MLA STANDARD: ROD KAPUNAN - In the meantime, as we continue to incur annual budget deficit our foreign debt continues swell now standing at $59 billion or roughly equivalent to P2.537 trillion in the peso is denominated at P43 to a dollar. As one progressive economist observed, there is no way the country could ever extricate itself from its deepening budget deficit. Our practice of borrowing to artificially maintain the balance is nothing more but "kiting" intended only to postpone our day of reckoning. Only the greedy oligarchs will continue to get rich while the rest will sink deeper into the pit of poverty forever blinded by the promise of freedom and democracy.
No comments:
Post a Comment