Rafizi trolls Machang MP, explains why gov’t can’t give RM1 million to each Malaysians

 

WHY can’t the government give every family RM1 million? “It seems logical, right?,” asks Minister of Economy Rafizi Ramli in a post on X.

In the post, he trolls the Parti Islam se-Malaysia Member of Parliament for Macang Wan Ahmad Fayhsal Wan Ahmad Kamal, who said in the past that money should be printed and given to the people to solve economic crises.

Rafizi notes that if the government gave each family RM1 million, poverty would be eliminated, and families would spend money, boosting the economy as demand skyrocketed. Businesses would profit, and government revenue would increase.

Perhaps this is what Machang MP Wan Ahmad Fayshal was thinking when he suggested that the government print more money, said the minister.

But there’s a reason no government adopts this approach.

Rafizi Ramli explained, “The amount needed for every family—8 million households x RM1 million—equals RM8 trillion. Printing money would cause runaway inflation and make the ringgit’s value plummet, like banana money during the Japanese occupation.”

He added, “If we borrow the money, the national debt would reach 500% of the economy’s size. No lender would loan Malaysia that much money.”

Even if bonds were sold to raise RM8 trillion, Rafizi pointed out, “They would charge very high interest rates, possibly 20%, leaving the government to pay over RM1 trillion in interest annually—more than double our revenue.”

Lastly, he cautioned, “If every family had RM1 million, who would work? Everyone would be a millionaire, leading to business and office closures.”

This shows why some ideas, even if they sound good, are not practical. – Focus Malaysia