Question

Research and write a one page response to the following question: " How do you think politicians in Bermuda should address the problem with income inequality? You may work

Answer 1

Income inequality is a major factor being utilized by politic parties around the world to get an edge over the opposition.

In Bermuda, there is a two-party system, meaning there are only two dominant parties that can govern there. First is, Progressive Labor Party (PLP) and the other one is One Bermuda Alliance (OBA). These two parties have been in the constant shuffle over the years. And thus has been employing various methods to win the elections.

One of the most important matters that has been the agenda of these elections is income inequality. And although they have been trying to address it through different angles, it is not working. Bermuda comprises of both white and black Bermudians and the income inequality is high between both of the groups.

>> Instead of comparing the races and trying to give benefits to one of them, politicians should start thinking about them together and making policies that provide the advantage to both the groups.

>> Bermuda has been relying on foreign investment and skilled laborers to grow its economy. This is not helping the income inequality matter at all. If they would focus on educating and training their own labors, it would be a great boon for their economic growth and income structure.

>> Successful entrepreneurship is the key to boost the economic growth of Bermuda and thus ultimately increasing the income. This will also help in removing the income inequality. The government should make policies that aid entrepreneurs.

>> Opportunities should be provided to both the races, be it Bermudian or non-Bermudian. This racial diversity and discrimination should be abolished as comparing them are not helping the nation at all.

>> To narrow the income inequality gap, the PLP announced that the jobs will be created by the proposed Fintech industry. This will certainly provide the necessary education and opportunities to the citizens of Bermuda.

>> One of the issues there is that the government doesn't have a proper and clear estimate of the poverty level of their nation. This severe data limitation has also greatly impacted the decision-making in Bermuda. Apt policies or measures cannot be taken there if such data is missing.

>> The regressive tax structure of Bermuda also needs to be reformed. This structure gives preferential treatment to specific groups of the nation and makes income inequality worse. Progressive tax structure should be adopted.

>> Poverty and income inequality often indicate the presence of other social problems that prevail in the nation. Such as poor education, early pregnancy, crimes, poor life expectancy, etc. These issues should be carefully addressed if they want to remove income inequality.

>> Following the global trend, Bermuda has also shifted from labor to capital industry. This has resulted in the decline of the Trade Union powers and jobs have been lost or income has degenerated. Proper attention should be given to the laborers and their working as well as income conditions.

>> The market pay rate for low-income earners should be given importance as it is one of the remedies that can enhance the labor market to some extent and reduce the income inequalities.