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Tuesday, October 14, 2014

Najib's 'The People Economy' 2015 Budget.



The 2015 budget?

This chap likes nothing better than to read blindly and behaving the part on certain sections he gets excited with. Then arms will flail, voice becomes pitched all of which are dysfunctional and out of sync. 
But he is the FM and PM and the UMNO mental gnomes will aye at every possible moments.

Well, many people are of the opinion, that our FM is clueless. This time he simply reads from the teleprompter. Point 7 for instance- from agriculture economy to high income phase to service based economy. The high income phase is what? There’s no continuity in the thinking about the description of the economy- the beginning and the end are correct- the middle is muddled. Agriculture economy is a type of economy- service based is a type- high income phase? What is this? What type? Who the hell wrote this for the FM?

As usual, Najib masks the budget- which ought to be a factual presentation of our revenue and the application of the revenue- with the usual histrionics. 
Just say how much you collected and how does your government wish to apply the consolidated fund?

Our duty- the duty of opposition MPs is to see the funds are properly appointed and point out what can work and not work.

Remember this is a government which was voted in by 48% of the voters. He should be mindful of this as should all the arrogant ministers, government officers and so forth. You are a government voted in by the minority. Big enough but still the minority. You are government as a result of unfair representation density and gerrymandering.

The FM being the politician that he is, will never tire at making political points whenever he gets an opportunity like relating the story about his biggest difficulty in administering Malaysia. Which is to balance between policies that are populist in nature and policies based on economic and financial imperatives? 
What a la-di-da.

Will anyone believe what Najib said on point 18- consolidating fiscal deficit is a moral responsibility of our generation towards the future generation. Wow!
The morality of the BN government is the morality of the 20%, by the 20% and for the 20%.
Mention CGT- capital gains tax and the chief gnome of BN- Ahmad Maslan says, this will scare away investors. Yes of course- tax the people, they cannot run away.  Tax those who receive income by way of dividends, shares, tax those CEO who gets gargantuan salaries.They wont run away too.

Public debt is more than 55% of the GDP if we , indeed must include the contingent liabilities which are more than RM150 billion.  He speaks oblivious to the fact that public debt is high and household debt is among the highest in Asia. That’s because he allows the banks to go on a predatory lending binge.

Let us take him on on this.

Why has his polices on the Bumi agenda failed? Because he operated from the wrong and fundamentally flawed economic principle. Prosperity is a function of productivity not of rent seeking. Can the Bumi mandarins even fathom this concept?

All this while, since 1970 up till now, the solution to bumiputra economic advance has always been decidedly on rent seeking. Government officers got rich because they are rent seekers- they owned their positions temporarily but have sufficient time to make hay while it shines. Because allocations and budget pass through them, the allocations and budgets are interacted on. They provide opportunities for profession-rent seekers to put their hands in the kitty,

I am jumping the gun a bit- bumiputera economic agenda. Since 1970 this has been the preoccupation. Despite that, the bottom feeders earn RM1600 per month, while the 20% penthouse dwellers earn RM11, 000.

And how did the 20% get to the penthouses? By being a rent seeker basically.

Owning something. KSUs and TKSU own their posts temporarily from which they milk the cow. CEOs of GLS own their posts for a while and make hay while it shines. As long as money passes through intermediaries without stringent scrutiny, these people will whack our money.

That’s just the introduction folks.

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