It is often said that a day is a long time in politics. And it certainly is. So when one thinks of what a year could be, then using the same comparison it may be likened to eternity.

Just take a quick look at the newspapers that were published this time last year, and the difference is immediately clear.

Today, a year ago, 16 October, the newspapers were more or less special editions that contained the most relevant points and comments about the budget for 2008. The budget had been presented by Prime Minister Lawrence Gonzi, who was then also Finance Minister, the day before.

The Malta Independent’s front page title was “Bold and bountiful budget”. And the budget was bold and bountiful. A revision of the income tax bands had been announced for the second year running, the cost of living adjustment started to be handed out to pensioners in full, children’s allowance was reviewed, and so on and so forth.

It was, on the whole, “An election budget”, which was the title this newspaper had given to its editorial of the day.

That seems so long ago. That budget did help the Nationalist Party win the election that was held in March. And it must be said that the PN was lucky to be able to present such a budget “in time”, that is before the price of oil exploded to reach record highs of nearly $150 per barrel (although now it has been pulled back to below $100) and before the economic crisis that has hit the world.

If all that is happening today had happened this time last year, the government would have been unable to present the budget in the way that it did, election or not. Unless it wanted to throw the country to the dogs just for the sake of winning.

And so now, as the country awaits the presentation of the budget for 2009, most probably in the first week of November, the situation is completely different from the one we had this time last year.

First of all, there is no election coming. It is normal for governments to be stingy in the first part of their term in office (and make it up in the second half) and to implement measures that could be termed as unpopular. Even without all the problems that the world is experiencing right now, this coming budget would not have been anywhere near the one that was presented last year – in terms of popularity.

Secondly, these difficulties present the government with the best possible chance of imposing measures that will hit, and hit hard.

Not all of them will be presented in the budget – we already know that the water and electricity tariffs have been raised as from 1 October, although we do not yet know by how much.

We can all complain as much as we like but the reality is that, in the current circumstances, there is little else that the government, any government, can do. With employers protesting because of higher costs and lower income, and with unions calling for extra bonuses and government assistance for the people to be able to survive this difficult moment, it is so hard to find a compromise that will be satisfactory to anyone.

The important thing that the government should keep in mind is that all the measures that it intends to implement should have the long-term interest of Malta as the focal point.

The government has set itself several targets that it would like to achieve. These aims have now become harder to get because nobody could have predicted all that would have happened in the past months.

The sacrifices that we will be required to make will hopefully give their fruit in the future.