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Showing posts with the label OVERSPEND.

PRIME MINISTER KEEPS LYING ABOUT THE MOUNTING NATIONAL DEBT

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by MICHAEL J PASSINGAN Prime Minister Peter O’Neill reckless, corrupt and unnecessary borrowing is hurting families and crippling the nation with debt that future generations must pay. In 2015 actual Government debt reached K18,571.40 per household under O’Neill. That number will increase with new borrowings proposed by the Prime Minister, including the $1 billion sovereign bond issue. Families must repay O’Neill’s debt whether they like it or not. Repayment will require new domestic revenue-raising and cost-savings: Higher personal and corporate taxes as well as a 50% increase in the GST Increases in SOE fees and charges such as O’Neill’s secret rises for all MVIL services including registration and insurance A further decline in government services and outsourcing of service provision to the Prime Minister’s colleagues and cronies A fire sale of government assets and equity including SOEs such as PNG Power and Air Niugini to the Prime Minister’s col