By RICHARDSON DHALAI Friday, October 9 2009

CONGRESS of the People (COP) deputy political leader Robert Mayers is predicting TT could rack up a “cumulative deficit of $16.2 billion” by 2010, as the national economy continues to experience a contraction. “We are in a crisis. All the money done!” he said.

He also stated that although the nation has earned some $350 billion over the past fifteen years, some 14 percent of the national population was living on less than $12 a day.

Addressing supporters at a public meeting at Victor Chin Kit Park, Point Fortin on Tuesday, Mayers said the deficit figure would represent all of the national savings within the Heritage and Stabilisation Fund.

“My own suspicion is that, apart from the obvious intent of shifting the public’s focus away from the derailing of the Uff Commisssion of Inquiry, Government called the Budget earlier than normal, with no review documents, as a means of hiding the truth of our present economic reality,” he said.

“So the end product was something that was hurriedly put together, a cut and paste hodge-podge of past Budget regurgitations, masquerading as a national Budget. They brought back the National Oncology Centre for the fifth time in as many years at the same cost it was five years ago - some $400 million.”

“Five years ago Caesar’s Palace wasn’t even contemplated! Yet, five years later, Oncology Centre is back as a budgetary item while Caesar’s Palace is completed at a cost overrun of $150 million, drapes exclusive,” he added.

Mayers observed: “The real Finance Minister, Mariano Browne, says the deficit would be $6 billion and not the $7.7 that Karen (Nunez-Tesheira) is bandying about. He also projects deficit financing for the next two years while Karen says we will return to growth this year. In any event, the bottom line is that by this time next year, TT would have a cumulative deficit of $16.2 billion or almost all of the Heritage and Stabilisation Fund.”

Mayers added “So our country is in crisis. The money done!! And it is only when we’re faced with this new reality that we begin to remember the Petrotrin upgrade that was supposed to cost $2 billion and has now ballooned to over $8 billion! Or the Brian Lara Stadium which was supposed to cost just under $300 million!