Economy: Mahathir was right about spending
Malaysiakini.com – 9 March 2006
We’ve finally got our very own president Jimmy Carter. A nice and soft-mannered man who refused to have doors opened for him and during the energy crisis in America had his White House heater turned down to safe fuel. He was ineffective and appeared weak when US hostages were taken in Iran. Our version of that is our current PM, Pak Lah. A warm personality and a simple man.
If our economy is not already slow enough, this latest fuel price increase would have pulled the hand brake on our moving economy. Interest rates are going up and the cost of goods are going up while spending drops. If we are not careful, we will spiral down into a recession. This is hardly a soft landing for a low-flying economy. 

Although I am not in favour of the way contracts and money were dished out during the Mahathir era, his theory of spending is not wrong. This is also known as supply-side economics and made famous by Reagan (Reaganomics) who unfortunately accumulated the largest budget deficit in US history. 

However, without money changing hands and churning the economy, it will eventually fall into a rut from which it will be hard to emerge. I think this current administration under our very own Carter, is heading the economy into that direction if no encouraging fiscal policies are announced soon. 

I recall a finance minister in Malaysia who was acclaimed for his expertise in1996. I believe he is now in want of a job. Perhaps he could be called upon by the rakyat to revive this sagging economy and to rid the government and civil service of corruption and malaise. And while he is at that, he could also clean up the GLCs and bring Malaysia back to its former glory!
Source: Malaysiakini | www.malaysiakini.com