One has to ask serious questions of the Labour Party right now. We have to ask what they think about the potential collapse of Southern Europe’s economy. We also have to ask how they are going to implement the cuts in water and electricity. Actually, let’s go beyond that. We will ask Labour what taxes they plan to hike, once they reduce the utility tariffs, to make up for the shortfall.

It would seem that right now, the PL is living on another planet, if not in a parallel universe. We criticise them today, because of the populist rhetoric, with no concrete explanations about their policies.

We criticise them because they do not acknowledge what is going on in Europe, the eurozone and the EU. We ask their leaders, on the record (please excuse the joke), what they think of the potential two-speed Europe, Italian default, and the unwavering stance that the European Commission is now taking on debt and deficit. We also ask them what they think of the borrowing costs which we might face if our sovereign debt is not brought down.

We also ask for clarification about comments on deficit and debt. Labour said that one could play around with the deficit, but that debt was the real problem. We shall explain it again, we have lost count of the times we have already. For two years and more, this publication has given warning of the impending implosion of the eurozone, and the PL would do well to listen. Unless one chops down the deficit and turns it into a surplus (profit), debt is going to continue to increase, and that is what this budget was designed to do.

We will repeat, this budget was designed to bring the deficit down, to act as a shock absorber. In that way, the government could intervene if things do go really wrong, which many are predicting. This is why we cannot understand the completely off the wall comments that the respected economist Edward Scicluna made on Super One yesterday, in reaction to the front page headline in this newspaper. Perhaps that is why one should not mix politics with the economic profession and leading questions on political media.

The truth is that this budget was good for Malta. It was good for Malta in the international context. It also offered token signals that the government is listening, though it cannot do more, given the current circumstances. Unless Labour comes out with its plans and offers some serious and constructive criticism, then the party cannot be taken seriously. More is expected of the party. We hope that these questions are answered when PL Leader Joseph Muscat delivers his reply in parliament. The country deserves as much.