The title above contains the buzzwords frequently used by the Minister of Finance and other Members of Parliament on social media and on various occasions when talking about Malta’s economic boom, and also about the distribution of wealth.
Is it that true for thousands of citizens, or is it just an illusion?
In order to have a clear picture as to whether the trickle-down economy statements are a reality or an illusion, a survey should be carried out. Participants should be the lower middle class, people at risk of poverty and the poor.
Naturally these people represent low-income earners, workers on the national minimum wage, workers engaged in precarious work, part-timers, people who live in rented premises and, finally, pensioners.
It has been a proven fact that the wealth generated through our economic activity is significant and in many cases abundantly reaching a particular category of our population. This part of the population is now formed by the new upper middle class, the rich and the millionaires.
The Maltese population has now been segmented into two categories, the group just mentioned and another representing the new lower middle class, those at risk of poverty and the poor. They can be referred to as the powerful and the weak.
While the former have full control of the State and orchestrate the financial environment, the latter are considered to be the State’s new beggars.
The reason that this social problem has emerged is the fact that the trickle-down economy is not functioning properly, as it is not reaching people in the lower strata of society, since a high percentage of the wealth generated is taken over by greedy persons who don’t care about those persons experiencing financial constraints. Everybody knows who these elite are.
In the circumstances, it is very sad to say that the working poor and pensioners are entitled only to the leftovers and falling crumbs from the rich man’s table.
The reasons leading to this precarious situation include the fact that the income from wages and salaries, from the minimum wage, from precarious work and pensions is very low compared to the regular increases needed for the purchase of food, goods, services and now rent.
The erosion of purchasing power is the root of all this evil, and measures should be taken to control this malpractice.
It should be understood that pontificating regularly on the economic growth, the surplus and full employment means nothing to these unfortunate citizens of the second category. Ultimately, those at risk of poverty and the poor are interested in how much money they have at their disposal, so that they can live in dignity.
In this scenario, it is the duty of all our Members of Parliament to address the problem without further delay and take appropriate measures to upgrade the social dimension for the common good of all those concerned.
The Alliance of Pensioners Organisations recommends that a financial safety net should be put in place to ensure that those who are at the lower strata of society will have an adequate income to upgrade their standard of living.
It is only then that these people will be able to feel that they form part of a caring society where equal treatment and social justice prevail.
If this target is attained, the trickle- down effect of our economic growth and wealth will become a reality and not remain an illusion.
Carmel Mallia is president of the Alliance of Pensioners Organisations.