Give a man a fish...
Re: "Thai household debt at record high", (BP, Sept 10). The average debt per Thai household is now 606,378 baht, up 8.4% from 2023 -- the most since the University of the Thai Chamber of Commerce began its survey in 2009.
Ominously, debt owed to loan sharks has soared to 30% from 19.8% last year as borrowers reached their limits at formal lenders.
Handouts have repeatedly failed to alleviate the situation, yet "Ung Ing" (Paetongtarn Shinawatra) has blindly pushed ahead with another handout.
We should follow Lao Tze: "Give a man a fish, and you feed him for a day. Teach a man how to fish, and you feed him for a lifetime."
In short, sustainably boost productivity and thus income.
This can be done by:
(1) allowing foreigners to own land on the same basis as Thais, giving farmers the funds to get productivity-increasing training, equipment, etc, by selling part/all of their land.
Many will say that such a step means many of our poor won't be able to own their own homes. However, rising land values will boost revenues from land transfer fees, VAT, and sales income as the land develops.
Part of this rise should go to subsidise first-time homeowner mortgages.
If we fear land speculation, then ban selling within, say, 10 years regardless of nationality; target the harmful act, not the actor's nationality.
(2) Subsidise training and equipment that will sustainably boost income and raise living standards, e.g., high-yield seeds or growing organic crops.