Collin Steele, Guest Commentator

A senior business leader once told me that confidence was 'suspicion gone to sleep'.

Why should we be suspicious of the current budgetary process? - we were not told about Air Jamaica losses until questions were asked in the Senate; we are only now being told about National Road Operating and Constructing Company (NROCC) losses; and we are told that the NHDC needs $10 billion to meet its obligations.

The Minister of Finance says that the projected deficit for the coming year is not as bad as it looks because it includes accounting for money that he spent or borrowed last year without telling us.

Even with what we didn't know about, the deficit at March this year was twice what was budgeted.

We only heard about how PetroCaribe funds were disbursed when questions were asked in Parliament by the Opposition.

The public sector wage bill is up by 40 per cent over two years despite the fact that the Minister told us and the international community that it would be up around 20 per cent.

We are told that the Government owes the National Housing Trust $8 billion, and owes pension funds billions of dollars in refunds, which it forcibly borrows at zero interest rate, even though it promised to repay in 60 days.

Postponed commitment

The Government for the fourth consecutive year has postponed its commitment to a balanced budget target.

We still don't seem to understand the importance of promising what is realistic and sticking to our word.

The Minister is supposed to give his word on behalf of the country. A part of his responsibility is to ensure the country's credibility at home and abroad.

The recent improved confidence is as a result of real improvements in the economy spurred by significant foreign investment, a path toward more prudent fiscal management, the public sector MoU, prudent monetary policy, investment in infrastructure, et cetera. In other words, it is as a result of investors, workers and business believing what the Minister and the Government says, reinforced by the Governments actions.

This confidence is reversible.

In addition, let us not forget that Jamaica has significantly more potential - we should not be satisfied with mediocrity. Businesses and individuals take risk by investing. The benefit to the country is employment, growth and increased social services and infrastructure paid for by our taxes.

The ordinary citizen has the most to lose when imprudent Government policy leads to inflation and when Governments throw away or inappropriately give away our tax dollars.

It would be interesting to hear the perspectives of the economic advisors paid by the public to protect our interest.

Another businessman once told me: "A pessimist is an optimist with experience."

csteele@cwjamaica.com