briefly on the budget

Updated.

Briefly on the 2012 budget

I was working when PM was giving his speech. What I got was from Malaysiakini and MI later in the night. I need to go through it first..But I will just give a cursory brief and let some of the readers voice out their views.

On the glance of it, it sounds good ,  but not exciting.  Even though the civil service is the biggest beneficiary, I am glad that the raise for salary for civil servants was not 40% across the board, which would have led to a much higher inflation rate , as was earlier rumoured.

As the assistance for families earning less than 3000 and handouts for students are one-off items, I am not too bother about it. If the handouts are on a regular basis, I would object, since a perk once given would be difficult to be withdrawn later on.

 I only hope that all the projects and handouts can be done with minimal leakages and wastage. You may have noted that previously in the blog , I mentioned that someone holding high position once told me that projects are formulated more for the leakages and wastage, rather than the benefits for the rakyat. I hope this time, PM realises that it is his ‘do and die’ battle, and keep the wastage to a minimum.

 The PR budget sounds good too, but they are actually dependent on trimming the wastage and leakages and thus freeing some of the money to give to the rakyat. It is a political budget; whether they can do it or not , depends on whether they can tackle the mother of all ills in this country, corruption and thus the leakage and wastage.

 Without a determined will to tackle corruption, many of the good salient points in both budgets would go to the ‘dog’, so to speak..

 Having said that, I view PM’s budget as a political budget, too, the so-called election budget.. After all, politicians need to win the votes before they can implement their ideas, so I actually do not fault them on this, as long as they do it within our means , and do not hurt our future generations by living on future money.

Talking about within our means, i noted that our debt servicing is going to hit 20.5 billions, up from 12 billion in 2008. This compares with a development budget of 51.2 billions and an operating budget of 181.6 billions, a big portion of which goes to emoluments for our civil service. We should be more prudent and rein in our budget deficits within the next couple of years, otherwise, the debt servicing ratio will keep increasing, and although this debt ratio is still manageable, this amount of money could have been channeled to help transform our economy.

Both budgets are mainly  tailored to the social needs , but not much is tailored to the structural transformation from a middle income nation to a high income country or to make the country more efficient and competitive, apart from the opening the 17 sub-sectors  which are mainly the domains of the professionals.

I suppose as the country is now at a crucial cross roads, both sides want to make sure they win the hearts of the people first before addressing to the structural aspects of the economy. On the social aspect, the assistance given to the senior citizens is welcomed (discount on fares and so on), as well as extending the retirement age.

The problem in Malaysia is that politicians often think that the ‘end’ justifies the ‘means’, not realising that improper  ‘means’ can give rise to a certain culture of ‘greed’ and ‘on-the-take mentality’ and thus the  ‘means’ if it is not based on morality or good governance  can ultimately affect and derail  the vision for achieving the ‘end’.  That was what happened during the last couple of decades. THIS IS WHAT HAPPENS TO THE BUDGET NOW, A ‘MEANS’  BEING USED TO GET VOTES AND NOT TO ADDRESS STRUCTURAL PROBLEMS.

The main question is that with some of the developed economies facing the prospect of another slowdown or even recession, and Malaysia economy dependent on external trade, can we achieve a growth rate of 5-6%? I wonder. Oil prices will come down if there is another world recession, demands for our goods will be affected, and commodities, too, would be affected by another recession.   ( The recent World Economic Outlook report by IMF expects global growth to moderate to about 4 per cent through 2012, from over 5 per cent in 2010. Real GDP in the advanced economies is projected to expand by about 1.9 per cent in 2012 and emerging markets to grow by 6 per cent in 2012, but there is actually a further downside risk) .

(courtesyofMalaysianInsider)

38 Comments (+add yours?)

  1. Dr Hsu
    Oct 08, 2011 @ 10:48:00

    The education sector and the teachers are given a lot of breaks; good for them as teachers are the important engineers of the souls, and schools are places that make a person what he will be later on..

    Cikgu wong has summarised it very nicely in his blog: http://www.cikguwong.blogspot.com/

    Like

  2. cilipadi
    Oct 08, 2011 @ 16:44:03

    The big question is
    Whether Najib’s government is spending within it’s means
    Apparently not since the budget is a deficit one
    The next question, how then to spend in excess it’s means?
    By borrowing?
    From where?
    Who are the lenders?
    Loan sharks?
    Is this model ‘NAJIBONOMICS’

    An honest housewife without economic degree
    Can manage better than your Finance Minister
    For she can manage her household better than your FM
    Who is also your PM

    Housewife makan cili, FM rasa pedas

    Like

  3. cilipadi
    Oct 08, 2011 @ 17:02:22

    Such deficit budget
    Even if we assume no corruption
    No leakage, no wastage
    Is it a budget that inspire increase in productivity
    And efficiency?
    Is no, what to take about economic growth?
    Will it solves high inflation then?

    Like the old horse said
    When money is not yours, of course you can simply spend
    This saying is ‘a slap on the own face’
    Agree?

    Agree or disagree
    I, a non-Malaysian
    Have no say, I cannot vote
    But you all can
    Need I tell you who to vote?

    Not your money makan cili, Deficit budget rasa pedas

    Like

  4. Ellese
    Oct 08, 2011 @ 20:14:10

    Dear cilipadi.

    You made an astounding discovery. I just realize finance ministers of Japan US UK Singapore Germany France etc etc actually followed najibnomics. They all have deficit budget. My! just realize your ‘housewife’ is far superior than all finance ministers in the world. Incredible discovery!!

    Next time when you argue please argue intelligently. Your pakatan rakyat budget also assumed a deficit budget of 4.4 %. How come you never question where Anwar hadi and LKS getting the money?

    So please. Don’t argue partisanly. Argue on points. State what is the deficit figure you’re worried about? Why? If we go surpluss would it affect the economy and our well being? Be a bit Malaysian who will rasa pedas if there’s a downturn.

    Like

  5. Ellese
    Oct 08, 2011 @ 20:20:41

    Dear dr,

    Thanks for the balance write. We need to go deeper. You will see that PR and BN are not far apart in terms of principles and stand. For example. Pr also has a deficit budget of 4.4%. so no supporter of pr like cilipadi above can condemn deficit budget or were becoming Greece.

    Let’s argue objectively. I like both parties to compete for our interest. They justify which is better for us. We cannot allow them to argue on superficialities. We must make them be consistent on stands and principles.

    Like

  6. CYC
    Oct 08, 2011 @ 21:27:18

    The budget made me an idiot. 1.2 million tax payers funding 27 odd millions who don’t pay taxes. So , can we imagine the remaining 11 million working adults suddenly become high income earners. What a fantasy only Pemandu is capable to cook up.

    Like

  7. jimatnya
    Oct 08, 2011 @ 21:37:54

    It seems we should focus at the objective of the Budget. Those groups benefit from the budget would definitely be happy and those who did not directly receive goodies will start to scream. Hopefully our PM does not simply give out money and create more debt for the country. Our government is responsible for our well being NOW and also for the next generation. There are a lot of indicators showing our country is borrowing more every year and the deficit is increasing rapidly. In the end, we will suffer the consequences for many many years to come. By that time, wealthy politicians will just leave this country to migrate and leave us starving to death. In other words, we are responsible to ensure politicians bow to us all the time and when the election is coming very soon.

    Like

  8. cilipadi
    Oct 08, 2011 @ 22:32:09

    Argue partisanly? Where?
    What for I touch on PR’s budget?
    Theirs not real, shadow, not their money
    Like the old horse said.

    Singapore, Japan, Germany …..and Malaysia
    Malaysia richer than those countries?
    Does Malaysia has reserves to pay for the deficits?
    Tell me, how many years of ‘deficit’ consecutively for Malaysia?
    Singapore, Japan, Germany like that?

    Can you tell me how Malaysia pay for the deficits?
    If you can’t, no point arguing with me
    Housewife’s economics is still better than Najibonomics
    At least she spend within her household’s means

    Ellese makan cili, siapa rasa pedas?

    Like

  9. cilipadi
    Oct 08, 2011 @ 22:58:41

    I plant cilipadi
    I spend in prudent manner
    Like housewives
    Save sen by sen
    Certain years, business not good
    My expenses more than cilipadi income
    Lucky, I have some saving then
    Time was tough, but still can went through then.

    Malaysia under Umno spending like me? Like housewives?
    cilipadinomics & housewifenomics are better than Najibnomics
    and of course, even better than Mahathironomics

    Housewife makan cili, siapa rasa pedas?

    Like

  10. Ellese
    Oct 09, 2011 @ 00:17:13

    Cilipadi. Simple. It’s the same way US France Germany UK Spore etc etc pays for their deficit. The housewife knows this. Don’t tell me you don’t know.

    Siapa makan cili dia rasa pedas.

    Like

  11. Rhan
    Oct 09, 2011 @ 09:46:09

    Seem like from now onwards we can’t simply gun down BN budget without taking a glimpse what offered by PR, if we think both are rubbish, what I would suggest is we start one on our own. Since budget from both ends is deficit, we have to accept the fact that most agree deficit is the way to move forward. Deficit similar to meritocracy and affirmative action, is not a bad word until we examine the objective and functioning, for instance, deficit to fund education, skill and infrastructure is good, but if deficit is to buy ring, can’t sink submarine, and inflate the genuine cost of infrastructure and project in the name of multiplier effect and pride, then it is bad. The assessment shall be done on where the money comes from and how the money is spend. Since most analysts agree that this is a election budget, I think we shall use less time to find out where the money goes to. The question we shall ask is where the money comes from.

    On BN, I think Hisham hinting on Felda listing, possible, i don’t know.

    My interest is on what suggested by PR, I read a article written by TP, here is what he wrote:

    “PR has called for the abolition of artificial monopolies licensed by the Government such as Bernas which monopolises the sale and distribution of local and imported rice. In addition, predatory market strategies by Telekom Malaysia to stifle competition will be made illegal while the monopoly of satellite and cable television will be abolished. On top of that we will dismantle cartels in the telecommunication, media, airline, oil and gas as well as other industries to ensure a genuine competitive market which will benefit the man on the street with lower prices.

    What’s more, we have promised drastic changes to the current privatisation policies which are opaque, uncompetitive and clearly benefit the concessionaires at the expense of the Government and the rakyat. The 2-prong strategy demands the renegotiation or expropriation of current concession assets such as independent power producers, highway and water companies, while putting in place an open, transparent and competitive framework to ensure only the parties with the best services at the lowest price will be awarded the relevant contracts in the future.

    Under PR for example, all Approved Permits to import cars will be auctioned not only to increase government revenue, but also to ensure only genuine businessmen and not rent-seeking middle-men secure the rights.”

    Sound good to me, how it is done practically I also don’t know, historically, the change of government seldom really transform the modus operandi of how commercial and business connection with government, I agree there is some small changes like Maxis become Sixim or start up a Bernas 2 which still under the direct control of government/party and etc etc, how PR is going to achieve the ideal scenario like what spell out by TP, if we take a close look at Penang and Selangor, I am eager to know more.

    Will continue later.

    Like

  12. Rhan
    Oct 09, 2011 @ 13:10:50

    Consecutive deficit and deficit itself indicate increase of debt unless we see a correspondence increase in income, BN haven’t show us clearly how they are going to increase income except telling us our debt is at manageable level, since there is no absolute indication to endorse what level of debt is healthy and within manageable level, I think it is futile to engage in such debate, however, we must keep in mind that unlike asset that could be fix or liquid in nature, and income (growth rate) that would rise and fall depend on market and productivity, debt is real and tangible, we may extend it and leave it behind to our children and grandchildren but no creditor will write it off. Thus both BN and PR can distribute any one off gift to whomever they wish but bear in mind that we must be willing to work hard enough to earn back the same amount that we have spend.

    On personal basis, I stop the idea to invest in both properties and cars, I think the price is excessively high and beyond my capabilities unless i am prepare to downgrade my standard of living in some other stuff, for instance, travel, reading (books), good and tasty food, relative superior quality tea, music and movie which spiritually I appreciate more. I stop buying butter, grape, some fish which I believe the price is now in exorbitant level, and I hold-up my plan to buy any gadget that I would not hesitate to obtain in the past, I never own a Apple product because the price is extremely expensive to serve my present purpose, I am still using my six years old Nokia, my impression is that the inflation is terribly widespread and bad, I am not sure if I m alone that bump into such condition because I am incapable to make more money, I first thought I am suppose to be grouped under the middle class but I am not that sure anymore, I am now also looking forward the one off gift from my government, in order for me to listen and watch the budget announcement not in my 29 inches tube TV.

    Like

  13. ong
    Oct 09, 2011 @ 16:43:22

    Ellese and cilipadi,

    I don’t know about France, Germany, UK and Spore. However, I recently read that many economists claim that it is now mathematically impossible for the U.S. government to ever pay off the U.S. national debt because the U.S. government now owes more dollars than actually exist. It seems that the US debt is greater than all the existing dollars owned by all American banks, businesses and taxpayers.

    But not to worry. Nobody wants to make US into an officially bankrupt country. That’s why the recent downgrade was only from AAA to AA+ when in reality US is not even AA. I don’t even know or understand what all this AA.. crap means. It’s just what I read.

    The pertinent question should be whether we are able to repay the debts which keeps piling up. This little part about repayment I understand very well because when I cannot repay debt to my friendly ‘along’, they came to my house and donated a few cans of free red paint. After the free red paint, if the debt is still not repaid, a few free slaps here and there on different parts of my anatomy.

    Again, I am no economist, not even a half past 6 one. Therefore I have got absolutely no idea what level debt is too much for Malaysia. What I know is that Malaysia is not USA. When we cannot repay our debt, unlike the US of A, we will be made a bankrupt. Hope to learn more from you both who seem to be expert economists.

    Like

  14. streetfighter
    Oct 09, 2011 @ 16:56:34

    Both makan cili,expert economists rasa pedas.
    Very pedas these expert economics..must listen to them to be expert and terror terror like them.

    Like

  15. cilipadi
    Oct 09, 2011 @ 17:32:45

    Nice say, ong
    I am just a cili planter
    Not expert economist
    Maybe Ellese is, yet he (or she?) can’t give clear answers to my questions.

    General rule is, we spend within our income
    Or spend on borrowing, or mixture of both
    As you pointed, if can pay borrowing, why not?
    The problem is, spending on borrowing can become a habit or even addicted
    Like Umno’s governmemt
    Spending which brings productivity is and should be the way
    Can you see this in this deficit budget?
    Spending on huge mega buildings like palace, mosques productive?
    After completion, still need to incur on maintenance, not to mention interest for borrowings. Productive?

    USA, with high debts, I agree and would not become a bankrupt
    Because USA is the biggest economy where other countries depending on it to survive. Malaysia is heavily depended on USA also, China and Singapore too.
    How to compare Malaysia with it? Malaysia is just a little black dot
    Unlike Singapore, a red dot

    Again, I am not an expert economist
    Just simple bluff my way through, using logic

    Ellese makan cili, expert economist rasa pedas

    Like

  16. aiz
    Oct 09, 2011 @ 18:31:30

    Consecutive years of budget deficit would be a cost and a burden to the government who has to borrow large amount of funds both internally and externally. We have to be aware of our debt servicing capacity, the exchange rate and balance of payments. We are still a developing country, so please stop comparing our debts/borrowings with that of the industrialized and developed countries like US Japan, UK, France, Germany, etc..

    Like

  17. Ellese
    Oct 09, 2011 @ 18:47:46

    Good write. Many issues raised. I’ll write later. But just saw CNN on a growing major protest by thousands in new York against moneyed people/ wall street/bankers. Just another example of Michael spence the need to address the non tradable and low end tradable sector which most people are involved. There’s a lesson for us.

    Like

  18. streetfighter
    Oct 09, 2011 @ 22:14:08

    ong, the cili planter can change like the seasons in the sun.
    siapa bohong tanam cilipadi dia bohong sindiri rasa pedas.”

    Like

  19. Ellese
    Oct 09, 2011 @ 23:48:16

    Cilipadi,

    I won’t entertain you now with simple basics. A house wife can google for a simple answer so I expect you can do the same. Anyway if you’re against deficit spending please don’t vote PR. Otherwise you’re simply incoherent.

    Like

  20. Ellese
    Oct 10, 2011 @ 00:04:50

    Dear Aiz,

    Youve definitely not seen the Countries debt and gdp list. You’re probably the first writer who distinguish countries between developed and developing country in debt GDP ratio. You seemed to suggest that for developed countries they can incur as much debt as possible coz they can’t become bankrupt. Thats why you explain developed countries can incur more than 80′ and some 100% ratio.

    I think you’re probably the only economist to say developed countries can incur up to 80 or 100 or 200 % debt. What’s the rational for such differentiation is unknown? you somehow seemed to forget that Maastricht criteria set it out at 60

    Like

  21. streetfighter
    Oct 10, 2011 @ 00:46:28

    Oh my..it’s getting complicated now and forever…
    cilipadi against the deficit spending,PR rasa pedas.
    What is lying ahead now,expert economics?
    Help us before we turn into zombie nation one soon finest day.

    Like

  22. streetfighter
    Oct 10, 2011 @ 01:07:32

    It sounds like a Classroom Forum with Ellese teaching.Cheers!!

    Like

  23. Ellese
    Oct 10, 2011 @ 08:26:48

    Dear Rhan,

    It was a good focus write touching on many topics. A number of things like AP, telekom I can agree with you but it has complications. For example by next year we have to implement anti competitive law. By right all our concern on monopolies will be addressed. I know were among last in Asia to implement this but this push by US to implement this in every country may not necessarily be in our interest. We should implement things when it’s advantageous to us and not when others want us to do it. We need to ask that if by monopoly we can create a national world champion in the like of Toyota Hyundai lg so be it. But the issue on anti competition is wide and will need to be done separately.

    Issue at hand is budget and economy. The main issue at hand is what you’ve pointed ie generating income/ increasing the output/ GDP. Many many miss this and neglect totally the debate on this. Because of partisanship we can’t see what’s good and common for us. Real pity.

    As a country I think it needs to always be creative in generating growth engine. And to this I give credit to the government. Many may not like this, we’ve had many structural economic change which are positives under mahathir regime. (admitted that there are negative outcome as well but tot of focussing on creating growth engine) What may irk most again is that the answer for our income growth is in the Etps.

    I know many have given short shriff on Etps. But look at it objectively. Many make sense with multiplier effects. The devils are always on the implementation and we can debate on this. But the question posed here is income or output generation. Here we must sit back. Principle is not all will be successful but if it’s good and has a reasonable chance to succeed we should do it. There’s always cons to a thing but when pros can outweigh things, we should support. We must always see where the balance lie and decide for our own benefit.

    If you want we can go deeper. The etp not only details out where income is coming from, how funding is sourced but also details on the expected gross national income such activities created. Some strategic some facilitation. For example growth in financial services including islamic banking is targetted to create a gni of 120b with 200k jobs creation. We can debate on numbers. But main thing is we debate on what generates income in particular value added strategic sector. We focus what it should be then argue on details like whether numbers supportable or not and how to achieve it. Only then we know what we want be focus and consistent and demand this out of our politicians. We however tend to dismiss and treat these debates as partisan. That’s why we can’t agree on what is command good for us to move forward.

    If people want we should debate on what we want as what is the added income activities to our nation. What say you doc? We can look both at Buku jingga or pr budget and bn Etps or any other writings and ideas. In this we can decide what we should do and not do for our growth engine irrespective of what bn or pr says. Otherwise we get again into this simpleton argument dismissing whatever your opponents say which is utterly wasteful.

    Like

  24. Ellese
    Oct 10, 2011 @ 08:52:48

    Dear rhan,

    Just wish we had a thread reply so that it can be discussed structurally. On this thread I just want to touch on continuous deficit spending. On principle I can agree we should not be having deficit spending all the time. In good time we should have surplus or balanced budget. But I look at statistics of developed countries debt including Singapore that they are where they are now because the balance of debt to GDP seems to be higher than 60. as I said it’s like individual if we start with zero debt not capitalizing our future income we probably live in a tenanted house walk to office or take public transportation. We need to plan this debt within affordability limits. Right now conventional wisdom like maastrict put at 60%. We are a savings nation like singapore. We should mobilize these savings to higher or better return. what’s important is the debt must be for useful productive or meaningful goal. What’s an issue is money spent for social welfare or safety nets. Our politics both bn and pr seemed to be competing in this area ceaselessly. This is fair to an extent but there must be a limit. As a principle I can agree that as long as we grow we put give back to society. But on the extreme end I don’t think we are ready for the social net like provided by western country. We need to allocate more money at this developing stage for matters which can sharpen our competitiveness and comparative advantage.

    Like

  25. CYC
    Oct 10, 2011 @ 10:04:59

    Arguing an issue in isolation is easy. However, the matrix of balancing a country’s resources utilisation is a complex issue. Here we have expert seemingly boosted with ego of “being involved” and shooting down others as amateurs. There is no magic figure of what constitute a healthy debt ratio but the housewife logic of u can incurred more debts than what you could possibly service the installments with comfort can never go wrong.

    In regards to ETPs, it is not something newly invented and all other countries are trying hard to do the same. But show me how would it change our economy structurally. Education standard/quality cannot be enhanced merely by increasing salary of teachers and professors. The system of accreditation base on merit must in place first. Boosting of able to produce 1000’s of full As students by lowering the hurdles is a total fallacy of transformation.

    By encouraging monopoly with justification of creating a world class company and simultaneously wishing to have a vibrant competitive business environment seems contradict in nature.

    I am an arm chair critics but so are Pemandu, a bunch of “experts” carrying out experiment in the lab with pen and drawing up conclusions and graphs based on wild assumptions. Thousand apology for my amateur argument.

    Like

  26. Phua Kai Lit
    Oct 10, 2011 @ 12:06:52

    Debt owed by Govt to one’s own citizens — can “pay back” through inflation
    (“printing more money”). This does not justify irresposible spending, of course.

    Debt owed to foreigners — big trouble, must pay back in hard currency.
    And international enforcers such as the IMF, ECB etc will make sure you do so,
    whatever the pain to the ordinary citizens (as in Greece today)

    It is misleading to compare management of a nation’s finances to management of a
    household’s finances. Just reread the work of John Maynard Keynes and the need
    for deficit spending sometimes.

    Like

  27. CYC
    Oct 10, 2011 @ 12:40:13

    Deficit spending is ok but what do u reckon with non stop 15 years deficit. On top of that transformation in reverse order. Have we identify any replacement avenue to fund our spending once the oil revenue is depleted ? Of course, generally all govt used inflation as a mean to generate GDP growth. But what is the real benefit as far as commoner is concern ? The myth of GDP growth need to be explained by “experts” in detail without hiding any REAL FACTS. Knowledge should not be used as a mean to service the power that be and disregard the well being of general public.

    Basic principle of financial management is the same irrespective of nation or household. It only differ in the methodology of implementation or the tools available to realise your goal.

    Like

  28. aiz
    Oct 10, 2011 @ 15:13:27

    Dear Ellese… Are you thinking that the ETPs which are conduits to boost and accelerate economic development/growth could address all concerns on the long-term fiscal challenges that are inherent to our growing debts? However, I would give full support it if the ETP team could mobilize private sector resources [PFIs and FDIs] to fund most, if not all, the economic transformation projects. I think more than 80% of it is going to be financed from public/government funds. I may be wrong.

    Thus, it appears to me that it would be a continuous deficit budget for sometime which would lead to heavy debts, inflation, and cyclic depressions and economic recessions, and which could translate into real burden on our future generations. Foreign currency borrowings will put more pressure on our exports and foreign exchange. It would be compounded further if our inflation is higher than the inflation of the currency of the debt.

    You may say it is a very basic and simple argument. I would make it even simpler by arguing that debts are future liability and must be paid when they are due: How sure are we that those ETP projects can generate sufficient future resources to pay back our debts?

    It tickles me when someone would argue that we have our oil and gas revenue! [By the way, do you know that Hassan Mercian now sits on the board of Sembawang Corp and also Conoco Phillips?] But what happens when we do not have any more oil and gas to sell? We are already re-exploring our marginal oil/gas fields off our shores and we have also invested billions in oil/gas ventures overseas. What happens if they are all zilch?

    I have no qualms if the government wants to borrow more money to spend it on education, or to spend on agricultural cultivable food projects, or to increase the production and export capacity, where the additional income will lessen the burden of debts or may outweigh it. But having said that, I still believe in the old Malay proverb: “Ukur kain di badan sendiri”. We are developing country and “I think we should behave like one”.

    Increase in salary? Yes! It must be linked to productivity but not to the cost of living. Subsidies? It would benefit the rich more! A classic illustration of head I win, and tail you lose. Because if you withdraw [say for discussion sake], the petrol subsidies, the rich could still afford it with ease, but it would be a pain to the have-nots. But I would still say yes to subsidies.

    Lastly, I am not for quantum leap economy. I am not prepared to take the insurable risk of crash landing in the woods.

    Like

  29. klm
    Oct 10, 2011 @ 15:16:02

    If this is a govt budget, it is a joke and not a funny one at that. This is a politician buying votes. There is no need for argument on any economic policy. This is dirty politic of the highest level. It is condemning Malaysia to many years of suffering.

    Like

  30. Dr Hsu
    Oct 10, 2011 @ 15:18:34

    I view it as political budget too, since the main aim is to get votes.. everything else would be secondary.

    Election should be near, and looking at the budget, it could be as early as next month.

    Like

  31. Ellese
    Oct 10, 2011 @ 19:54:40

    Dear klm,

    Bn budget is an election budget in as much as PR an election budget. PR espoused a deficit budget just like bn. It gives handouts just like bn. Pr gives money to senior citizens ( 1.7 b), 2b for homemakers, 200 million to top up for hard core, 1.6 b as child care allowance. To me if you’re worried about handouts and deficit of Najib then it’s t same w pr. Either condemn both or praise both on these. Can’t be either one.

    To me let’s get our principle first. Are we or are we not for deficit budget? I can accept if you are fiscal conservative and oppose Keynes. But condemning bn budget and praise pr budget just doesn’t make sense. Saying under bn we suffer but not pr not on the same basis is just too shallow.

    Like

  32. Ellese
    Oct 10, 2011 @ 20:02:02

    Dear Aiz,

    With due respect I seek you to just vist the etp website. Many are privately driven thus does not appear in budget. It has even a gni figure. Numbers may be farfetched and arguable but we can debate. Let’s pick a subsector and we argue the Etps therein. I’m particularly familiar with certain industries and will write more where possible. Other industries may need feedback from others. What say you?

    Like

  33. cilipadi
    Oct 10, 2011 @ 21:28:00

    Ellese, are you aware I am not a Malaysian?
    I can’t vote even if I want to vote for BN
    (last thing I would do, if giventhe right to vote)
    I am jealous you choose not to entertain me
    But choose to entertain those with far more complex questions than mine

    I don’t care, NEM, ETP, NEP or whatever Piss
    What matters me is, do you spend wisely, prudently
    Without leakage & wastage, deficit or not in deficit
    Why make it so ‘cheong hei’ (made famous by Pete)
    But at end of days, with huge, huge debts?

    Housewife model is far more realistic than Najibonomics
    Household or Nation finance
    To cilipadi, is still spending, still money
    Why Najib’s spending not like housewife?
    Perhaps because he has a ‘famous’ wife
    She ain’t a housewife
    Or is she? A spendthrift one?

    Jib makan cili, Ros rasa pedas?

    Like

  34. aiz
    Oct 10, 2011 @ 23:07:11

    “I am jealous you choose not to entertain me”

    Chili padi is also a euphemism for a petite, sexy woman. Perhaps, you’re too hot for Ellese. =)🙂

    Like

  35. cilipadi
    Oct 11, 2011 @ 00:05:43

    Some of you are new in this forum
    I told people here some time back
    I have a Malay friend, who own a land
    Perhaps given FOC by Umno gomen, I am not sure
    He long for carefree, without debt lifestyle
    So, he leases his piece of land to a Chinese friend
    Who is enterprise, take a loan from a bank, instead of his own savings
    To work out the land he rented, planting fruit trees
    Before the trees mature, he plants some vegetables to earn some money
    To service his loan, pay rental, pay workers etc, etc

    We see here, how money is spent for ‘productive’ venture
    A simple direct economy model unlike those highly propagandised ‘Piss’ model
    When fruit trees mature, more income flows in
    Malay friends happy, Indon & some Indian workers happy, and
    Of course, my Chinese friend also happy

    I, a cili planters, a mini size FDI, too am happy
    Because those friends buy from me, even though a bit more expensive

    Tell me, if Umno gomen runs Malaysia like my Chinese friend
    With the supports of the Malay land owner, and his workers
    Will it be better for Malaysia than now?

    Whose budget or economic model is better?
    Najibonomics or my friend’s household model?

    If you still insist Najibonomics is better with your ‘cheong hei’ elaborations
    Then, what shall I brand you? Expert economist perhaps?

    Ellese makan cili, ETP and whatever Piss rasa pedas

    Footnote : sorry if I am too hot to a petite sexy woman.

    Like

  36. klm
    Oct 11, 2011 @ 12:56:36

    Dear Ellese

    There is only one principle. BN must be out. Otherwise this country is cooked. The plundering cannot go on. This country cannot afford any more of the plundering. Where PR can rule better than BN is not important. BN must be out so that change can happen. This is the only game in town. Other things are secondary.

    Like

  37. kings
    Oct 11, 2011 @ 20:17:06

    cilipadi,

    Ellese is a HE….

    Like

  38. cilipadi
    Oct 12, 2011 @ 10:08:45

    Oops, kings
    Ellese is a HE
    Or else is SHE
    HE or SHE doesn’t matter
    Matters is, she reffuses to entertain me
    While choose to entertain others
    Jealous, but ok

    SHE makan cili, HE rasa pedas

    Like

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