The following is a continuation of Opposition Leader Kamla Persad-Bissessar’s response to the 2023/2023 national budget in the House of Representatives on October 6.

THIS points to one factor that the Government has not considered in treating with the NIF – the obvious need to increase employment levels and significant job creation will generate a roll-on benefit of increasing the contributors and contributions to the National Insurance Fund.

Importantly, a comparison of the NIB Reports revealed that 2,194 employers have stopped contributing to the National Insurance System between 2015 and 2022, which suggests a substantial amount of business closure. This also means increased job losses as the businesses go out of operation. Has the Minister assessed why these employers have stopped contributing and its effect on the viability of the NIB?

Instead of widening the contribution base, which Government policy should have focussed on, the Minister’s policies seem to have deliberately and illogically contracted it.

Inflation

Inflation quite simply is the rate of price increase. It is indisputable that citizens have been confronted by continuously rising prices, particularly of food and transport, over the last few years caused directly by the actions and inactions of this Government.

Again, here are the facts, taken from the Central Bank data centre30 online. The most recent data is from July 2023, but it is known that prices would have continued to rise over the last two months as well.

From 2015 to now, transport prices have increased by 27 percent. The price of food in general, has escalated by 47 percent.

This minister raised diesel by 194 per cent, premium 36 per cent and super by 158 per cent, respectively since 2015.

The price of fish has increased by 26 per cent, milk, cheese, and eggs now cost you 32 per cent more, bread and cereal prices have risen by 41 per ent, cooking oil is now a whopping 67 per cent more expensive, fruit prices are now 52 per cent higher with vegetable prices have risen by 61 per cent. Citizens seeking medical care must pay 45 per cent more today than in 2015. Increases in housing costs and rent are also in the double digits.

For every increase in inflation, however small, we have a parallel and cumulative fall in the standard of living of our citizens. It means the real value of every dollar spent, the amount of goods and services that a dollar can buy, continues to collapse.

And this has had a crippling effect on citizens, especially those least able to afford it, like persons on fixed incomes as pensions, disability, public assistance etc.

But the Government’s decision to tie wage settlements to four per cent means that men and women employed in the fire, police and prison service, teachers, defence force, public servants etc all must face the fact that their salaries have fallen in value, and the fall was substantial.

The Minister on Monday projected continued price hikes into 2024 and 2025.

ENERGY SECTOR

There can be no prosperity if there is no energy