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Friday, September 28, 2012

'We can't afford to continue PM's spendthrift ways'



VOXPOP 'It took five years - one of Abdullah Ahmad Badawi and four years of Najib Abdul Razak to borrow RM250 billion.'

Federal debt rises to new height of RM502.4bil

your sayGiudice: It is not the rise of the federal government debt per se that Malaysians are objecting to and are concerned about. It is in the context of the ridiculous amount of waste and corruption that the government is responsible for, that the rise is unacceptable.

The government is entrusted to spend our money prudently. The key words are ‘entrusted' and ‘prudently'.

Opah: It took 50 years for the Malayan/Malaysian government to borrow RM250 billion (1957-2007).

It took five years - one of Abdullah Ahmad Badawi and four years of Najib Abdul Razak to borrow the next RM250 billion. We absolutely cannot afford this man's spendthrift ways with our money.

Justice Bao: RM504 billion (53.7 percent of the Gross Domestic Product) debt is not the true figure as they have not included the guarantees that they have given to their crony companies. The reported figure is actually 67 percent.

This debt has doubled since Najib took over. So where has the money gone? We want to know because we are all being made debtors to this government borrowing. Each rakyat has to pay around RM180,000!

Currently, Malaysia's ratio of debt to GDP makes us equal to Israel and Italy. If they ‘steal' some more, we will definitely rank the same as Greece.

So voters, do you want to be free from all these debts? Then make 100 percent sure that you vote them out come the 13th general election (GE13) to stop all the bleeding.

Starr: This is the most serious mismanagement of the country's public finances to date.

Referring to the graph in this report, the government debt has been rising unabated since 1988, a year after the Asian financial crisis when Dr Mahathir Mohamad embarked on massive programme of mega projects cumulating to RM503 billion in debt as of 2011, representing 53% of GDP, edging close to the 55% statutory debt ceiling.

The salient points are perhaps:

1) the fiscal mismanagement of our economy is indisputable;
2) the culture of excesses, extravagance is truly embedded in the government;
3) government spending has clearly sprung out of control;
4) the government has in fact borrowed more as reflected in the jump from 2008 onwards;
5) the figure of RM503 billion excludes the contingent liabilities of RM93 billion;
6) the two components would total RM600 billion, well exceeding the statutory debt ceiling.

Despite rising public concerns, the government still argued that its borrowing was 'manageable', without any measures to control its spending. This is sheer irresponsibility.

Abasir: A country that persistently fails to detect and respond to decline deserves the disaster that's coming its way.

The well-heeled supporters of the regime will get away clean when everything collapses around them. The blind, ignorant and whoring types (who sell themselves for a handful of BR1M ringgit) will deservedly suffer ... unfortunately along with those ordinary citizens who have vainly sounded the alarm.

Stupidity is not free. There is a price to pay.

Righteous: BN has never bitten the bullet ever! I think the budget is useless because every year, a supplementary budget is passed, and right now I would not be surprised if they push the GE right up to the end of their tenure and pass another supplementary budget before they are kicked out so they can push through more crony projects for that last 1.3% (or more), effectively leaving no room for the incoming government.

Anonymous #06659895: The debt ceiling can be changed to suit their (BN-Umno) needs. Vote Umno-BN and the ‘goal posts' will change to 99.999 percent debt ceiling.

Why worry, they will tell us, we are still .001 percent short of the 100 percent. Malaysia Boleh.

Tailek: If BN and Najib continue to run the economy and rake up such huge debts, this country is finished. Umno does not care because they just want to line their own pockets at the country's expense. Regime change is a must or we will all be bankrupt in no time.

UnderCover Dick: As a Malaysian for the past 56 years, I am so tired of BN. I want new leaders, fresh blood, new ideas. I don't want a DPM saying he is Malay first, Malaysian second.

I want good universities, good governance, good laws, and fairness to all, and most of all a good life in Malaysia. What we have indeed is corruption as the national flag of Malaysia.

We want a brilliant bumiputera leader who has an inclusive agenda. We want good court systems, not these half-baked delinquents sitting on the bench. We need dynamic attorney-generals who are fearless and incorruptible to take on big-time criminals.

We need so much, and it's within our reach. Let's vote the opposition and get rid of this government.

2ctsworth: Don't be glum, take heart. Although the country is poor, the Umnoputras are rich. Malaysia can borrow from them. - Malaysiakini

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