- Failing to raise issues and easily acceding to the Executive’s demands shows a Legislature that is beholden to the State.
- The public interest is not served when Parliament fails to tame an avaricious Executive.
Kenyans should be concerned about the rising debt level and the government’s propensity to fund its commitments.
The developments this week, when the Senate, like the National Assembly, approved a higher debt cap — Sh9 trillion — is detrimental to the country’s long-term economic prosperity.
The government’s justification for higher borrowing threshold is that it needs cash to retire loans maturing in the coming months.
That it wants to restructure its loan book, and get new cash on long term to pay off pending loans.
Underlying this is the assumption that with the new loans, the government can sort out its urgent liabilities and over time improve the economy so that it can pay off its liabilities in the future without distress.
Opinion is divided. That assumption can go either way. More so in a context where many financial decisions are made without proper planning.
We have seen the administration rolling out populist projects to please the masses and end up sinking billions into them.
Yet nobody takes the politicians to task. The government is piling up liabilities on households.
A newborn enters the world with a Sh189,218 debt on its neck. Every citizen is a walking liability. We are straddling future generations with huge liabilities. What do we have to show for the massive borrowings?