Apart from saving BN leaders from corruption charges, how can a BN victory save the value of the Ringgit which dropped to a new historic low of RM3.27 to the Singapore dollar and a new 24-year-old low of RM4.69 to the US dollar. At the same time the ringgit continues to slide against the Indonesian rupiah depreciating by more than 4% this year.
BN leaders are focused on trying desperately to deny their Freudian slip that revealed their innermost desires, namely that a BN victory is not the quick fix to save them from corruption charges in court. There is no plan to deal with the financial burdens faced by the people and businesses facing escalating cost of living associated with soaring prices, depreciating ringgit, rising interest rates, low real wage increase that cannot keep up with inflation and a severe foreign labour shortage.
Like the weak ringgit, the stock market is equally not impressed by this snap poll a mere three days after the 2023 Budget was tabled in Parliament, possibly leaving the country without any 2023 Budget by the end of the year. With the financial situation deteriorating day by day, many are asking what is the government doing to help them without any 2023 Budget.
The drop in the value of the ringgit will only add on to existing inflationary pressures and soaring cost of living. The government cannot deny that Bank Negara is expected to increase interest rates again in November.
Apart from selfish political interests, calling an election in the midst of the flood season and uncertain economic times that requires complete focus to deal with these problems is highly irresponsible. What is clear is that BN by holding the elections in the midst of Deepavali, a first in any major ethnic festival since Merdeka, is so disrespectful to the Indian community.