Thursday, February 27, 2014

The Big Budget Question

With everything we love about Hong Kong, from press freedom to our country parks, seemingly under sustained assault at present, the annual budget seems curiously irrelevant this year.  Financial Secretary John Tsang used his budget speech as another opportunity to repeat his gloomy prediction that the SAR will run out of money in a few years, despite having bigger reserves than most countries many times our size.

No doubt his figures will be endlessly picked over by analysts; however, no one is likely to answer the really big budget question. If a private company employed a Chief Financial Officer who year after year predicted that the company would make a modest loss, but in the event it repeatedly turned in massive profits, he would surely be fired as incompetent.  So why is someone who gets his sums wrong year after year still in charge of our economy?

No comments: