Malaysian Debt: Najib gambling it against future income?

Finance Ministry in its Economic report 2012/13 released last week claimed that the external debt is now standing at 28.8% of our Gross Domestic Product (GDP), while the total debt is now at a staggering and worrying 53.7% of GDP. If thats not worrying enough, Najib's statement today that IF Malaysian GDP grows at a rate of an average 4% per annum, the debt is manageable, is like rubbing salt to a severe wound. Najib and co are gambling Malaysia away based on future income, any imbalance in the world economy would have a telling and inverse effect.

Whats disturbing and worrying is, most of the expenditures in the budget are not channelled to productive areas, neither are they for development purposes. Yes, I do agree that some of the measures would jolt our economy positively  but it would be minimal, and would not be longstanding. No concrete measures are taken to address the leakages, none are long term policies. Most of the measures seems to be rhetoric and populist, especially targetting the intended large group of voters, the civil servant, the security force, youth and etc.

The 2013 budget really looks like its been been prepared by a group of propagandist and not by economist.It seems that the budget, or the people behind the scrren are not that interested in the well being of the rakyat and nation, but more interested in hanging on to power.