Buy me a racetrack, Steve

Steve Ellul is a prospective Labour candidate who distinguishes himself from most Labour MPs of today by having a productive and successful career without having received any public funds. Also, he doesn’t live with his mother. A fund manager at BOV, he is regularly featured on ONE to praise the Labour government’s economic record, but he doesn’t do it objectively either. He is campaigning for his election bid and he is pandering to the ONE audience by praising the government.

On a more objective note, it should be said, in reply to Steve’s comments on the government’s debt, that no one has ever denied that public finances were in a good shape. Instead, we are debating whether Robert Abela and Clyde Caruana will wreck them. In addition, it must be said that the debt-to-GDP ratio is not necessarily an indicator of economic health either and every country has its own particular characteristics. For example, Romania and Iran have a better debt-to-GDP ratio than ours but our economy is much better relatively speaking when it comes to the cost of living and jobs. And Germany has a higher debt-to-GDP ratio but that doesn’t even mean that the debt situation in Germany is worse than Malta because one needs to look at projected future earnings.

Instead, Steve should be discussing how much projected earnings the government and the country will be raking in by building a racetrack in a prime industrial estate. Maybe, a journalist can also ask him whether the fund he manages at BOV would be willing to invest in a racetrack built by Prime Minister Robert Abela as opposed to a foreign publicly-listed company with operations in Malta like ST Micro Electronics. You never know.

Update: I have been told that Steve Ellul is Miriam Dalli’s consultant.

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