Community Whispers by Ray Junia
Community Whispers

Inflation, devaluation are killing us

Jul 12, 2022, 12:08 AM
Ray L. Junia

Ray L. Junia

Publisher

Our economic planners see 6 percent growth in our GDP. Wow, this is the best news. I have no reason to worry.

But wait, devaluation and inflation are killing most of us.

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These forecast by our top economic planners remind me of a story,

A mathematician, and accountant, and an economist were interviewees for a top job.

First the mathematician was asked, “What does 2+2 equal?”. He answered, 4, absolute four. Exactly four?. “Yes, exactly four.”

Next called in was the accountant and asked the same question. The accountant answered “It’s about four, give or take 5 percent.. On average it’s four.”

Then it was the economist’s turn and asked the same question. The economist takes a deep breath, went into deep thinking for some 5 minutes, and bent down to the ear of the interviewer and whispered, “What do you want it to equal to?”

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Why are economists important? Answer: To make weather forecasters look good.

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Shock, sadness over slay of Japan ex-PM Abe. Japan goes back to the samurai days. But guns take over the sacred sword.

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In the news, Sara urged: defer class reopening to mid-Sept. Parents brace for more expenses in the malls and at home.

The teachers asked this to give them more time to rest. How true is it that the malls association are jumping in glee over this petition?

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The government surely is running out of money that new taxes are being mulled. Tax on plastics and online transactions is pushed, says the headline at the Inquirer.

From these taxes pushed by Finance Secretary Ben Diokno, some P15 billion annually are expected to be collected to cover settlement of the country’s debts now to reach P13 Trillion.

Problem with this move is this P15 billion will come from the people, already overtaxed but less served.

The ripple effect of taxation is cost of living increases. The sad part here is, the worse is yet to come.

The cost of coal has gone up about 500 percent. What used to be US$70 per ton of coal is now hitting the vicinity of US$400. And coal fuels about 60 percent of our power supply. Of course this will be passed on cost which means expect our Meralco bills to go up several fold.

Inflation and devaluation will slow down our economy and more of us will join the marginalized laylayan.

High cost of living and unemployment are natural consequences of this scenario.

My suggestion, set politics aside, let's all help this administration get over the hump. We cannot afford this administration to fail. Separate the quarrel over history from the challenges in the national economy.

We are waiting to see the much promised unity to come true.

Good luck to us all. Start praying.


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