Solving the National Debt

[lc1]

[SIZE=3]DEBTBED[/SIZE]

[SIZE=3]With the economy driving more of our people especially much-needed professionals like engineers, scientists, nurses and doctors to work abroad, with our new “mini-size me” culture[/SIZE][1][SIZE=3] caused by our much decreased (and still decreasing) disposable income, with our government practicing its own brand of Ponzi scheme of borrowing from one creditor to pay off another, with negligible budget allocations for social programs (like healthcare and education), it is disturbing and very frustrating that campaigns for renegotiating, suspending or even repudiating some of our debts have not galvanized the masses to demand the immediate reversal of fiscal policies. It’s not hard to understand – if you are poor why spend most of your income to pay off your debt and leave very little for your family’s food, medicine, education and other daily needs? That is slow suicide. Yet, that is exactly what our government has been doing for years.[/SIZE]

[SIZE=3]What can we do? 1st, we’d do well to recognize the legal concept called “Odious Debt”. It’s a legal basis other countries including even the US and Great Britain have used to repudiate their own foreign debt.[/SIZE][2][SIZE=3]….[/SIZE]

[SIZE=3]Read on at [/SIZE][SIZE=3]http://thelegallyinclined.wordpress.com/[/SIZE][SIZE=3] . Feel free to forward the link to your friends and colleagues. And leave some feedback if you can.[/SIZE]

[jpdm]

--simply lang kasi, the government should serious enough in weeding crooks in the government, minimize graft and corruption, spend within our means by balancing the state budget, eliminate wastage of public funds by putting more money in more productive investments such as critical industry such as petrochemical, steel and petroleum and not in burloloy projects such as the ZTE-NBN project, internet project of DECs etc.

--develop more the export potential of the country.

--use extensively local materials and labor to save precious foreign exchange

--reduce importation of non-essential goods such as jewelries, luxury cars and vehicles

--require the government to follow the constitution of giving more priority to local labor and products..

--Thus, with the NFIA of the OFWs plus the foreign exchange derived from a BOP surplus, we can pay the huge foreign and domestic loans of the PHilippines. Korea was able to do that, I think we are capable of doing that.

[lc1]

I agree and that's why the piece calls for not paying illegitimate debts and not making debt servicing the number 1 budget priority and for sticking to what the constitution mandates.
We need more money for social programs and infrastructure.

[ghosthunter]

They should start with the senate and congress pork barrel funds.

[zero]

general overhaul BIR & Bureau of Customs.

[juntzo]

I think corruption is the biggest problem in our native land. I remember years ago when I was trying to bid on government projects. The SOP was 40% goes to the one giving the project! So what do you do to earn something for yourself when you only have 60%? Maybe if the project is overpriced then you will have some profit.

I remember I read somewhere that in another asian country where there is also corruption, the president made a rule that you can only get 10%! So everybody in the government can have their share of the loot but it's limited to 10%. I don't know if that will work here since most I think is greedy and they want more!