Islamabad:Speakers at a post budget seminar said that budget has been designed by the elite for people representing superior social and economic status.
Budget will not only widen gap between the rich and poor but also increase divide between masses and the government, they said at the seminar held at Institute of Policy Studies .
The speakers including DG IPS Khalid Rehman, economist and policy analyst Mr Masood Dahir, Major Amanullah (Retired), Dr. Murtaza Mughal, President Pakistan Economy Watch and others said at the seminar that budget will leave masses vulnerable.
It will reshape society and well as economy which will be less likely to generate opportunities, they added.
The continued trend toward increasing inequality will result in generation of humble returns for business and shake social stability in the country, they warned.
Government policies are shifting income from poor and middle classes to affluent; rich to get richer and everybody else is left behind, they said adding that economic unfairness is emerging as a big threat.
A time is approaching when 99 per cent that will no longer tolerate the greed and corruption of the one per cent, said Dr. Murtaza Mughal.There has never been a larger gap between earnings; the country is clearly divided between “haves” and “have-nots”.
Poor economic policymaking is to undermine growth, both directly and indirectly as apart from other issues easy access to credit will remain a thing of the past.
Government should take serious steps to spread economic gains equally before it is too late, the speakers recommended.
It is the responsibility of the government to help poor regain the ground lost during last four years without which recovery or economic expansion will be impossible.
Dr. Murtaza Mughal said that some reasons behind rising inequality include declining state ownership of corporations, rampant greed, non-existent price controls, falling wages, ease in hiring and firing, flawed tax and expenditure structure and dehumanising characteristics of rich.
Rulers have never showed any commitment to economic and social justice as their primary political goal. However, delayed response to the challenges may result in a conflict and even a civil war, he warned.