According to yesterday’s Tribune Business Gowon Bowe, Chairman of the Chamber of Commerce, suggests the Government has already used up 95% of its projected budget through June 2016. And it is only February 11.

The projected deficit was expected to be $141 and they’ve ready exhausted $134.1 million of that according to the Central Bank’s report.

I’m sure the argument will be posited that we should wait until the fiscal year end to see just how far off target the government is with its deficit spending, but frankly we’ve heard that far too many years, maybe decades now. The net result is more borrowing to cover these deficits, and where is the national debt these days? Oh just approaching $7 billion is all.

VAT was billed as the saviour of government financial woes, but it boils down to continual increases in debt with excessive spending by successive governments. Until there is some focus on reducing the behemoth our government has become, there is little hope of fiscal sanity.

The following video provides details on how Canada and Sweden reduced spending which encouraged economic growth.