PN Balji
Budget 2009 has been praised by many as a budget fit for the times. And in a highly-calibrated statement, Finance Minister Tharman Shanmugaratnam offered something for nearly every body and went close to the extreme to save jobs and get banks to start lending a bit more freely again.
And if these were not enough, the historic decision to ask the President to dip into to the past government’s reserves was also made.
Extraordinary moves for extraordinary times indeed.
So is it time to throw the dice and call for an early election this year with another three years left for the government’s term to run out?
I don’t think so.
The one thing this Budget lacks is a feel-good factor. As the Finance Minister said quite pointedly: “We cannot say when this recession will end…If we are fortunate and the US government’s fiscal stimulus spurs new demand, we may come out of the recession in late 2009.
”However, many careful observers believe it is equally likely that the recession will last into 2010, and that the recovery when it comes, will be weak.”
There you have it. A long and uncertain road ahead. And a government staring at the worst recession since independence.
This is just not the time for distractions like an election. The unpredicatability and unchartered waters must mean it is all hands on deck for the government to make sure that Singapore and Singaporeans come out of this storm stronger and better.
The job credits for employers to keep their workers and the measures to coax banks to open their lending facilities to companies that are trying to stay afloat look good on paper. But will the bosses and banks bite? Or will they shrug off their social responsibility and lay off workers and continue to be hard-fisted with loans?
These are areas that need careful watching and slick manoeuvering. The hassle of an election should be the last thing on the government’s mind.
There is another equally, if not more, important reason for not rushing into an election sooner than later. The PM and MM have repeatedly spoken about not having found the right fourth generation team to take Singapore into the 2020s and further. The next PM is likely to come from this team. To rush into an election now with that person and team still not in place will be very uncharacteristic of a responsible government.
Then why were letters sent out to civil servants about a month ago to tell them they had been selected as election officers.
I suspect that is to keep the government’s options open…if there is a need to call a sudden election, at least the machinery is ready to swing into action.
Snap elections have been called for some of these reasons: To get a new vote of confidence for a new leader, tackle a major threat like the 9/11 disaster or take advantage of a sweet ground.
All the three conditions don’t exist today.
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Related posts:
- TOC Blog Feature: UK election vs S’pore election
- Burma needs a general election, not an election of generals
- US Fed chief says US recession will likely end this year, recovery next year
- $2.8bil surplus a year, and can’t afford $300 a month for some destitute 85 year olds?
- Why an election in September is most likely
American economists are already floating test balloons (viz, nationalize their banks).
After Davos, the next global economic meet is in Apr 2009 by the Group of 20. Between now-Apr, if whatever global coordinated measures still can’t unclog the credit gridlock, then nationalization may well be the last straw for Western govts to grasp!
Perhaps GE is imminent because it has to be b4 the nationalization spectre looms. How will the Lee family account to Singaporeans – from GIC’s MM to Temasek’s daughter-in-law to then Min of Finance’s son??? Bank of America, Merrill Lynch, Morgan Stanley, Citibank, Barclays, UBS – it’s gonna get ugly IF nationalization were to eventuate!
Shuddering and shivering,
alex, yea ur’s damn right. we have worked just too hard, at the expense of everything else. the establishment or government is smart. they know we are greedy, as human being always does, and they use that to tie us down with our stupid 10y car loan, 30y hdb loan, 4y furniture/gadgets loan etc
noone else to blame except ourself.
97) whiteraven on February 1st, 2009 11.46 am
99) Alex on February 2nd, 2009 10.41 am
The system here is made for the whole entire nation and the people to keep working till you die and make alot of $$$ just to fullfill ONE MAN’S DREAM & AMBITION of power and wealth. This is what Singapore is all about till TODAY!
is it so simple as work till you drop or past 65?
I think you have ALSO got to have enough in CPF for min sum before you can withdraw bit by bit after you officially retire.
dioboh?
the min sum of some 120K requirement is as good as telling you people, keep working and pay me till you die OK, tell me how many singaporeans can still have such amount of money in their cpf (after a big potion would be used up to pay for their HDB flats by time they reach 55 or 65 years old, tell me anyone here? Hate to say that again, the ruling party has successfully robbed us all of our entire cpf life saving which are supposed to give back all when we reached 55 years, as was originally been promised. Now, not only they break that promise, they even want to swallow up all your $$$ and leave you people to die a natural dealth. Why? becos they know you people are trapped and cannot do anything to defend yourself anymore, so they can now help themselves with those $billions to themselves and those who can be make use of to keep in power for a long long time to come.
There are only 2 options that singaporeans can do now. One, sell everything you have, get organised, pack up and migrate out of the country for good, or Two, get united together, get orghanised, strengthen your ground and kick those useless papees out of govt for good. The choice is yours, you decide.
104) tiredsingaporean
There are only 2 options …….. One, sell everything you have, ….. or Two, get united together,…………….. and kick those useless papees out of govt for good.
………………………………………………………….
I think your actions are too drastic and dangerous. This will result in the freak GE results that the MM had used to frighten Singaporeans. He would rise up from the dead if overnight CSJ becomes the PM with LKT & CST as cabinet ministers that may also include bicycle thieves (PAP used to describe an opposition party candidate in the past) and slipper-wearing politicians (term used by the media).
Opposition parties here should pressurise the PAP to at least revert the GRC to the original 3 members and the election committee must be independent from the govt. You would jump up with joy if the opposition can get 28 seats in the next GE. (33% of 84 seats)
i agree to EDward,
i want the second option.
but i think the wp NEED money during the election,so plz,hlp them buying their newpaper man..i read more what their idea to the policy..
and the pro PAP pp and centre man, u all also read what their idea thinking on..
bye,
Hi Indeed & Tired Singaporean,
I am not sure what we have become; I just feel that we are like robots in some factory fixing up things for someone so that someone could continue his life in the Ivory Tower. WE have no feelings towards our own kind anymore cos we are really too busy making money so nobody will come knocking at our doors at 3am!! Life is just too stressful here for everyone as we are all loaded with loans here & debts there!! Man, I think even the Kopi-Kia is feeling the heat & stressed up cos his job could be easily be replaced by some FTs!! What’s the 2 years of NS for when the Firm isnt gonna protect us from these foreign invasions! We just couldn’t live on S$1500 a month even though we take bus everyday & eat from the hawker ctr & only wear clothes from the wet markets!
I love Singapore very much cos we are ineed an unique bunch especially when speaking Singlish to other Singaporeans & now, I need to speak Manadarin when I wanna order Lor Mee no Tao Gay (bean Sprout) It’s always a heart warming experience to talk to someone that understands MAKAN, ALREADY THEN HOW? along Champs Elysse or in Milan or even Kowloon. Nobody speaks like us & I am really proud of this unique culture we have developed over the years. Alas, some clever dick wanna change all that by forcng us to speak the Queen’s English, I really think he’s probably too free to worry about this instead of other more important issues like helping the poor, oh I forget, he has already helped; he raised the GST, didn’t he?
In Single Member Constituency (SMC):
One man = One vote = One MP to represent you.
In Group Representation Constituency (GRC):
One man = One vote = Five/Six MPs to represent you.
GRC vote worth 4-5 times more than SMC vote!
Not all Singapore votes are EQUAL, eh?
American economists are already floating test balloons (viz, nationalize their banks).
After Davos, the next global economic meet is in Apr 2009 by the Group of 20. Between now and Apr, if whatever global coordinated measures still can’t unclog the credit gridlock, then nationalization may well be the last straw for Western govts to grasp!
Perhaps GE is imminent because it has to be b4 the nationalization spectre looms. How will the Lee family account to Singaporeans – from GIC’s MM to Temasek’s daughter-in-law to then Min of Finance’s son??? Bank of America, Merrill Lynch, Morgan Stanley, Citibank, Barclays, UBS – it’s gonna get ugly IF nationalization were to eventuate! Our billions will become zero! Not merely diluted shareholdings and then waiting out the bad times for share price to recover to giddy heights once more!
As things stand, when ex-Merrill John Thain expedited bonus payment to Merrill people a couple of days before official sale to Bank of America, I wonder if Temasek (as the substantial shareholder at that time) tried to stop Thain from such “irresponsible and shameful” behaviour as President Obama calls it! Maybe Temasek didn’t know lol!