Doubling The Country’s Debt Under The PACT/UPM Leadership Is A Ticking Time Bomb for Cayman’s Future

May 2, 2024by editor

May 1, 2024

Video Statement Link

I found an article in Bermuda’s Royal Gazette titled “Cayman continues on a path towards debt freedom.”

The reality is our national debt doubled under the PACT/UPM leadership, and they plan to borrow even more over their two-year budget.

Is doubling our country’s debt really the path to debt freedom?

When the Progressives were in office, we used surpluses to invest in infrastructure and reduced public debt by $325 million between 2013 and 2020.

When the Progressives left office, the outstanding public debt was under $250 million!

Fast-forward three years, and under this government, the debt spirals to half a billion dollars. And what do we have to show for it?

Meanwhile, this government will pay out nearly $40 million in interest and financing costs over the next two years because of its increased debt.

Who will foot this considerable cost burden?

Will the government punish families and businesses with higher duties and fees? 

Or will they cut programs that benefit our people, including the most vulnerable?

This path is not sustainable. It’s a ticking time bomb that threatens our financial stability for generations to come!

We cannot ignore the ripple effects of the PACT/UPM’s financial and economic missteps. Rising unemployment, a cost-of-living crisis, and declining living standards are not statistics but the harsh realities our communities face daily.

No wonder many Caymanian families and small businesses feel worse off after three years of this PACT/UPM government. The country is stagnant, and the future seems uncertain.

But you have the power to change course!

In the next election, you can choose a new Progressives Government that prioritises responsible financial management and the welfare of Caymanians.

From 2013 to 2021, Progressives’ leadership sustainably grew the economy, reduced import duties, halved unemployment, and created jobs for over 3,000 Caymanians.

We used cash to build infrastructure, reduce fees, pay down debt, and strategically invest in our nation’s future.

Oh, and let’s not forget how the Progressives’ compassionate and sensible management of the pandemic made the Cayman Islands the envy of the Caribbean and maybe even the world by putting people’s lives and well-being first!

That’s the kind of leadership we need again — compassionate, sensible and unified Progressives’ leadership that prioritises the long-term interests of our people, economy, and finances.
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