But it's little cause for celebration.
This morning on the radio, news of "independent" power producers (IPPs) crying havoc over depleting gas supplies and the possibility of sourcing gas elsewhere at five times the price.
Then, the following:
The government has allocated RM15.9bil for petrol and diesel subsidies this year ... spending on the subsidies last year amounted to RM9.6bil.
. . .
Restructuring of petrol and diesel subsidies which saw reduction of RM0.05 per litre twice last year saved more than RM1.7bil in subsidies.
Arguably, allocated amount isn't necessarily the same as spent amount. But it's still worrying.
A radio ad said it: When energy (and by extension, everything) is subsidised, nobody feels the need to use it wisely. The public loves subsidies. Anything to take the edge out of market forces. But as some parts of the world now realise, they can't buy their way out trouble forever.
Nobody likes taxes, but if the money is well spent and is seen to be well-spent, the public should take pride in being a taxpayer. But years ago, in Greece, tax evasion evolved into what some call a "national pastime". The laws were lax, and few dodgers were punished, if ever. Pile that on top of huge public spending, and you have a ticking financial time bomb.
For me, Greece's financial meltdown resulted from failures at about every level. The government didn't check tax dodging; bad apples among bankers, politicians and businesspeople set a bad precedent; and the public adopted some of those bad habits. Nobody felt the need to save for a rainy day when the sun was still shining.
I don't know how serious our tax-dodging situation is. But the subsidies can't go on forever, not if they keep getting higher each year. And the government seems to cower every time we complain about rising prices.
...Well, they're certainly not going to fall any time soon.
Instead of more handouts, or looking to the various government bodies or departments (who aren't exactly paragons of frugality or prudent spending), we should probably start thinking of ways to help keep the country afloat? You know, before we end up like Greece?
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