Taking the bull by the horns

The country presently finds itself in a state of extremely precarious fiscal health. For decades, successive administrations have continued to borrow, adding to the burgeoning public debt, so that the nation’s populace could maintain what was, in hindsight, an extravagant standard of living that did not correspond to genuine economic conditions. However, those days of carefree fun are over as the fiscal crisis has deepened. Our political leaders and the depth of their political courage will, of course, be judged by future generations. Nevertheless, the new government that will emerge from the general elections on October 4 will certainly be faced with a huge fiscal challenge that leaves no room for either mild corrective measures nor for misguided decisions stipulated by the fear of the political cost and public surveys. All the experts seem to agree on one thing: The next administration will have to take the bull by the horns from day one. That or both the country and government are going to have to pay a very hefty price.