Our Deputy Finance Minister, Awang Adek Hussin, told us in Parliament that we don’t have to worry about our national debt even though we are 2% shy of the theoretical threshold.
“It is not at a critical level at the moment. Our limit or threshold is 55 percent of the Gross Domestic Product (GDP), we are now at 53 percent. So you don’t have to worry about it,” he said during Question Time in the Dewan Rakyat today. (read here.)
Such is how our Government is explaining all the worrisome signs of a severely ailing economy. The Government still thinks Malaysians are the dumbest people around and will swallow everything they tell us. On the contrary, Malaysians have come of age and know what is fact and what is fiction and most of all, what is sheer baloney!
BNM has since revised the GDP for this year to between 4% to 5% and our national budget has been planned against a growth of 5% to 6%. The economy is not roses. It is not even carnations. The global economy is facing major crisis one after another. Europe has not fixed their problems yet. And US is far from it regardless how Obama tries to chirp it up. At least these major powers are doing all they can to reform, restructure, re-strategize and re-organize all key elements that affect their economies.
While in Malaysia, given the poor state of affairs that our Government has conducted itself with our economy with no structured programs, no discipline, continuous propaganda and public relations, meaningless transformation jargons, on-going shifting of national wealth to private holdings and continuous dipping into EPF, it is no surprise that Malaysians as a whole are suffering.
When it is so easy for ministerial linked parties to get mega projects and public funding to the tune of hundreds and leading to billions while the rest of Malaysians all suffer with diminishing disposable income and an ever expanding household debt, how long more will Malaysians standby and remain quiet over ludicrous explanations of why we are all suffering and moving swiftly to an economic implosion.
With a national debt just 2 points shy of the threshold, all Malaysians must be totally alarmed. EPF is being used indiscriminately by the Government as they apparently can’t obtain global financing without revealing all the dirt. Our savings and our future are all hanging in the balance.
We all may be in a state of denial for a long time allowing our Government to do anything they wanted and tell us how they want us to think and believe. Soon we will be like the frog in a pot of boiling water having been slowly simmered but the heat is getting too hot for comfort. If we don’t do anything soon, there may be very little that can be done after the fact.
At this time, we implore the Government to take clear measured steps to avoid a national economic and financial disaster where the victims will be us Malaysians and there is no discrimination when trouble comes. It comes to all of us. We are already feeling it. And it is terrible and is not getting any better. In fact, it is getting worse no matter what PR our Government is spinning.
We know very clearly the immense leakages in Government spending and we exhort the Government to plug them and use these savings to help the people. Not just by cutting subsidies.
We know that the Government will implement the GST and increase fuel prices with more subsidies cut once the GE13 is over. These will further bring hardship to the people as a whole.
To the Government, please do something now. Don’t just play politics and give lip service to helping the nation. You owe it to all Malaysians to fix things, improve our lives and fulfill your obligations to the nation. Alas, this is not what you are doing and we can see it clearly.
Don’t play with words, don’t play with our savings, don’t play with our future and our children’s future.
Be honest with the people and do something concrete. Else the ramifications will be disastrous to BN. When the people have enough bull, the shit is going to hit the fan!
Maybe our PM Najib knows this all too well and has been delaying the GE13. But how long more can he play this without implementing any concrete plans for our economy?
Time will tell and this time it won’t be that much longer.