Solving the budget deficit

EDITOR: As the finance minister scratches his head trying to plug the budget deficit, we too can scratch our heads trying either to cut spending or raise additional revenue. Many of us can identify with not having the finances to cover our expenses so we prioritize what bills are to be paid and what payments are delayed. Sometimes we make part payments on all, to acknowledge that we owe and show good faith that we intend to pay. Some advise that we pay the small bills first and schedule payments of the others later.

The greater challenge is to bring our spending in line with our earnings.

That means living within our means. We must have the wisdom to determine what is important and must be done, and what can be deferred. Besides this, we can find another job to provide additional income to cover our expenses. But our time is limited and we only have one life to live.

Therefore, we must find a balance, otherwise we may end up killing ourselves to mind ourselves.

It is desirable for the country’s budget to be balanced. Therefore, we must eliminate waste and corruption, and promote efficiency and accountability.

Moreover, we may want to consider some of these additional revenue earning measures emanating from the boys on the block.

These would be tax on: Most people do not want to pay taxes and collection would be challenging. Much revenue is lost because of the failure to collect. But everyone needs to pay so that they can identify with the budget and can feel that they are making an important contribution to the running of the country. This tax regime is to promote healthy living, responsibility, and accountability.

Anthony G. Stewart, PhD