Monday, 7 October 2013

Budget Deficit: Malta should not impose austerity

Żminijietna - Voice of the Left expressed its disapproval of the fact that the main political parties have not opposed the recommendations of credit rating agency Fitch and Moody’s against expansionary budgets. Żminijietna said that “Fitch and similar neo-liberal agencies are proposing austerity measures”.
“Even though Malta's public finances require sustainability, this should not mean Malta should adopt austerity measures. Such measures usually hit hardest those with lower-class positions, those in precarious employment, and those who are somewhere close to the poverty line”.
“To the contrary, in the upcoming budget, the 
Government should increase investment in sectors such as education, health, social welfare and the environment. This can create jobs, increase social inclusion and combat poverty. We also appeal to the Government to revise Malta's maximum income tax rate back to 35% to provide the necessary finances for public services, and to increase the minimum wage. A more equal society can result in a stronger economy”.

Press Release 7 October 2013

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