The writings on the wall can be read through the news that and wannabees shun because these news tell the truths they are denying and the happenings they wish to disappear by digging their heads in the sand.
Govt Left with Nothing More to Sell: More Taxes, Budget Deficit Likely in 2008
The writings on the wall can be read through the news that and wannabees shun because these news tell the truths they are denying and the happenings they wish to disappear by digging their heads in the sand.
Govt Left with Nothing More to Sell: More Taxes, Budget Deficit Likely in 2008
The Arroyo administration was able to log a P12.6-billion ($273.02 million at last years average exchange rate of $1:P46.15) budget surplus in the first 11 months of 2007, mainly through revenues generated from the privatization of government assets. But with not much left for the government to sell, new taxes and a budget deficit are likely in 2008.
BY IBON FOUNDATION
Posted by Bulatlat
Vol. VII, No. 49, January 20-26, 2008
The Arroyo administration was able to log a P12.6-billion ($273.02 million at last years average exchange rate of $1:P46.15) budget surplus in the first 11 months of 2007, mainly through revenues generated from the privatization of government assets. But with not much left for the government to sell, new taxes and a budget deficit are likely in 2008.
According to IBON research head Sonny Africa, the Arroyo administrations privatization revenues of P90.6 billion ($196.32 million) in 2007 was the highest in the countrys recent history.
Even the privatization frenzy under the Ramos administration generated just P71.4 billion from 1992-1997. Total privatization revenues for the past fifteen years prior to 2007 was P93.9 billion, he said.
Ramos administrtion's selling of the country's assets to foreign control is midgit compared to GLORIA'S SELLING left and right not mentioning the borrowing she did as soon as she squatted in Malacanang.
However, government is running out of assets to privatize, meaning that imposing burdensome taxes similar to the RVAT is possible in 2008, Africa said. At the rate the governments revenue effort is going, without such one-off privatization revenues, government faces a budget deficit of P82.3 billion ($201.37 million at the Jan. 18 exchange rate of $1P40.87) this year.
Government could avoid fiscal problems this year through a determined crackdown on large-scale corruption and corporate tax evaders, Africa said, but this seems unlikely given the Arroyo administrations track record.
It could also reverse its trade liberalization policies by increasing tariffs on imports. It could also cut back on allocations for debt service, defense and patronage spending. But both moves again are doubtful.
Its only other option is some creative way of advancing revenues, but again this would be merely buying time. Without a change of economic policies, President Arroyo may soon run out of options, said Africa. Posted by Bulatlat
THESE INEPT KURAKOTS IN THE GOVERNMENT DO NOT KNOW THE FACE OF HUNGER AND DEPRIVATION OUR FELLOWMEN ARE SUFFERING IN THE HINTERLAND. THEY DO NOT KNOW WHAT IT MEANS TO DEVELOP OUR NATION'S HUMAN INFRASTRUCTURE. THEY ARE NOT THERE TO STRENGTHEN THE CAPABILITIES OF THE CITIZENS TO BE SELF RELIANT, INDEPENDENT, AND ECONOMICALLY EMPOWERED. BORROWING AND SELLING ONCE ASSETS IS AKIN TO A DYSFUNCTIONAL FAMILY WHOSE HEADS CANNOT TEACH THEIR YOUNGS TO BE STRONG AND SELF-RELIANT BECAUSE THEY THEMSELVES ARE NOT. THE WORSE, THEY HAVE DEMONSTRATED THAT THEY CANNOT LEAD THE NATION TO BECOME A NATION OF PEOPLE WITH HIGH MORAL VALUES, WITH IMPECCABLE INTEGRITY AND SENSE OF DIGNITY AS HUMAN BEINGS. THEY ARE SIMPLY LIARS AND CHEATERS WHO DEFRAUDED THE PEOPLE OF THEIR BIRTH RIGHT TO BE FREE TO GOVERN THEMSELVES BY COMMITTING WHOLE SCALE FRAUD AND CORRUPTING THE YOUNGS TO FOLLOW THEIR STEPS USING QUICK FIXES AND PROFIT IN THE EQUITY MARKETS AND FINANCIAL WHEELING AND DEALINGS.
AS THE GLOBAL MARKET MELT DOWN SHOWS....LEADERS WHO ARE LEADING THEIR OWN PEOPLE TO FOLLOW THE PATH OF THE SCUMMERS, SWINDLERS, AND GREEDY PROFITEERS WILL SOW MORE HARDSHIP, HUNHRT AND DEPRIVATION FOR THE PEOPLE AT LARGE. 