OFF THE CUFF: Speedy Varela Robbing Peter to pay Paul

AS PANAMA’S faltering social security system (CSS) totters towards insolvency, President Juan Carlos Varela, who has been widely lampooned as a tortoise, came up with a fast solution.

But his proposal to use revenue from the Panama Canal to fund ailing programs, was just as quickly shot down.

Jaime Jácome, former secretary of the National Development Consultation body said the main drawback is that those resources have already been mostly earmarked for social, economic, educational and health programs.

The contributions are included in the 2008 law on fiscal accountability. The law states: “The contributions shall not be less than $500 million a year.”

Jacome also said that the decision could spark a trend to use funds from other state-controlled entities, such as Tocumen International Airport, to fund a program that , he said should be self-sufficient.

Santa Maria la Antigua University Rector Juan Planells stressed that the Canal revenue should go for social development programs.

“Canal funds must benefit all Panamanians, not just the sector served by Social Security,” he said.

According to Planells, the deficit of the entity must be solved by its leadership through changes to the way it collects or disburses funds. Seems that the tortoise turned hare can’t win.