Trajectory of Budget Balancing Unbalanced

The Business Senator also zeroed in on how much the Government has had to borrow just to balance the budget. This year’s figure is some one hundred and eighteen million dollars, mostly sourced from Taiwan and draw-downs of previously approved loans and grants. Senator Mark Lizarraga pointed out that as long as Government devotes funds to pet causes without proper accounting, a balanced budget – and balance between the public and private sector – is a long way off in coming.

Mark Lizarraga

Mark Lizarraga, Senator for the Business Community

“We have a history of overestimating income, and we suffer especially chronically from underestimating expenses. And in the words of our own Financial Secretary, if we continue on this path, we will crash, because Mr. President, we continue to spend more than we earn, and let me give you some examples, Mr. President. When the budget for 2015-16 was presented, it was estimated that we would borrow some one hundred and seventy-three-point-nine million dollars to balance our budget; well you know what, Mr. President? We came in at three hundred and thirty-one million; ninety percent more than we budgeted for, [in] 2015-16. In 2016-17, we projected we’ll borrow one hundred and forty-nine million dollars to pay our bills; we ended borrowing two hundred and thirty-nine million – sixty percent more! And in this last fiscal year, we projected that we’re going to borrow eighty-one million dollars to balance our budget; it is projected that we’ll borrow one hundred and twenty-six million – fifty-five percent more. Is this fiscal prudence; is this sound fiscal policy? Is this sound budgeting? Now I could understand five percent here or there; ten percent if we have a calamity. Ninety percent, sixty percent, fifty-five percent? Me and you cahn live like this! Only government that has the right to tax can do this, can afford to do this – mercilessly, they do this. While the business community and the citizens of this country suffer, because we have to pay taxes, and we have to die – those are the two certainties, they say.”