“As I warned during the December 2023 Budget session, this government’s budget plans would recklessly drain all available revenues, over $1 billion a year, to fund their extravagant spending while piling on massive new debt to finance capital projects.
I made it clear then that their plan to borrow a further $150 million was irresponsible. This move to borrow the $150 million is shocking only because of how close it is to the general election. Let’s not forget: the government has already borrowed $349 million!
In just four years, this administration will have saddled Caymanian families and businesses with a staggering half a billion dollars in new debt. Worse, their announced combined capital projects will undoubtedly demand even more borrowing.
Consider the tens of millions of dollars annually in interest and financing costs for the added debt and what services and public benefits will be cut or new taxes charged to pay for it.
By comparison, there was no new borrowing under the Progressives (PPM) government. We repaid over $325 million in debt, rebuilt reserves, and funded capital projects from revenues collected. When we left office in 2021, the country’s debt was under $250 million. And with no tax increases, we decreased taxes on families and businesses over our two terms. And helped families and businesses survive during a pandemic.
This government is recklessly burdening future generations of Caymanians with the cost of its unchecked spending. For what? Where are the results? So far, they have virtually nothing to show for this massive borrowing spree.
Why are they so determined to gamble with Cayman’s future?”
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