Saturday 29 September 2012

Budget 2013: Don’t be taken for a ride

This is the first time in Malaysia’s budget history the debt has surpassed RM500 billion which also means every Malaysian is in debt of RM17,000.
By Chua Jui Meng
Congratulations Malaysians! You fully deserve the cash handouts from the corrupt Barisan Nasional government after 55 years of Independence.

It is because of you, the people’s power in the March 2008 political tsunami, that you have forced BN and Najib Tun Razak to give you the cash handouts – twice within a year.

It is the first time since Independence in 1957 that the BN government is giving out one-time and various forms of cash handouts in its budget.

This is clearly an election budget to buy your votes in the next general election so that they remain in power for another five years to plunder and enrich their cronies.

The cash handouts that are being dished out by the government of the day are not from the pockets of BN politicians. They are taxpayers’ money. So, give yourselves a round of applause for successfully retrieving some back from an unjust and cunning BN government.

Please don’t be fooled by the budget sweeteners. Take it and say goodbye to BN.

They give you a few hundred ringgit to RM1,000 or slightly more, and in the next five years, they will plunder the national coffer through mega projects and their cronies take back billions and billions of ringgit in sinful profits.

Malaysians, please think of your future and generations. We don’t have another five years to gamble with BN.

The national debt and gross domestic product (GDP) figures are really, really scary. The federal debt rose 10.1% to a new high of RM502.4 billion or 53.7% of the GDP this year. That is only 1.3% short of the 55% legislated debt ceiling.

This is the first time in Malaysia’s budget history the debt has surpassed RM500 billion which also means every Malaysian is in debt of RM17,000.

Going the Greece way

According to the Economic Report 2011/2012, Malaysia has accumulated RM456.1 billion of debt in 2011.

Also, there are RM118 billion in off-budget liabilities or sovereign guarantees for private corporations like the Port Klang Free Zone and government-linked company loans ending 2011.

At least two international rating agencies have warned that Malaysia’s sovereign credit rating may be cut if the government does not deliver promised reforms to cut spending to reduce its fiscal deficits.

There you have it – we are heading towards a bankrupt nation – like Greece and witnessing the devastating effects on the European economy and its people.

So, don’t be fooled by prime minister Najib’s and BN’s budget sweeteners of one-time cash handouts.

When we are “Greece”, no one will feed us and we will be left to suffer. The rich BN cronies can just go elsewhere, continue to slave us or retire elsewhere where the sun shines and the beaches are cool.

Chua Jui Meng is PKR vice-president and Johor PKR chairman. He is a former MCA vice president and ex-health minister.

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