The Progressives’ Ambition
Over the last sixty years, the standard of living for most Caymanian families has improved significantly. While none of us view this as something given to us as of right, the reward for hard work should be a share in prosperity – individuals and families should have opportunities to thrive and, together, our society should flourish.
The Current Situation
Inflation has sky-rocketed since the start of 2022. Caymanians have faced higher prices at the gas pump and in grocery stores. Utility bills have increased. At the same time, wages have increased slowly if at all, meaning that most Caymanian households have felt the impact of a cost of living squeeze. Living standards have been significantly eroded. Even as some inflationary pressures have eased, rising interest rates have forced up mortgage repayments meaning there has been no let up for hard-pressed families.
It is true that the Cayman Islands is at the mercy of global trends; particularly price rises in the United States. We accept that the government’s ability to control inflation is limited. But there are necessary steps that government can and should take to help mitigate the impact of ever increasing prices. This includes increasing the help to those who receive government financial assistance and reducing government duties where that is most helpful to people.
Instead of taking decisive action the PACT government has dithered. Despite the obvious evidence of suffering in our communities, the government has only acted when pushed to do so by the Progressives Opposition. Even then the action taken has often been too little, too late.
The Progressives’ Agenda for Action
- Reduce the duty to 0% temporarily on (i) fuel paid by utility providers, (ii) for all cooking gas, and (iii) for fuel used at the pump.
- Increase the stipend paid to retired seamen, veterans, pensioners and those dependent on financial assistance from the government from $950 per month to at least $1,500 monthly.
- Provide a suitable cost-of-living adjustment for all those working in public services, not just civil servants.
- Require the Government-owned Cayman Islands Water Authority not to increase water rates for the next year. Persuade Cayman Water Company to do similar.
- Work with the banks to find the best routes to protect homeowners from interest rate hikes and prevent foreclosures
- Utilise CINICO to provide more affordable public options for health insurance and home insurance.
- Consider revised pension plans that can exist alongside those offered by the private sector.
- Complete the minimum wage review as quickly as possible and increase as necessary to counter the impact of inflation.
