Government promotes support as COL crisis worsens
(CNS): Caymanians are being warned that it could be some time before there will be any easing of the global cost of living crisis that is having a dramatic effect locally. With escalating prices and the challenge that creates for ordinary people, the Cayman Islands Government has launched a national campaign to raise awareness of the support available to the community to make sure people get the help they need.
Premier Wayne Panton said more than two dozen different initiatives had been rolled out to help people get through the worst of the crisis.
“The entire world is experiencing an exponential rise in cost of living expenses,” he said. “We are undoubtedly going through one of the most challenging times in recent history and we as a government, but also each of us in the community, must prepare for the possibility that it may be some time before it gets better.”
Global inflation was already on the rise before COVID-19, but the pandemic is a significant factor in the worst inflation around the world for more than 40 years, along with the war in Ukraine and other challenges, compounded by extreme weather events.
“We are developing assistance programmes so that our community is prepared to handle the turbulence that economists have indicated lies ahead, whether that comes from an extreme weather event like a hurricane, or impact that comes from external economic forces like increasing inflation and rising interest rates,” Panton added.
The CIG has created a website that outlines what support is currently available and future plans to support the most vulnerable in our society. This includes lower and middle-class families, senior citizens, post-secondary students and others who have been significantly impacted by the cost of living crises.
The government does not have much leverage to fight inflation but is focused on alleviating pressures on families and creating at least some certainty over fuel and energy costs. It is also providing people with tools that allow them to make the right decisions for themselves and their families and help them cope with the stresses of life.
A press release announcing the campaign said that the government is committed, with private sector partners where possible, to taking an income and cost-based approach to help offset the impact of the rising cost of living on individuals and their families.
See here for more information on COL support available in the Cayman Islands.
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Category: Economy, Local News, Politics
While I understand everyone’s desire to acquire a home it is important for everyone to understand that home ownership and the associated mortgage is not for everyone. Everyone blames the banks when interest rates increase but are happy to sign up for those variable rate mortgages.
Many people are not prepared for the 20 to 30 year financial commitment and would be better off renting. Also, the cost of home ownership above and beyond the mortgage payment is above what most people can manage.
Stop blaming the banks for you decision to sign a mortgage contract that you knew you did not agree with.
The Premier should have listened to Roy Mctaggart when he spoke in Parliament back in June and then when he wrote to the Premier on suggestions on what was within Government’s control.
See the story here: https://caymannewsservice.com/2022/06/pact-needs-to-do-more-to-help-families-says-ppm/
More needs to be done.
Leaving Cayman is the best option
Several people/families have already done so. And, many are still contemplating & strategizing a move.
Locals and expats are leaving weekly. Many of the expats have been here for years and are throwing in the towel and its particularly sad that Caymanian families are leaving.
The marketing of the country to the wealthy citizens of the world has brought forth an influx of wealthy families and investors to the country in a wave that is neverending.
What a great country this once was.
Uber wealth has destroyed Cayman by prostituting our jurisdiction for the love of money, which is the root of all evil.
…1st “trip” to Grand Cayman w/ family in 1979 (winter), stayed @ Coral Caymanian hotel (now gone) beside Royal Palms, THEN a hotel…it was $ 65 a night, TAX was 6% gov. and 15% grat., NO sidewalks, NO t.v., NO tele very FEW buildings to the south…1-sop light in Georgetown AND the Beach Club Colony was a gathering spot for LOCALS & AWAY folks, as well….. BAREFOOT MAN @ Holiday Inn where RITZ is now….have been back 31 times & will give a visit this January….would LOVE to see my LOCALS once again !!
And go where for a better life?
1. USA-increased chance of being a victim of a mass shooting! More states removing female reproductive healthcare.
2. Europe\UK. Colder winter due to fuel shortage.
We have problems in Cayman but I think in the big scheme it’s not as bad as the rest of the world.
There will never been change in Cayman because of the reputation of the island. We did too good a job of advertising our wealth and therefore any business person / here or coming here will milk the life blood out of the country.
The only reason we pay more for anything is because of this belief that the consumers can absorb it. 30% probably bankers lawyers etc have no issue, 30% will have to make adjustments and the rest just keep struggling to survive. This includes expats and locals.
The next generation will probably have a split of 20 / 80 as the middle class is already eroding. a combined family income of $100K annually is struggling family in Cayman.
Deliberate gentrification. Hence, Cayman Islands sponsorship in sports car auto racing and other affluential type sports.
One only has to look as far as the “Banksters” on home mortgages. Origination fees, mortgage insurance, variable rate mortgages on and on. 15 and 30 year mortgages are common in the US and many homeowners locked in low rates back in 2020-1 at rates close to 3%. Cayman has great sunshine and bad banks 😂
Banks and money-lenders are unconscionable crooks.
A bank will not foreclose on a property because the interest rates are high. If interest rates increase to the point it affects the customers ability to pay their mortgage, then the Bank would restructure the debt until rates decrease. High interest rates are followed by low interest rates and recessionary times. Over the initial period of a mortgage, rates moves several times and the customer never fails to repay a mortgage by the end of the term due to interest rates being high.
If a customer think that it benefits them to refinance their mortgage for a lower rate at the CIDB, they should first read the terms of finance on their existing mortgage> I am sure there is a significant penalty to pay.
This new initiative is another of the Minister of Finance’s brilliant ideas to help some of his friends and nothing to do with helping Caymanians obtain a home.
$15 million will be taken up in a flash, oh yes by who?
Kind of like his travel insurance scheme
How about all these people on work permit earning 6$ an hour ?
Where do they go ?
Serfdom
home?
By law, back home if they cannot support themselves here.
Miss me with I’m being mean – they should’ve understood the terms and conditions ie labor and immigration laws when they opted to move here for $6 an hour.
Home.
Second pension withdrawl!
Remove import duty. Then, people do not spend your money at places that rip you off. If prices don’t go down, move on and find the best deal.
Why not do a “buy a caymanian a home scheme” where a wealthy foreigner buys a caymanian family a home and in return gets PR….its a win win….ok so pay a stipend for several months yet the island is booming, now everyone crying they cant get a home because they sold all the land off.
LOl
We’ve had a version of that for the last 10 years….”buy an MLA vacation home scheme”.
Stagflation is truly hurting locals; especially, when jobs are limited & job placements are difficult.
I can’t even imagine what a “full- throttle” recession will look like, as job loss is never a “respected” or “kind” reality.
Low & middle class families, many who are now seniors citizens, may soon experience the late 1980s all over again. Recall: a period yielding the highest interest rates ever recorded, property foreclosures, returning to childhood homes (with parents), fleeing to the USA for a better life, working two or three jobs ‘to make ends meet’, carpooling, etc. Amid the ’80s struggle, life became humbling & simple.
The 2020s may be no different.
PRAY FOR MY PEOPLE.
Recession soon come and it will be ferocious
It sure is…
Brace yourselves.
PS. Don’t forget the recent whopping 17.5% salary increase MP’s gave themselves for all their hard work…! We all have to pay for that as well too….
thank you and please keep reminding people of how the LA has dealt with inflation and pandemic.
I have no time to listen to what the ‘premier’ says. He is not affected by the cost of living, he has no idea of how people are struggling to pay bills.
He knows nothing about struggle, nor is he doing much of anything about curtail the suffering here on-Island.
Walker’s Law & Corporate Services already tossed millions$$$ at him relating to the same bullshit foreign investment/Corporate structuring that, decades later, now has these Islands in a mess. And, there are many others just like Premier Panton that has gamed the Cayman Islands into destruct & disarray.
It’s not just the premier but anyone that works in PACT or for the Opposition. None of them are affected by the Cost of Living or have any idea on how everyone is struggling because they still collect their $10k or more salaries a month and pocket it. That includes Mctaggart, Mclaughlin and the whole badmind click. If they claim to understand then they should be the leader and give back to the community by giving a part of their salary towards Caymanians struggling. Be the example! Make the difference.
Saunders will help us soon, watch this space!
A discussion of the National Tourism and Hospitality expansion on Grand Cayman and Cayman Brac also need to be openly discussed
This would certainly create lots of employment and business opportunities both on Grand Cayman and Cayman Brac
Developer bot
We are being left behind the curb of the expansion and growth in the development of tourism and hospitality in the Caribbean by not funishing to develop our East West Arterial Road to North Side and East End
Jamaica just announced plans to develop and expand there tourism and hospitality industry that will create lots of much needed foriegn income to there country from these investments
https://sflcn.com/tourism-is-one-of-jamaica-investment-priorities-prime-minister-holness/amp/
These are just a few of the employment opportunities that there tourism and hospitality industry will create
https://tourscanner.com/blog/things-to-do-in-nassau/
If we want to create decent and wholesome well paying jobs and opportunities for our people, especially people in the outer districts
We need to seriously consider and openly discuss the Go East Tourism and Hospitaily plan and finish the East West Arterial Road
This would certainly ease the burden on our government from having to give out these handouts for our people to live in dignity
Developer bot
Please learn the difference between “there” and “their” it makes all the difference when you write. I totally ignored your points because I was too busy looking for other possible grammatical errors
How about government stop wasting our money and we stop the mass importation of poverty? Wouldn’t that be a good place to start?
Mass importation of colonialist wealth, bobo
Yes, human capital: Imported & laboring, like slaves.
A gentrified society needs serfs for tbe nobles
“turbulence that economists have indicated lies ahead, whether that comes from an extreme weather event like a hurricane”
A hurricane is like a breath of fresh air compared to the politicians that we have.
Let those willing to self-direct their own pension assets, direct those dollars into a broader bucket of plans and qualifying investments. That could include domestic assets.
Spoken like a guy who doesnt have a blanket for a door and no AC
Part of the COL initive is that the Cayman Islands Government is offering a fuel cost credit to residents across all three islands to help alleviate the price of electricity this summer.
I am a Brac CBPL “PayGo” (pay-as-you-go box with smart card) customer. Could someone please explain how this works for PayGo customers?
So the money we get paid for working is worth less and less and billionaires continue to add more billions to their banks. It’s just more egregious theft from the poor and middle classes to fund the ruling class of rich people. Their greed continues to be the most major problem in this world.
There seems to be no solution to the problem. So how long before this world becomes the real life Hunger Games? Coming soon to Netflix…
Vive le 14 juillet!
The Bastille!
Marchons!
Why do government keep talking about inflation knowing what’s happening to the people everything is getting more and more expensive stop talking and do something about it, talking is not doing anything for the people government needs to help the older and the poorer people, start putting more money in their pockets it seems like the rich keep getting richer and the poor is getting poorer help the people stop talking and do something about it.
@2:05pm..There is nothing wrong helping out as the Government did during Covid but that is not sustainable and everyone gets used to it. To much free money pumped in the economy only causes more inflation. This is not as simple as most people think. Inflation is worldwide, it is not Cayman’s fault although we have made a small contribution to it. Cayman cannot and should not have to solve the world’s inflation problem.
We have to find ways of taking care of our people but handing out free money into perpetuity is not the answer.
how about you reduce duty across the board (temporarily) by the same amount costs have inflated? Collect the same money per item as you would have a year ago without passing that cost on to customers.
Won’t work. Our local merchants are those greedy people everyone is talking about in these comments.
Gas is a perfect example. Even when the cost goes lower in the US, they always have an excuse for why ours doesn’t go down. Grocery merchants (you know who you are) are the same. They will never lower the costs. (remember, food does not pay duty)
Do you think caymanian business owners will pass on any duty cuts to customers? I don’t think so.
Not just any “Caymanian” business owner…. but any owner in general. Noone wants to pass on duty cuts because they’re greedy and only want to protect themselves. Instead of setting the example and doing it genuinely.
@1:38pm Can’t believe how many people agree with you.
This shows the level of stupidity on this island and the constant dependence on Government to do everything. There is not a country in the world where lowering tax has ever passed on to the general public.
I read lately of a gas station in the USA who out of empathy dropped his prices significantly lower than the rest of the gas station in his area. If he could do that, why couldn’t the others? Simple answer, Economics 101. When there is a high demand, you increase your profits by increasing your prices. The Government cutting taxes that they need to run the country to help companies, does nothing more but put extra money in the pockets of those businesses that are able to receive it.
We are in an economy where inflation has taken over because there was already too much “free” money pumped in to the economy through stipends and other programs. Most of these people didn’t bother looking for another job as in some cases they were earning more than when they were actually working. A lot of people took advantage of the Government as well and fraudulently kept the money.
A good economy can only flourish if the level of dependence on the government is minimal. We are the first stages of socialism and we need to educate our people that there is no free ride. One day the gravy train will run out and we will end up like many of the other islands just east of us.
Socialism? Whatever dude. Unfettered capitalism has brought the islands, and much of the world to this point in history.
Capitalism requires perpetual resources to flourish and once resources become depleted, late-stage capitalism is revealed for what it truly is.
A system of winners and losers. Its quite clear who they are, and its clear that the current system of capitalism will grow the class of losers as the class of winners grows.
@6:45am..So you believe that we should become Socialist? You have got to be kidding me. Guess who pays for everything “that we perceive to be free” in a socialist society? Us, the people!! We will be taxed to the hilt to pay for everything from services, to products, to health care and in most cases the level of service and care becomes mariginal and is is the case with a relative of mine in Canada, died because he waited months to even get an appointment for his surgery and died from not being able to get his tumor removed on time..
I don’t know about anyone else but I hope that I never see Cayman switch to a Government based on Socialism.
Just say it. What you fear is an economics system that places everyone on the same level.
Capitalism is being exposed globally despite the fearmongering over socialism.
@6:51am..’an economics system that places everyone on the same level” is called Communism..surely you jest!
Oxford Dictionary
Definition of Communism…
..a theory or system of social organization in which all property is owned by the community and each person contributes and receives according to their ability and needs
Communism does not work..Look at our neighbor to the north, Cuba and the former USSR for two good examples..
Gasoline prices have taken a dip in the USA. Any chance of them dipping here? Not a chance as only our infamous politicians here are allowed to dip and dip again.
Enjoy your the fruits of your anti-energy climate change policies.
But don’t worry, it will get much worse.
My bill is just over CI$500. The lowest it’s been in 2 months.
I will soon have to disconnect Cable TV & resort to streaming tv. But, ‘Thank God’ I still have a properly functioning cistern that helps lower my overall household utilities cost, during the rainy season and for sometime thereafter.
Now, I just need to install that clothes line I’ve been procrastinating on😩 as well as those solar energy panels (just for the Central A/C, Fridge and A few receptacles & light switches).🙏
I have a 3 bed unit & my bill was $250 last month, even with a.c on 24/7. Install blinds, check roof insulation & put thermometer to 81. All electric & we run Dishwasher daily & washer/dryer used every 2 days. We gave up cable & have IPTV (savings $80 pm).
Handout capital of the world.
We know you hate the poor and struggling so sod off
Nah, I do despise the entitled admittedly however.
….and Government is doing WHAT about illegal & unnecessary charges – like Customs 1% insurance – and other “over-regulation” fees which contribute to our cost of living??
Nothing!!
Not to mention, taxes on shipping in the USA. Like if I have my Amazon items delivered to Cayman Airways, customs charges duty on that.
@4:35pm Do you understand that buying from Amazon helps the US economy not Cayman?
The word is out: Cayman is selling off real estate with no property taxes (after initial duty) allowing a safe haven for rich family assets the world over. Also, it’s easy to launder criminal money this way. Of course, that means the working classes here will suffer mightily until we wind up like every other poor, small island country–a few lords and their ladies and the rest servants. Schools still are pathetically underfunded to try to grow a solid middle class. My heart aches for the future.
Truth.
Except for the schools are underfunded part. Mismanaged yes. Underfunded no way.
Gentrification on steroids
Perhaps government for the last 10 years should have enforced the regulations that provided preferential employment rights for citizens. Instead they imdescrimemntly gabe work permits and created a welfare state with the biggest part being employmemt in an inflated amd imefficient governmemt. LA is full of stupid little self important greedy men.
Min Wage is still what 4-6$ per hour depending if you get tips?
GDP Average 60-80K, the reality is most people make less than 30K a year.
A few people making millions skew the median GDP.
Old Caymanian saying, Give a man a fish to eat for a day or teach a man to fish so he can provide for himself and his community.
CIG rather just give out fish to the poor to hold them over for a day.
Tax the Billions of dollars that come into Cayman weekly, and give back to the natives and the community.
Yeah right, easier to just blame Covid than to actually do something proactive.
Taxation of the wealthy, if distributed properly would make life better here for the majority, so it will never be done.
Exactly. Thank You 🤝.
except govt trying to do something. go to a WORC training program and see how many people show up. Government should make them do the training to get the handout! People dont want to work. Look at the road crew. They work two weeks, off a week, then back to work. why would they take full time job?
On another note, road crew is a full time job, and govt should not be scamming these “employees” by not offering health care or pension. the Caymanian scamming the Caymanian again. People cant cry if they dont take help, and the government is teaching the expats how to behave towards employees.
Get ppm give back money they got in concessions from the rich…..including roy…both of them…..