Earlier in the newscast you heard PUP backbenchers Mark Espat and Cordel Hyde explain why they could not support a budget that, in their view, imposes $91 million in taxes that will disproportionately affect the poor and middle class populations that largely comprise their south side constituencies. But more than just over tax Espat pointed out that the figures in the budget are just plain wrong and he makes the implication that it is the product of a government still trying to conceal the reality. Here are his comments.
Mark Espat,
"In January of 2003 the Prime Minister said in his budget speech that we, the People's United Party, inherited an economy of $1.2 billion and that we grew it in the 4 ½ years to $1.7 billion. The government is now saying that it has grown from $1.7 billion to $2.4 billion in just two years. Is this credible? And so while last January in the 're-balancing' budget we projected $53 million in additional tax revenue, we told last January that the salaries bill was $214 million, that the debt service was $135 million, making the total salaries and debt service $149 million. And we were told we would get revenues of $444 million, which would have left us with a surplus of some $95 million. But that is not what it is. We are facing a deficit of $51 million. What kind of management will bring about a swing in one year of $146 million? Madam Speaker we cannot continue to borrow from Peter to pay Paul. We cannot continue to line up the bullet payments indefinitely: a bullet in 2012, a bullet in 2014, a bullet in 2015 - our plan to make balloon payments. One of these days one of these bullets will find its mark through the heart of our economy."
Jules Vasquez,
A government that quotes figures which you say are erroneous, is a government which does that delusional?
Mark Espat,
"I have been very clear about what I think are some of the issues: growing tax revenue by 54% while growing the debt by 244%, saying that we have invested $1.1 billion in infrastructure to expand exports but yet only being able to expand exports by 20% to 24%. I think those are some fundamental, as they have been called, mistakes, miscalculations, I've heard various different terms. I think that now is the time with this budget where we have to set ourselves on a different course and the way to start is to face what the issues are."
