
Since Al Watan’s website is still down, I found this headline this morning from Al Zebda. Apparently, our MPs are gracious enough to finally forget their own personal differences and think of the poor Kuwaiti public.
Our MPs are now pushing on for the government to buy out Kuwaiti’s loans in one way or another. Their latest plan is to give each employee a 7,500 KD grant and another 7,500 in loans to help the in-debt Kuwaitis. If this thing went through then of course I will benefit, who doesn’t? But this policy of buying citizens’ content is something I strongly disagree with. Now, I know that the Kuwaiti debt problem stemmed from both banks (through lack of Central Bank’s inactivity) and people who just sign the dotted line with reading the fine print.
MPs, especially Dr. Bo Ramiya, saw this problem as a base for their popular support and to be honest with you I don’t blame them that much. If Kuwaitis vote for whoever bails them out of their mistakes with no consideration to long term repercussions then we should expect to see the continuation of MPs (with lack of foresight) gracing the Parliament building.
If the whole Kuwaiti labor force got a 7,500 KD grant from the government then it would surely affect the inflation rate… is this what we want? I know it would kickstart the economic cycle but I worry about what would the average Kuwaiti do with this money… I think we, generally speaking of course, would apply for new loans without reading the fine print and, lo and behold, a vicious cycle is born.