Online poll: Economy not getting better for most people in Cayman

Less than a quarter of the respondents to last week’s cayCompass.com online poll think that the economic situation in the Cayman Islands has improved during the past six months. 

Of the 705 total respondents, a little more than a third of them – 237 people or 33.6 per cent – thought the economic situation now was about the same as it was last September. 

“To stay afloat financially, I have cut my cleaning lady’s hours, stopped using my a/c all together, and started hanging clothes on a line,” said one person. 

“Until the price of power, gasoline and food come down, it will not change,” said someone else. 

“There seems to be more work going on and more jobs available, but it’s still tough and the cost of living is not coming down any.” 

Another 35.9 per cent of the respondents thought the economic situation had become worse in the past six months, with 134 people – 19 per cent – saying it had become a little worse and 119 people – 16.9 per cent – saying it had become a lot worse. 

“Take it from someone on the inside, the current premier is in deep waters,” said one person who thought the economic situation was a little worse than last September. “She has no clue about public finances and pays little attention to that area.” 

“Now the ‘honourable’ ones are again discussing income tax?” commented someone who though the economic situation was much worse now than six months ago. “Cayman’s fall just increased in speed.” 

“No jobs available!” said someone else who sees a much worse economic situation. “So many companies violating Immigration Laws – not paying pension, not paying health insurance, not complying with contracts they originally hired you on, like paying you less than what you had agreed to in contract. It’s pretty scary!” 

Although most people didn’t think Cayman’s economic situation had gotten any better over the past six months, 24.8 per cent of respondents thought it had, with 147 people – 20.8 per cent – seeing a little improvement and 28 people – 4 per cent – seeing a lot of improvement. 

“I think business activity has increased, but so has the cost of living, so in the end, I am no better off than I was before,” said one person who thought the economic situation was showing a little improvement. “Going into the summer, when business is likely to dip, that’s not a good situation.” 

“It has improved a little, but not because of anything that the government has done,” said someone else. “The economic recovery is a direct result from the economic recovery in the United States.” 

“Please don’t bring back the economy stopping PPM,” said another person. 

“As long as we keep progress going on projects like the dump relocation, Shetty hospital and Enterprise City, we are on the right track,” said one person who thought the economy had improved a lot.  

“Property tax for Caymanian homeowners means war,” said someone else. “The is the British Monarch way of saying Cayman Islands is her property. Property tax is wrong. Please remember England did not discover the Cayman Islands. The Caymanians were already here, Caymanians help save England during a ship wreck, that is why we became tax free forever. We Caymanian will not pay any taxes. It will not happen.” 

Next week’s poll question  

  • If Cayman’s elections were held today, which way do you think you’d vote? 
  • For all candidates of one particular party/team 
  • For all independent candidates 
  • For the best candidates regardless of party/team affiliation 
  • I can’t vote in Cayman 
  • I can vote in Cayman Islands, but I’m not going to 

To participate in this poll, please visit www.cayCompass.com 

Online-Poll-Caymanian-Compass-Cayman-Islands-March-28

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3 COMMENTS

  1. The economic situation will not improve until the government abandons anti investment policy.

    Stop the vilification of expats and institute policies that will attract investment and capital expenditure.

    Creation of jobs and subsequent duties, fees and spin-off economic benefits will flow immediately.

    But not if you don’t create the opportunity for Caymanians and investors alike to invigorate and sustain development.

    Failure to act now will only retard progress and serve to produce more stress on a fragile socio-economic community.

  2. I do not understand why a poll was needed to confirm this situation. At this particular moment in history, the most lucrative industries are legal, accounting and banking. If you want to confirm this situation, make a poll on who is building new private residences in Cayman.