The Government has made an underwhelming 2015 budget presentation. I am still waiting to hear what the biggest budget in the history of T&T has allocated for income-earning activities as well as developmental initiatives.
To say that this was an election budget would be an insult to the public. There are no real stimulants in these weak social initiatives and the question on the lips of every economist is how are we going to sustain these promises. The net effect of such initiatives as the $500 a month babycare grant, without any economic counselling component, is a greater dependence on the state.
The minimum wage increase offering is of no net effect as the private sector has already been regulated by the market to $15-plus and still has not attracted workers to several retail industries. The other dynamic is that increases are expected to be matched with productivity and no evidence of this has been presented.
Additionally, the Government plans to purchase offshore patrol vessels that are in "no way" similar to those that were about to be procured by the last administration. Really?Yet another year, another budget, and still no land and building taxes. Are political biases worth the abandonment of hundreds of millions of dollars in legitimate revenue for the country?However, there maybe some merit in the reduced interest rate for house purchases under $1.2m, but we wait to see the terms, conditions and eligibility.
In my humble view after paying attention to the various avenues our citizens use to speak out, this budget has been largely rejected. The Government needs to do some serious reassessment of their approach if they are to make a meaningful contribution to development during their term in office.
Ronald Huggins
St Joseph