The Malta Independent 10 June 2024, Monday
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The morning after

Rachel Borg Saturday, 11 October 2014, 08:30 Last update: about 11 years ago

Last weekend saw a great big storm roll in and kick up a fury on Malta and Gozo.  Earlier it had been sunny and warm with relatively clear skies.  But within a few minutes all got dark and no sooner had we rushed to our car that the heavens opened and wind force lifted trees and the lightening and thunder struck over the island.

But we expect this sort of thing to happen in October as it is the start of Autumn.  Just as we always begin to hear rumblings about budgets and wage increases round about the same time. 

Economic forecasts and reports by Fitch or Standard & Poors are regular features throughout the financial year.  But the budget still holds a collective memory of belt tightening or rapturous announcements.  In truth, it is boring and something like an appendix which we may well do without.   Figures that don't match up, references to page this and page that, long winded monologues and promises that have more of a political than an economic slant. 

As this day approaches, it is ridiculous that we have full contradictory statements on employment and on the deficit by the Government and the Opposition.  The NSO attempts to clarify the murky water and the Minister for Finance makes a point or two only to be re-stated once exposed as incorrect.   As things stand we are witnessing a dog chasing his tail. 

We could chose to simply ignore the whole thing and carry on as usual as I am sure many will indeed do.  But rather than the content itself, what matters here is how serious or not this Government is.  We simply cannot afford to keep playing around with figures and twisting them this way and that way to suit our purpose.  It's the same with hunting.  Once shot the bird is dead.  There's no two ways about it.

I don't know if it is from a state of denial, that we cannot present a true picture of the facts or from some more devious intent.  But there seems to be two sides of stories currently playing out.   More beds for Mater Dei but the cement is no good, a new Parliament in October but not ready till Spring, a new power station in March 2015 but no construction taking place,  children under surveillance for absenteeism but the Prime Minister takes his children out of school to go abroad, Council elections without Council elections, hunting but no killing, illegal boat houses with smart meter, theft of electricity with no charges, ready for Ebola but no entry to sick people, freedom of speech but not in front of Castille, in prison for drugs but drugs in prison, gay marriage but civil union, adoption as a right when it is not a right,  we do our job rescuing immigrants at sea but they drown, and so on.  So, it is not surprising that we have a confusion about employment and unemployment, private and public sector employment amid accusations and counter-accusations.

It is all rather pointless because if it is true that most employment has been created within the public sector, this will come home to roost soon enough as the economy begins to stagnate and the Government expenditure ratchets up.  The next thing will be a tax increase because the money will have to come from somewhere.

So, what would be so terrible about having a proper debate between the Minister of Finance and the shadow Minister on the actual state of the economy and employment?  If the Minister is right and figures can prove it, and the situation is sustainable and healthy, let's see it.  Alternatively, if he is on the wrong path, a correction is needed before it is too late.   I cannot see how the budget can convince until the true and proper figures are presented in a meaningful context.  We are not talking here about what the EU says is Malta's performance in comparison to other countries or whether its revenue has increased.  Because that is one picture which needs to be put into context.  To put it simply, you may have saved more money than last year but if you spent twice as much as last year, it becomes irrelevant and if you employed more staff than last year but lost business, it's going to mean a loss.

For families and tax payers the truth is in the economic prospect they face.  Is it secure and positive or uncertain and negative?  No amount of fancy talk and massaging of figures is going to persuade a retailer that the business is flourishing if it is not.  How many newly qualified graduates are leaving Malta to work abroad?  If there has indeed been progress in the economy, it would not need to be justified over and over again.  It would be obvious and it would be tangible. 

Before any more budgets are delivered, the facts need to be examined in detail and not covered up because anything else would only serve the purpose of the party in power to the detriment of the country.

Who ever we may wake up with the morning after, one cocktail too many may be to blame.

 

 

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