Moody's agency whose only aim is to protect the interests of the capital market is again putting pressure on the Government to reduce State expenditure. One of the solutions proposed is to reduce public spending on social benefits and to freeze wages. The agency is nothing more than a corporation to protect the capitalist’s interest.
The Communist Party of Malta states that Moody's warning is one that conceals the reality that the capitalist economic system has failed to meet the needs and social expectations of the people. Some Maltese Economists who are of the same opinion as Moody's are suggesting to the Government to review Malta’s social services expenditure and to increase the retirement age.
The Communist Party sees these warnings as a step towards the introduction of further austerity measures on the people, who are not to blame for the failure of the economic system. The fact that Malta's national debt is not a sustainable anymore means that the wealth generated is not equally distributed.
The Party calls for a fairer tax system where income taxation should be increased on those who earn more than the average income. The same applies for the financial and banking sectors, online gaming and those agencies that sell property to foreigners.
”Empty properties for speculation purposes should be also be taxed. The Government should also take further measures to combat tax evasion, where GRTU claims that this tax evasion by speculators amounted to 300 million Euros”.
The Party believes that in light of the present situation as announced by agency Moody’s, the Government should withdraw the increase in the Cabinet’s Honorary. The Government should also review and reduce salaries of Consultants, CEOs and Chairmen of Corporations. We are stating this in solidarity with those workers who are on a minimum wage, whose income is relatively poor.
"The working class should not accept further cuts in social benefits and increase in the retirement age”.
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