few weeks.
 
Presenting an appropriation of some $127 million in expenditure as a stop-gap measure, Bush gave no indication of expected government earnings but said it would require an overdraft of $25 million to see it through what he described as the lean months for government, which had been approved by the FCO.

He also announced that the position for the fiscal year end for 2011/12 had improved and government was now expecting a very small deficit of $1 million when core government and statutory authorities spending and revenues were all added together.

After the premier's presentation the leader of the opposition pointed out that never in the history of the Cayman Islands had a government failed to bring a budget. Alden McLaughlin said that while the premier continued to blame the former administration, of which he had been a part, for everything, after three years in government and as minister of finance he could not get away from the fact that the current crisis was his responsibility.

McLaughlin said that if the premier was not prepared to accept responsibility for this failure now, he never would. He also pointed out that, had the FCO not been in control of approving the government's budget, Bush would have brought a spending plan to the House of some $630 million and $80 million of more borrowing.

The opposition leader pointed to the complete failure of the UDP government to implement one policy that either increased revenue or cut spending, and despite claims of a miraculous turnaround in public finances, the premier had compeltely failed to deliver anything.

Speaking during the lunchtime break, Ezzard Miller said he was embarrassed to be a member of the Legislative Assembly at a time when the country's finance minister could not do the one and only job required of him, which is to deliver a budget. The independent North Side member said that when it was his turn to speak he would be calling on the premier to resign the finance minister's portfolio and give it to someone else in his Cabinet that was capable of getting the job done.

See premier's speech and short message delivered by the governor in lieu of the Throne Speech.

Category: Politics

Comments (131)

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  1. The Spin Cycle says:

    Missing from this equation and possibly ignored by many of the commentors is….does he care?? What does he have to lose?

    Look at it this way:  He has been renumerated with a very healthy monthly salary I believe $14,000/mo CI has no personal expenses household or otherwise collects his pension, and no doubt has made investments with his steady supply of cash (but not here- he has had time to travel and look elsewhere). So people get understandably upset and they will obviously not vote for him again.  What happens then? Goodbye political career. Hello very comfortable retirement. That's politics folks. That's what happens when we allow politicians to not be personally accountable. Nice job.

  2. Anonymous says:

    Pray tell us all, who has been wasting the country's money, Mr Bush of course !

    He has blown 10s of millions of dollars andn he has the hide to blame others and the PPM for our financial woes. Wake up Mr Bush and smell the coffee for you will son pay for your incompetance.

  3. Anonymous says:

    Call in all those gasboy cards! So sick of seeing those used for PERSONAL gas! The auditor general has already pointed.out significant savings!

    • Anonymous says:

      And go back on his promise to to "his" people?  He can't cut his voters perks.  So the rest of us must pay for them or ?  I already left but still have a house there. Great investment idea 10 years ago.  I have Bush to thank for what is now a bad investment.  And of course all the mouth's he is personally feeding, clothing, sheltering, and of course keeping fully gassed up. Significant losers make a significant lost.  Now I hear they all got free driveway paving on the Brack.  Wish I could get him to buy my house to give to the voters.  He's got plenty of money now.

      • John says:

        Hey stop whining, put an ad on CNS and we will buy it from you at a discount of course for abandonment. !!!!!

        • noname says:

          What a very Caymankind remark and pretty much what I anticipated.  Don't worry. You could never afford a house like mine.  I will have to sell it to an MLA or other well to do official Government sponsered person or a regular ex-pat.     !!!!!!!

        • Anonymous says:

          You mean like what the Chinese plan to do to CIG?

  4. Anonymous says:

    Failure…

     

    The honourable thing to do is resign.

    • Anonymous says:

      So you really belive he is or has ever been "Honourable".  Really?  This explains so much.

  5. Anonymous says:

    More fee increases is wholly untenable. McKeeva raised fees i 2009 to the maximum that the private sector could absorb. Cutting civil service and stop spending like it going out of style!

    Now you expect to come back again to bleed private sector/ working class people AGAIN!

    Hell-To-The-NO!

  6. Anonymous says:

    I highly doubt caymanians would be able or willing to accept the level of spending cuts that have to happen….it would put many of us out of work…in all sectors and government run companies…he knows that and while we all comment on what has to be done the reality is a massive cull probably close to 20% of government employees is probably required not to mention the sale of all government owned companies….is this really an option? I think he is hoping he can borrow long enough for the finance industry to recover and thus government revenue….but with what happened in 08/09 I doubt the finance industry will ever return to those levels as the industry itself has changed…

    • Anonymous says:

      If they cut the waste, they can easily reduce the budget by 20%.  Look at each department's budget from 2011, cut the amount by 20%, send the new amount to each department and tell them that is their budget for the year 2012.  They can divvy up the amount however they want, but you expect them to achieve the same level of accomplishment they had in 2011.  Problem solved.

  7. Anita Justice says:

    This is what happens when you have Full time Self-employed Businessmen playing Part Time Ministers. Further compounded by the fact this specific individual has an extremely limited education in this field that requires expertise. Sadly, one cannot even say that he has real hands on management experience in this high stakes environment, as the technocrats typically do all for him, this is evidenced in many mediums and or forums by way of his unscripted remarks.

     

    However, I stand corrected on his management experience; it has come to my attention that he did manage an extremely small landscaping venture consisting of three unskilled labourers, that by all accounts was not very successful, as a result it is no longer in business. All others ventures, that he is connected with, he has never featured in their day-to-day management and operation.

     

    Therefore, considering the above, are the Cayman Islands really surprised by this revelation? Failure of the majority of the Voters to put away apathy will only ensure that McKeeva is reelected by his bloc of ignorant and self-serving peers. Consequently, turning the Cayman Islands into the Greece ofthe Caribbean. Then WE ALL LOSE!

  8. Anonymous says:

    keke needs to get some of those lazy people who can work off social service, they are training this country amongs others! they need to go!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  9. Anonymous says:

    "Bush admits budget failure" – ya don't say!

  10. Anonymous says:

    Call me a traditionalist but I would like to live in a land where the Finance Minister is not under investigation for corruption.

  11. Anonymous says:

    It’s like watching a train wreck in slow-motion, and this is the part where it starts to come off the tracks, just before the fireball engulfs it. For a couple months’ stop-gap measure, Bush wants to spend $127 million and borrow $25 million to do it. $63.5 million a month including $12.5 million a month he doesn’t have. This is while the CIG’s “budget” has been rejected due to unrealistic intended expenditures (or perhaps better called “over-spenditures”). The safety valve in the UK has finally popped and they’ve finally told Bush that his financial rampage is over. This looks a lot like the end of Cayman as we knew it – the final twilight, as the sun sets on Cayman’s golden era. When the fireball burns out, it’s going to be a long night.

  12. Anonymous says:

    I have a suggestion for revenue. I could go into greater detail but I will just give a one sentence recap. Why don't we sell debt instruments. Treasury bills, bonds, and notes. All develop countries with good credit ratings do it… why can't we?  Can anyone give me a good reason why it's not feasible. I have worked in the markets so tell mewhy it's not possible.

    • Anonymous says:

      One of the problems is that the bond holders would expect the country to repay the debt but the politicians would clearly rather spend revenue on luxury travel, personal servants, and patronage payouts.

    • Anonymous says:

      Umm… because selling debt instruments would mean increasing Government debt. "Selling" bonds simply means borrowing money from the people who buy them. We're not allowed to borrow, remember? It's revenue, yes, but it's revenue you eventually have to pay back… with interest.

    • Anonymous says:

      Have you ever heard the expression "been there, done that"?

       

      If you have worked in the markets I presume that you know the money has to be paid back? A bond issue was one of the first things that Mac did upon taking office.

      http://centos6-httpd22-php56-mysql55.installer.magneticone.com/o_belozerov/31115drupal622/business/2009/12/06/historic-cayman-bond-issue-underwritten-hsbc

       

      While Big Mac is screaming about PPM overspending and leaving him with $81M defecit someone should ask him what he did with the $321M that he raised with the bond issue.

  13. Anonymous says:

    Brazil, Russia, India, China.

    • R. Dasayev says:

      Those are all countries with a socialist set up,may be karl Marx was right!!

  14. Anonymous says:

    The rollover screwed us good and proper! Make life affordable and we will survive.
    Any creative housewife that has to feed kids, hubby and work at the same time should lead the finances of the country.
    I just arrived here, and will be here for the term limit then move on, unfortunately I won’t be buying a home, car or anything else as I am not sure if they will stamp “deferred” in my passport.

    Think about it. I am one of thousands.

    • Anonymous says:

      When you move on, will your new country welcome you with open arms and give you permanent residence or the ability to stay there for an unlimited time?

      • Anonymous says:

        it will probably more welcoming than here…..

        some countries actually want to keep the most hardworking, well educated members of society…..

        • Whodatis says:

          Your comment begs the question; Why would these individuals want to inflict such a dramatic brain-drain on their respective home countries … especially in these trying times?

          The global economy is in a mess, and every nation is in need of every able citizen with hands on deck.

          Nevertheless, thank you so much for taking such a strong and noble interest in us – you are far too kind.

          • Anonymous says:

            It's a global economy, that's why.  The poster's internationally present employer probably sent him/her here.  That's why I'm here.

      • Anonymous says:

        Pretty much all civilized countries welcome educated people. 

        • John says:

          hmm pretty much all civilized countries,eh!  do you come from one of them? and if so what in the rump roast  are you doing here.?

    • Anonymous says:

      Good luck getting around if you don't plan on buying a car.

  15. V says:

    And the award for “The Most Hated Man in Cayman” goes to… drumroll please… McKeeva Bush!
    Please come to the steps of the LA building to collect your trophy of a hand flipping the bird.

    And each member of the UDP party won’t be leaving empty handed, we’ve got a wonderful consolation prize for all of you who participated… Cayman tell em’ what they get.

    Cayman: Well, V each lucky member of the UDP have all won… an empty ballot box!. That’s right! The prize for playing along with McKeeva is … NO VOTES!

    Let’s give them a round of applause everybody!

  16. In Perso Nator says:

    I only caught the first and last words of the headline and felt that was about as accurate a story title as I have ever read!

  17. Anonymous says:

    here we go again, everyone on one side wants him out…on the other wants him re-elected….but frankly, it dont matter who's in power…..the mess is the mess is the mess and i dont see any of us really wise bloggers with any real answers….we're all just pointing fingers as usual……the country finance is the same as a business…..you got to pull in revenue to cover costs, and you got to make smart, strategic decisions in terms of what costs you cut…..someone said cutting the police force? thats not smart, infact it should be increased….selling cayman airways? its smart in theory, govts dont run good airlines…but who;d buy it? nobody smart….there's no real scope for growth as we dont have much room inventory, hotel prices too high, etc, etc…….but even a round of asset stripping (airline/water auth/etc) are all simply short term band aids (with exception of turtle farm…that should probably just be shut down if it really loses the govt $12M per year…nobody is buying that apart from maybe a cruise line to use it as a destination??)…….nope, its all coming round to the very real likelihood that direct taxation on incomes, properties and capital gains will be introduced in the coming years…..many lobby for gaming as a great option, but its not as there are simply not enough people on island nor tourists to make it even remotely viable as a revenue center for CI Govt…….what we must look at is what the major pillars of the economy are….because high volume means high potential revenue via taxation….and that means charging the TRILLIONS of $$'s in transactions that are processed thru Cayman weekly…..that means ignoring the hugely subjective views from so-called leaders in the finance and real estate industries whenever charges are mooted upon their industries…..it means protecting the people of Cayman and more importantly, the future of Cayman…..the finance industry is going nowhere even if we bring in small charges, we simply maintain our competitive advantages…..the real estate industry is going nowhere even if we bring in small annual taxes on 2nd homes (see Bahamas as a prime example)………how about also stopping the banks pocketing the exchange rate differentials of the .8/.82/.84? at least give the govt some of that if were going to keep this 'false' conversion nonsense……how abotu introducing daylight savings time and bringing extra hours to businesses and to family life in the evenings, outdoors!…..how about Sunday trading? (why is it i can by milk in a gas station, but not ina  supermarket on a sunday?)….so many easy fixes, so many genuine economic stimulants…..so much not being done….

    its time we stopped blaming people simply because of what team they are playing for…time we stopped shooting down good ideas because of who is saying them….its time we got together, faced some hard truths, and looked around the world and realised that in actual fact, many tax efficient jurisdictions operate very well with many taxes applied; and that many offshore centers operate just fine with property charges; and so on, and so on……and that whilst the party may be over for those who've done very well out of us…..the party can just start to begin if we start to plan objectively and for Cayman……

    • Anonymous says:

      Simply cut the civil service. Do not rollover the xpat workers, cut their time short. ts too expensive keeping them here..Start laying off the foreign workers. Keep the Caymanians, they live here but the xpats can go home and find jobs paying top dollar.  Our kids out of school now need jobs, stop the work permit madness.

      So with all the high work permit fees the budget still can not be met. So its best to stop the workpermit nonsense and find revenue from our name sake" financial center of the world"

      Find a way to get some of the millions lodged here in these banks! Use common sense!

      • jsftbhaedrg says:

        You should practice what you preach i.e. using common sense, because the diatribe you have just written makes absolutely none whatsoever.

        Oops…… I just realised you  are using common sense, the good ol'Caymanian Common Sense.

      • Anonymous says:

        Its too expensive keeping expat skill here?  Are you that dense to not see that the work permits fees, food they buy,houses they rent or buy, cars, gas, etc. help to pay for all those like you who do not contribute anything of value to your own country?  Do you still really belive all that money comes from Bush's mouth?  Really?  Expats do all the work on island that Caymanians can't do for one reason or another which is a lot of the work that keeps Cayman running.  How well would the island run without them?  You may find out soon.

      • Anonymous says:

        Agree..The civil service needs trimming…

        but…        if f you don't have expat workers you can kiss your so called ''financial center of the world''  good bye…

        Your kids out of school are not trained to take over the financial centre of buisness at this

        point in time.  

  18. Whodatis says:

    Pish posh.

    The Cayman Islands sounds pretty much like every other "great" western country at the moment – mother country included. Actually, no – better.

    To deny this is to lack a proper understanding of how economies, the world and international media work.

    (E.g. Countries such as Cayman are handed down strict monetary limitations in times like these, while others have the self-appointed power and license to simply print "new money" out of thin air!)

    There is not a single world leader that wouldn't give his or her right arm to deal with the supposed "crisis" facing the Cayman Islands.

    One main difference between us and them is that this is the first time we have ever been in the red.

    (By the way we just so happen to be going through what is arguably the worst global economic (double-dip?) recession in modern times.)

    Furthermore when all is said and done, unlike their countries – we have every hope and expectation to be back in the black within a relatively short period of time.

    The above is not to excuse the UDP or PPM for their horrible management and blunders along the way – however, to what standard are we holding them and by what criteria have they "failed"? Better yet, kindly provide an example of a western, democratic country that has "succeeded". (If you can I guarantee it will not be one of the usual mentions here on CNS.)

    * Hopefully neither group / leader is elected to power ever again. Yep, that goes for even you Alden. In my personal opinion, the arrogance you displayed when in office is as liable for a lifetime of political punishment as Bush's current showing.

    • Anonymous says:

      Switzerland

      Norway

      Sweden

      Canada

      and if we compare deficit as a % of GDP there are likely more

      http://www.gfmag.com/tools/global-database/economic-data/10395-public-deficit-by-country.html#axzz1z5gjZLo4

      • Whodatis says:

        You can scratch Canada off that list, for as even I pointed out months ago right here on CNS (search for it if you like) – their economic setup is one where they would feel the effects of the global recession / banking crisis at a later date.

        That prediction is coming into fruition as we can all see what is unfolding in that country at the moment.

        Therefore, as I said … "I guarantee it will not be one of the usual mentions here on CNS".

        However, good tactic at grabbing at the sole arguable point of my post, well done.

        Perhaps we ought to ask good ol' "U-Turn Specialist", George Osbourne to lend us a helping hand?

        (The UK's Chancellor of the Exchequer is as likely to come up with a balanced budget as our blundering and "uneducated" McKeeva Bush.)

        Context is everything, folks.

        • Anonymous says:

          Wodatis you should warn the Canadian government. Its not likely they have the foresight you do and thus wont have any tools in their bag to prevent a crisis. Its not like they have a good education system, natural resources, solid banking system. Perhaps they will hire you as a consultant. 

        • Anonymous says:

          Why are you always comparing Cayman to Britian, 2 compltely different countirs in size and industries, it is nonsense.

          Compare Cayman to it's peers, like Jersey, they have no external debt and 1.6 billion pound in capital reserves. Yes Cayman's finances are awesome!

          I love how you try and whinge and whine and try and divert attention from Cayman's problems

          Your every post is like the "Chewbacca defense"

          Now if you want to be useful please help me locate another country where the minister of finance didn't even finish high school.

        • datisme says:

          Is the reason you hate UK leadership so much more than the pathetic clowns you call your leadership because they are not Caymanian?  Is it because by making the UK look bad Cayman looks better to you?  Just my opinion but your repeated bashing of another country while yours is well, in full third world mode is hard to understand to me.  Am I missing the Context here?

          • Whodatis says:

            The only thing saving certain other countries from being categorized as "in full third world mode" is the status quo of geo-political biases, centralized / print-another-dollar banking systems, and ever-expanding national deficits.

            Unemployment, outsourcing of factories / industries / jobs etc. do not a successful nation make.

            Many of those countries have been and continue to ride an enormous bubble of illusion.

            Interestingly, that bubble burst 4 years ago but alas – they "bailed" themselves out, hit the imaginary but convenient "reset" button and have decided to restart the game of smoke and mirrors from Step 1 yet again.

            That, my friend, is the reality of many a "great" nation today.

            I trust they will enjoy this new chapter of the merry-go-round.

            Wake up.

            (Thumbs away … truth is truth.)

        • Anonymous says:

          I am going to call you on a technicality (since you seem keen on focusing on the details and context)- your post asked which western countries have succeeded? Canada has succeeded- your rebuttle speaks to the future of Canada which cotntradicts your original post/question. 

          And to be technical- we should probably be comparing states, provinces, territories, cantons to Cayman since it is a BOT. 

          Now, about the future… yes any of the western countries mentioned may be affected by a European meltdown

          After reading your posts of the past few months, it appears independence is the only solution for Cayman – be gone with those colonial ramparts!

          There is surely no nation worhty/capable of overseeing the affairs of Cayman.

          Good luck with that!

    • Anonymous says:

      typical whaodatis(mr thumbs down) response…..

      two wrongs obviously make a right in your world

      • Whodatis says:

        It is not about "two wrongs obviously make a right" – it is about correcting the false assertion (see plethora of comments within this thread) that what we are experiencing is some sort of outlandish anomaly.

        Once again, it is nothing but intellectual dishonesty at play – but we are used to that by now.

        Furthermore, the overwhelming majority of posters would much prefer to be right here in the Cayman Islands than anywhere else.

        That alone is the final judgement of where we stand at the moment.

        (Thumbs away … truth is truth.)

        • Whodatisn't says:

          You are dead right. The truth is sometimes hard to take, particularly here.

        • Anonymous says:

          Hats off to you Whodatis.

          like the good book says. the truth shall set you free! of course most of these thumbing you down, don't know what the good book is! keep up your comments. I always  scroll for your intellectual information.

  19. Anonymous says:

    read the miller shaw report……. bush's spineless failure to tackle the civil service will be this country's downfall………………

  20. Anonymous says:

    CANT GET THE FUDGET?

  21. Anonymous says:

    Canada

  22. Anonymous says:

    Does this mean we won’t be getting our bell tower now ?

    • Anonymous says:

      Oh no,papa.. Come hell or high water, Bushy gon have he monument. you and I may be living In A tex1-11 but and eating dirt, but he gon have his bell tower. Just you wait and see.

  23. SKEPTICAL says:

    $127 MILLION FOR TWO MONTHS OF GOVERNMENT EXPENDITURE!! And Bush’s first proposal for additional revenue is to increase Liquor Licensing fees. I believe somebody has already suggested that there are roughly 300 existing licenses, so if he increased the annual fee by $2000, the additional revenue would total about $600,000 – hardly enough to cover his annual travel budget – and can you imagine the squeals we would hear from the owners of small bars and restaurants.
    What a load of happy horseshit, as a famous old Heineken drinker (RIP) might have said.

  24. Ants Nest says:

    If you burn bridges with the governor do you expect the outcome to be all dandy ?!?!

  25. Thunder Storm says:

    This is where Mac will wallow in self pity and all dem west voters will suck it up and yaaah, re-elect him again.   Mac knows how to play on their weaknesses!!!  God we need a miracle here!!  How many times can one make the same mistake and not learn from it????

     

    Mac, we could have spared you some face if you had only stopped trying to fool all the people all the time and admitted what most of us all ready knew, ie – that you had squantered our country to the dogs which you gluteous greedy selfish acts.

     

    I am praying for the day to quickly come when I can say, "thank the lord jesus christ we've seen and heard the last of him".  That will be the day I throw a flat rock behind me, I promise ya!!!

     

  26. Anonymous says:

    You have failed I hope you will never be elected again in life!!

  27. Anon says:

    Really?!!! My income has dropped 20% for every year Mac has been in office. Thanks… I have payed the ever increasing duties, permit fees, gas charges, CUC bill, inane holidays, et al. I am sick of this WASTE of public funds! Suck it up and cut your costs like the rest of us.

    None of you pols could survive in the real world. Oops, I forgot this is Cayman, and you’re all getting way more in ‘incentives’ then salary.

    ,

  28. Anonymous says:

    The saddest part is he will probably be re elected. 

  29. Anonymous says:

    Thank you you 18:1819

    The hypocrites tend to for get that the world is still in recession. Check our mother country, I feel sorry for the English people

    • Anonymous says:

      Oh please! You UDP groupies didn’t seem to understand what a global recession was when the PPM was trying to explain that. Now your idiot party leader has wasted three years of our lives and our money and this is your excuse for the worst government in history? I hope the education department will write a new new history text books for our children and every generation after to learn from and remember how stupid people where allowed to vote and hence elected a fool who called his own people fools and who really ruined the country.

      • Anonnymous says:

        Wasn't it the PPM Leader of Govt Business who said that the global recession would not affect us? This was when the plans for three, yes three, high schools were in the works.  The West Bay site ended up having millions of dollars worth of marl piled up on it.

        • Anonymous says:

          That's not what he said. He was talking only about the fall of Lehman Brothers and how that would have limited impact on us. True, he didn't see the bigger picture.   

  30. Anonymous says:

    Admiting failure is a good first step.

  31. !Anonymous says:

    Oh Alden. Look in the mirror and ask yourself if you could do any better. Seriously. The whole world is in a mess. I think we're lucky to even be where we are at this point. Name a thriving country.

    • Anonymous says:

      The government takes in $500,000,000.00 a year. It shouldn't be so hard to get by on that. 

    • Anonymous says:

      McKeeva swore he could make it better in 90 days, That's how he got Alden out. A promise is a comfort to a lot of fools. 

  32. Sad Caymanian in exile says:

    Mac, you yourself have failed Caymanians. It is time for you to go, Mac. You have outlived your relevance. Your promise of a better way forward has been a bitter way forward for this country. In the name of God, go!

  33. Anonymous says:

    'spending has to be cut'..?….but the first thing he does, is want to raise the liquor liscensing fees!….yet another attack on business here which will increase the cost of living……

  34. deepdiver says:

    How's that 90 day plan coming along?

  35. Anonymous says:

    What would the directors (the voting public) of a company (the Government) do if the CFO (Finance Minister) of the company failed to present a budget to the Board when requested to do so?

    • Anonymous says:

      Sit silently, with eyes downcast and wonder if they could somehow keep their fat salaries?

  36. Born Caymanian.. says:

    I am leaving for the States. Uncle Sam seems to represent me more than the clowns we have here.  Bye Bye

    • anonymous says:

      Leaving for the States? Really? Good luck with that….See ya, wouldn't want tp be ya.Hope Mittens and Boehner don't disappoint.

       

    • Anonymous says:

      Canada is in much better state.  In the US, North Dakota has a lot of jobs.  A friend of mine bought a real nice pool for little money in Texas.  They are on the upswing as well.  I think Canada is your best bet though.  Their economy is much better.

    • ex-expat says:

      I've been back in the US for 5 years now.  Got here just when the economy tanked.  Even though its not as easy to make money as before its MUCH easier than Cayman. We are doing well. The US still has a bright future.  Cayman has none.

      • Anonymous says:

        Cayman has a bright future too. We just need a sensible, ethical govt. to fully realise its potential.  

  37. Iwahdere says:

    duhhhhhh… waddaya xpect

  38. Anonymous says:

    I hope the voters understand one thing. When Alden overspent it was because he had only known good times and did not heed the warnings of the oncoming recession. To Bush's credit, Bush provided the necessary warnings. So when Bush took over he knew times were hard. He knew things would get worse before they got better. Yet knowing all of this Bush CONTINUED to overspend. 

    In short if Alden was irresponsible with our money, Bush deliberately wasted it. If this is the death of our country, Alden would be responsible for manslaughter and Bush for MURDER.

  39. Anonymous says:

    loser

  40. Cayman Spock says:

     Our economic failures and problems are directly linked to our political decisions and failed Immigration policies a very logical assumption, so fix it!

  41. Anonymous says:

    Mac, if it makes you feel better, you have always been a failure.

     

     

  42. Anonymous says:

    I wonder when travelling he has ever said "Less caviar, less champagne, less expensive room". I he has ever asked Perhaps I need not go on that trip? Perhaps  need not take so many people?

    Mac you are so full of S, your eyes are brown.

     

     

  43. Anonymous says:

    It's easy to crucify bush. He is the finance leader and under a highleveled budgetary supervision and restrictions set by the Uk. These restrictions and the beaurocracy are all against us. So I think the question should be asked, what is the big fuss about from opposition when it is obvious that the Uk will soon become everyones opposition by declaring rule over us?  Just time will tell. That is really what they want to do, and I think bush knows that his days are numbered and he is being indifferent about it.

     

    • Anonymous says:

      And thats why Bush can be so patheticly incompetent and get away with it. His followers belive it when he blames "others" for his own stupidity.  He really is the perfect representative for the Caymanian voters.

  44. Jackass = Donkey says:

    "Alden McLaughlin said that while the premier continued to blame the former administration, of which he had been a part, for everything, after three years in government and as minister of finance he could not get away from the fact that the current crisis was his responsibility."  LOL… every now and again, whenever one side limps, the other side begins to justify themselves that they never had anything to do with the poor economic conditions of the country. Alden, get off your high horse. You too are to blame for you failure to judge a coming recession and properly manage government funds. You of all persons should be the most humbled and tight-lipped.

    • Anonymous says:

      Ignorance is bliss.  If Alden failed to judge a coming recession, which according to Mac, he saw coming face on, why then hasn't Mac done as he promised and put us back on course?  Whatever happened to his "no borrowing" promise and his "turning the economy around in 90 days?"  Why did he embark on building hurricane Hilton in CYB, why did he pave private parking lots? why is he building a command centre in Little Cayman, why is is looking to buy solar panels? why is he looking to give grants of $10,000 out to fix up homes, why did he increase the size of the civil service?  You tell me that is the actions of a fiscally responsible Premier and Minister of Finance who saw a recession coming so far away that he could warn Alden, but then embark on such a spending spree?  You need a reality check I'd say.

      • Anonymous says:

        Why did he give 2 million of our money to his church and call it nation building? Why did he give GLF two million of our money? Why did he so very blatantly and stubbornly override proper proceedure to give Cohen half a million of our money and then publicly state that he would do it again? Why did he take that huge entourage to the far east? Why did he fire half of Cayman to get his way with CHEC? Why is he being prevented from signing a deal with CHEC? Why did he give Dart $40 million of our dollars in concessions and call it the For Cayman Alliance? Why was he so desperate to sell our new Government Administration Building? Why was he so adamant about digging that hole in East End and dredging out the bottom of the North Sound and gifting us with an oil refinery? Why didn't he have those accounts audited? Why is our Auditor General and the UK and our Governor so alarmed about due process? Why is this all a conspiracy against him? Why does he have three criminal investigations under his belt that cannot seem to get resolved? Why doesn't he step aside? Why don't we have a budget? Why are we paying such obnoxious fuel taxes? Why has crime made history in our country in the past three years? Why will his muppets not act in their own best interests and in the best interests of this country and it's people and remove him from office? Why did he get re-elected in spite of his past record? Why does he continue to blame the PPM and Richard? Why do we have to put up with this man? Why? Why? Why? Could it be that this is all because somebody wanted a free fridge?  

      • Anonymous says:

        I know your questions were all rhetorical but, just for the silly people, the answer to all of them is "vote buying". 

  45. Truth Hurts says:

    "So cuss if you may, scream if you want, but the fact is there has been too much expenditure and we've got to pay for it,"

    So, perhaps we cannot afford more expenditure? 

  46. pirate says:

    Giving the finance ministers job to a  capable person just means that there will be no more Gravy for the intitled ones.  And face it already THAT is Bush's main function.  Keeping the gravy flowing downhill.  None of the many with gravy on their face will let that happen.  Because all involved that has a chance to change this happen to be in that group nothing will change until the change comes from without.  UK soon come before the money and Caymans reputation is shot.

  47. Anonymous says:

    "It's not easy……." you say? Well, it's not supposed to be easy, but you are supposed to be a leader who can do the hard work you are assigned to do. If it's too hard,quit, and let someone who is up to the task do it.

  48. S says:

    Let me get this straight now! "YOU HAVE BEEN STRUGGLING WITH THIS SINCE JANUARY"  Please Mr. Bush we're not ALL stupid.

     

    Three years you  [this includes the rest of the UDP tribe] have had to find ways to cut costs and try to balance our National Budget, but you did nothing!  You kept spending  money as if it grew on trees. You and Rest of your party ignored or failed to see the necessity and the importance of being frugal. An took an attitude of, "when we need more money we will raise it by taxing the people who can least afford to be taxed during an economic crisis.   

    You wasted money on  things such as! Unnecessary travel with your entourage of "yes men and women", So called Nation Building, School Redesigns, New Housing Schemes, Broken Contracts and the Cost of Law Suites that followed, Paving of private parking lots, Non Payment of Govt. Bills, Non collection of Import Duty from your good friend Mr. Michael Ryan, sale of Govt. Lands to Mr. Dart etc. these are just a few items  of a long list of wasteful things  that has occurred under your watch  Mr. Minister of Finance! Now you come crying and looking for sympathy! GOOD LUCK! You have caused many of us to cry because of your lack of sympathy, and the failure to understand, when people who genuinely care about this Island and the welfare of it's people would try to point out to  you, the errors of some of the major decisions you were making. But you ignored us and laughed at us. 

    Mac, there's an old saying! You can fool some of the people some of the time, and even fool some of the people all of the time, BUT you cant FOOL ALL OF THE PEOPLE ALL OF THE TIME!  And I feel that that time has finally arrived when you can't fool us anymore.

     

    OH and just for edification! We are also subsidizing Boatswain Beach  {turtle farm} to the tune of [$10,000,000.00] That's right, Ten Million Dollars annually.  If one tallied up all the money that was wasted  excluding the Boatswain Beach above, we're looking at somewhere in the neighborhood of some $100,000,000.00 THATS RIGHT FOLKS! One hundred million dollars. 

     

    GOD HELP US ALL!

  49. Anonymous says:

    "the premier pointed to a growing civil service"  huh?

    I thought it was supposed to have been reduced not expanded. As Minister of Finance he has a responsibility to understand that a business that is seeing declining revenues must cut staff. All this comment does is reinforce the fact that Government is being run as a welfare department and that needs to stop.

    Here's a wire to you Mister Finance Minister make your staff accountable and have them justify and earn their keep. The number of Civil Servants who can be seen in on any given day in any given department doing everything but work is a disgrace. There are a relatively few hard working Civil Service employees who carry the burden of the Govenment and I wonder why they continue to perform so well. hat's off to the few.

    • Anonymous says:

      At the end of the day the civil service has to do the job it has to do. Its services are critical to the country. Think air traffic, police, immigration. As bad as it is we stuck with them.

      so you cut a position here and there but they have to come back sooner or leter. They need to privatise not cut jobs. The problem is that the sections you can privatise Government needs to provide funds for the rest of Government. So someone will want the water company but the question would be how does government live without the funds that its brings in.

      What they will have to consider is to package the services. So you privatise a profitable one with a non profitable one. That way you remove twice as many civil servants off the list and decrease the expediture of Government.

  50. Knot S Smart says:

    Did our Premier actually say "it is not easy when your hands are tied"?

    Really? "your hands" meaning his hands or our hands?

    If its his hands then when were they tied? Was it after he gave the millions of dollars to the churches?

    After the paving of the Brac private properties?

    After the Cohen fiasco?

    After the GLF deal?

    After the mortgage giveaway?

    After the $10,000 giveaway?

    After the solar panel giveaway?

    After numerous world tours with lots of friends in tow?

    Or

    Was it after the FCO has clearly reminded him that he is on 'their turf now'?

  51. Anonymous says:

    It has been 3 years since the UDP gowernment have been in office, not the PPM or any other government, yet the premier CONTINUES to blame others for his gowernment's failures.

    The blame falls squarely on YOUR gowerments shoulders Mr. premier.

    STOP BLAMING OTHERS!! 

  52. jsftbhaedrg says:

    For the first time ever….drum roll please….Mac admitted he failed.

    Oops, no he didn't its the growing civil service, extra spending on crime, legal aid, the bill of rights, the FCO, civil servants and, above all, the previous administration as the cause of his budget difficulties.

    One day he might be man.

  53. Anonymous says:

    I wish he'd also admit to his many other failures as well!

  54. Lone Shark Circling says:

    As the Premier of the Cayman Islands, Mr. Bush, I am holding you personally accountable for the financial condition of this nation. (According to most reliable sources, it is bad, very bad.)

    On more than one occasion, you stood before us and told us that in a certain amount of time prosperity would come. Well I am glad I did not hold my breath because I'd have been buried a long time ago.

    All these pie in the sky schemes like oil refineries, medical tourism, special economic (avoid duty) zones remind me of someone betting on the outcome of a game of chance. You are gambling with the future of these islands and that is never a wise path to tread. It will end in misery. Once all the cookie jars have been raided, there will be nothing left.

    Please don't blame the previous government. Yes, they did a shocking job, but you've had plenty of time and your numbers just aren't coming up, are they?

    We've lost more than a fortune, we are losing our island and our heritage. I hope you read my words and they strike a chord in your heart. We are all in this boat together. Don't run us aground.

  55. Anonymous says:

    Bush is far more concerned with his own personal budget than the one for the country.

  56. The Thinker says:

    The man said, "So cuss if you may, scream if you want, but the fact is there has been too much expenditure and we've got to pay for it."  

     I wonder if he meant, "YOU'VE got to pay for it."

  57. Anonymous says:

    people would say he was incompetent

    Only his strongest supporters would give that much credit.

  58. Anonymous says:

    Boo! Booo! Booo McKeeva!

    It would be an insult to 'Incompetence' to call you incompetent – because your failure is on such a massive, far-reaching scale it surpasses a regular "oops".

    Ezzard's call for you to hand over Finance Minister to another Cabinet Member is interesting but ultimately moot – because McKeeva has surrounded himself with puppets, who are even less qualified (scary I know) than he is.

    Call in George McCarthy as consultant to help…is the only thing I can think of. McKeeva makes space for "consultants" when it suits other purposes, so for once, he can rig-up some way to get the help when he – and the country – needs it…but all of this assumes he is willing to ASK for help or admit he needs it. By the sound of his little pity party speech, his EGO is still very much in charge.

    I weep for my country…

  59. Anonymous says:

    The usual obfuscation. People are not saying Bush is incompetent for cutting spending.  He HAS to cut spending because the FCO told him to.  They're saying he's incompetent because he missed the deadline, then submitted a pie-in-the-sky budget that called for more borrowing after he promised the FCO there would be none, and then revealed he was planning to spend a pile on free home renovations and solar panels for Caymanians, and then tried to blame everyone but himself.  Oh and told us- twice- that there was a surplus.  And kept a $10m slush fund for "nation building". 

    And because he gave such a lame explanation for the Stan Thomas letter, and the dynamite smuggling and hasn't explained the other police investigation. 

    And because he failed to stop the pillaging of the Gasboy cards and Cinico or money spent paving private property in the sister islands (hey-maybe it was to get the solar panel delivery trucks and free renovation crews on site). 

    And because he has failed to acknowledge the crime problem despite its impact on tourism (one of his portfolios) and everyday life on the Island.

    And for taking his full pension entitlement while drawing a full salary.  And for flying aruond the world constantly. 

    Did I miss anything?

  60. Anonymous says:

    stop giving every tom dick and harry money and it will balance!!!!

  61. Anonymous says:

    The budget document shows that we are paying somebody almost $1 Million/month for advice for the Minister of all Tings. Either it is awful advice or the Minister is not listening. Either way it is wasted and that is a place to start saving. We also need to eliminate the $1 Million/month for the Turtle Farm and the $2Million/month for C. Airways. I like to visit the Turtle Farm with my family and I fly C. Airways regularly, but as a Caymanian I know we just can't afford these things when government is in debt and people are going hungry. We are also paying something like half a million/month of tax payer money for the various slush funds that have come into existence with this government. That has to stop.

  62. Tired of the game says:

    This is not rocket Sicence Boys cut the necessary government agencies causing the most spending issues improve effeciency our lose you job that aint too hard now is it. Government needs to Stop hiring these overseas employees who are draining our economy.  A prime example is this Police force we have simply too many now? If the UK want them hired let them pay them. If they had not meddled  and tinkered with our police service we would not have had the out of control crime situation we have today thats for sure. Now its eating a major part of our budget and not a sole is accountable for it. Gasboy missing cases law suits pay outs damaged and missing guns and equipment you name it. Yet not one person held responsible. All we hear is we need more money & toys more foreign police.

  63. Anonymous says:

    A budget expenditure of more than $60 Million per month for which the government will borrow more than $12 Million per month is a disaster. Not even the Greek government was going into debt that fast. WHY did the UK approve this.

  64. Anonymous says:

    I congratulate the Premier for being so honest. Now, can we do something TOGETHER about this UK strict code or PMFL law and stop the politcial noise!

  65. Anonymous says:

    ……then as the Finance Minister WHY didn't Macidiot make the cuts that were needed when he took over from the PPM and saw the gross deficit they apparently caused?????  Why did he wait til now to bring that up????????  Come on idiot……we are way smarter tthan you think you are.

  66. Anonymous says:

    I do not suppose that he would include in his statement that "there had been too much expenditure" the following:

    1. Donnations to the church $10,000,000

    2. GLF settlemet $2,000,000

    3. Cohen deal $450,000

    4. Extensive travel $????

    5. Cars, Drivers, Bodyguards, 8ft. Fence, House Keeper, CUC, Double Dip pension etc. etc….$?????

    Just to name a few items Mac has spent on.

    • Thunder Storm says:

      you forgot to mentioned one big sum – Tom Jones law suit…….$20,000,000