Friday, February 6, 2009 2:22
Sylvia Lim’s Budget speech
In Uncategorized • 2,763 views • 60 Comments
How close are we to depleting our current reserves? Is the drawdown on past reserves needed because the government has lost money in its investment of current reserves?
Sir,
To the average Singaporean, $20.5b is a sum out of this world. Even with that, economists and the government are agreed that this will not take us out of the recession but is aimed at minimising pain and saving jobs.
That is the interesting part. How effective will the $20.5b be in minimising pain and saving jobs?
Jobs – Saved or Lost?
We all hope to save jobs. Whether jobs will be saved, and how many, remains to be seen. But what we know for sure is that jobs will inevitably be lost. The Weekend Business Times (Jan 31 – Feb 1) cover headline was “Business braces for 6 months of deepening gloom”, quoting government data from the Department of Statistics and the EDB (Economic Development Board) across a broad range of industries from retail to hospitality and manufacturing. The next page was a story entitled: “Singapore’s job market shrinks” stating that as at Dec, the number of Singapore residents who were jobless stood at 73,100, which was a 58% jump year-on-year. Looking ahead, by all accounts, the unemployment situation is expected to worsen for the first half of the year.
How is the government planning to deal with the ranks of unemployed which will grow in the coming months?
Call for a Jobseekers’ Allowance
The average Singaporean knows no one owes them a living. He or she treasures the self-respect which comes with being able to provide for the family, to strive for a better life. To this day, I still meet low wage earners who refuse to accept tips from customers.
Singaporeans are now caught in the global slump. Many have been or will be displaced from their jobs not of their own doing, not out of laziness, but due to factors beyond their control.
The consequences of being unemployed are not just economic but social. Unemployment has long been associated with higher crime rates, suicide, alcoholism, child abuse and family breakdown. More family quarrels and marriage breakdown are likely. There may also be inter-generational effects such as not being able to afford children’s education, which will perpetuate the family sinking further into poverty. I have myself seen young people asked by desperate parents to stop studying to work to support the family. This will increase the income divide in our society. If we believe the family is the building block of society, then this will weaken our society as a whole. As a nation, we should all be concerned to avoid this.
How does this Budget respond to these risks? Yes, the ideal is to get people back to work, but what if they cannot resume work immediately?
One only possible hint of any help for the unemployed comes from SPUR (Skills Programme for Upgrading and Resilience), where an unemployed person can enrol for training and apply for a training allowance of some sort. However, no sum or formula is mentioned on the SPUR website. There is a course fee subsidy, which I assume means they would still need to pay something for the course. Courses will end before the downturn ends. Some unemployed may also fall outside the SPUR net.
The ruling party’s aversion to anything akin to unemployment benefits is well-known. However, the problem of having unemployed will remain. Globalisation will continue to test us as jobs are off-shored to cheaper locations. Even if jobs remained here, Singaporeans may lose jobs to foreign workers. While it is right that these unemployed Singaporeans must be upskilled wherever possible, full employment at the national level is unlikely. The government will have to provide a policy response and safety net to these citizens in the medium to long term.
As for now, in these extraordinary times, a lifeline should be thrown to the unemployed besides the offer of training. My view is that the government should provide at least a temporary financial assistance programme for jobseekers during this period of global crisis. This can be called a Jobseekers’ Allowance. Since the outlook is bleak in the next 6 months, this scheme could be instituted for 6 months and thereafter extended if the downturn persists. Such temporary assistance could be in the form of a monthly allowance of half the person’s previous salary, subject to a strict cap (say $500 per month, pegged at subsistence plus). To ensure that such assistance is targeted only to those who need it, a means test should be designed to weed out those with significant savings, assets or family income in the same household. To reinforce the work ethic, the applicant will qualify only if he is actively looking for work and has not unreasonably rejected job offers.
I believe there is scope for the government to seriously examine such a scheme clearly targeted at those unemployed during this period. In this most trying of times, this will be an important relief to our jobseekers while they continue their job search.
Pain – GST
I next move on to the topic of minimising pain.
The government has given rebates on various taxes which should be of some help to businesses. However, one of the main causes of pain is still there – GST at 7%.
In the run-up to the Budget statement, PM Lee had already made clear that a GST cut was not on the cards. The reason given was that since Singapore was a highly open economy, any stimulation of consumption demand would not be very effective due to high import leakages i.e. we consume imported goods and services, and the benefits of consumption will go to foreign suppliers.
However, it has been pointed out by economists like NUS’ Prof Basant Kapur (ST 26/1/09) that to ignore the demand side of the Budget would not be advisable. A few reasons were cited.
First, the Singapore Input-Output Tables 2000 (the latest available) showed that the import content of consumption expenditure was only about 34% whereas the domestic value-added content was about 54%. Secondly, consumption domestic demand was particularly important to the SMEs which account for 55% of total employment, and to the wholesale, retail and commerce services sectors. Third, targeted GST credits at the less well-off were unlikely to provide as broad-based a stimulus to consumption as an across-the-board 2% GST reduction.
In yesterday’s Straits Times Forum Page, Prof Kapur further notes that GST credits are targeted at only Singapore citizens above 21. Therefore everyone else – Singaporeans below 21, Permanent Residents, foreign labour and tourists do not benefit from the GST Credits. If the GST rate was reduced, everyone would benefit and presumably be more willing to spend. This will provide a more broad-based stimulus to the economy.
The effect of GST on the cost of living is significant and real. When the 2% hike in 2007 kicked in, the Consumer Price Index rose by about 1.5% rise. Reducing the GST by 2% would thus lower the overall cost of living for everyone.
Is just focusing on a supply-side Budget wise? Looking at the growth forecasts, even after factoring the stimulus accorded by the Budget, the economic growth figures for 2009 are expected at around (-) 2-5 % GDP contraction (ST 24/1/09). This seems to support the argument that the government should have paid attention to the demand side. It is still not too late for the government to cut the GST rate by 2%.
Any such cut will cost the government about $1.8b, within the government’s means. In any case, the revenue loss will probably be less if people start consuming more as expected. If needed, the government could reduce additional GST credits given to those who are better off.
Use of Past Reserves
Finally, the government is asking for Parliament’s approval to use past reserves without information on how much we have in current reserves. We are told that this Package does not need us to dig into the past reserves, yet we are doing it because “it gives us the resources that we need to deal decisively with the current economic crisis and also ensures that we have all the resources we need to respond to the considerable uncertainties that lie ahead. It will allow us full flexibility to respond as the situation requires, and to pre-empt the severe consequences that this crisis could have for our economy and our society”.
With due respect to the Minister, that does not tell us very much. How close are we to depleting our current reserves? If things go well, we may not need to have drawn on past reserves at all. Why can’t we go to the President only when we need to draw? Is the approval process very cumbersome? Is the drawdown on past reserves needed because the government has lost money in its investment of current reserves? In my view, some answers are badly needed before a considered decision can be made.
———-
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60 Comments
I don't have job leh
familyman
Bravo Sylvia. Good points.
Hope to see you as a full MP soon.
I hope you and Mr Low, Mr Tan Kin Lian etc will quickly convene a meeting at Hong Lim Park to discuss the issues of this budget.
We need to inform the public about these issues. For the Lehman Brother issues, cabinet ministers has told citizens repeatedly, it is your fault, you hold the responsibility to your actions. Not a cent of public money went to helping the poor investors. (easy to forget it and move on)
Here the people and tax payers are now told to hold the responsibility of bailing out bad companies with no demand for their goods and services – while the company slowly bleed (for another 12 months) while taxpayers subsidise this bleeding?
Tax payers are told to pad up the already high profits of SMRT, Delgro etc by subsidising their employees CPF.
Not a cent from the tax payers are going to retrenched workers, but taxpayers money are now going to those companies who have already retrenched workers (eg DBS). These companies retrenched quickly so as to raise their profitablity. Job credit for DBS will largely increase their profitabilty again, what a windfall!
Would DBS now do the socially right thing and reemploy those Singaporeans it has already retrenched?
Do we trust the CEO or management of DBS to do the socially right thing, maybe raise the salary of the employees?
No, I think the profit will be used to justify more bonuses for the top management like in Wall street.
It is a good time to talk at Hong Lim and send the message to the Presidential Council to convince them to withold the second key, unless KPI are met by companies who APPLIES for job credit scheme.
Eg Management should not be paid more than $500,000 per annum for those applying for JCS – easy thing for SME to meet..
And Singapore cabinet minister should accept a similar pay at $500,000- like what Obama has done in USA.
We need to stay together, and put more of the $4.5 bil to help the retrenched, like what Sylvia and Denise Phua said in parliament. Let us meet at Hong Lim to show a sign that poor companies will not be bailed out, rich companies will not be enriched further, and those in between, should quickly trim their expenses instead of bleeding slowly with taxpayers subsidies.
God bless you Sylvia.
do we trust?
typo I mean..
PRESIDENT AND PRESIDENTIAL COUNCIL TO GET TO WORK AND LAY DOWN KPI FOR COMPANIES WHO REQUEST FOR JOB CREDIT SCHEME.
(NOT KPI)
No Logic
What’s the logic of calling for GST cut and then asking how much reserves we have left? If you cut the GST you’re running a deeper deficit and need more of the reserves.
Also, taking about $5b of the reserve hardly ‘depletes’ the reserves.
neversaydie
To NO logic:
How do you know “taking about $5b of the reserve hardly ‘depletes’ the reserves.”?
You knew how much the reserves are?
Instead of spending 4 billion ++ on JCS, spending it on GST cuts will benefit consumers more and be more beneficial to the unemployed as it lows their cost of living.
Please don’t take words out of their context.
raymond
this is the kind of hard questioning that is sorely needed in parliament.
Lesser Mortal
Yes Bravo Sylvia. The proposals on the Job Seeker’s allowance and the GST is well said. Asking for transparency and accountability is aways welcome. Hope to see you as a full MP.
For those who are still saying that the JCS is useless, it is not useless. It should not be used to replace the ideas on GST cuts or Job Seeker’s allowance else more jobs may be lost. I know as in my company, the JCS was a big consideration to save some jobs recently though not all were spared. I do agree that the JCS is not a fix-all solution.
As for the reserves whatever the amounts left, it is for extremely bad times like this that we have saved up reserves in the first place, so use it. However I strongly urge the Government not to give out bonuses this year to all civil servants as we are now running huge deficits and drawing down on taxpayer’s reserves. In the US, the unscrupulous Bank CEOs and management gave themselves huge bonus payouts after getting the bailout from their Government using taxpayers’ money. If Spore Government were to still declare bonus in such extreme bad times, I cannot imagine the political “bad will” that will be created. I work in a private company and paid my taxes; may lose my job this year and see my colleagues get retrenched. So I for one, cannot accept that the Civil Servants get paid bonuses from our taxpayers’ reserves.
Presidential Council
I hope that people in the Presidential Council can read all these commments from the public and MPs and review the Job Credit Scheme – now that they have more than 1 WEEK to review the package presented by the cabinet ministers. (so says Tharman – imagine such an important issue – only 1 week to decide))
Put in a KPI such that companies who apply for JCS – their management will not draw an annual pay of more than $500,000. This will give moral suasion on management to cap their pay, and local SMEs would not have problem facing this KPI.
For profitable MNCs and GLCs eg SMRT / DELGRO – there is no need for them to apply for this JCS and they can continue paying themselves millions of dollars in salary.
There in lies my concern – that the poor, old and retrenched has to continue paying GST. Why should a cent of this GST go towards companies that are profitable? It will just increase their profit margin and at the end of the day, these companies will declare a fatter profit and give themselves generous bonuses – paid by our GST….our reserves.
For Minister Tharman who probably says that applying and vetting through application would be a hassle – I say this ….
That is why Ministers and Permenent Secretaries are paid millions – to ensure our reserves are properly used. So please- implement the JCS, but give it to those who need help and have some KPI for companies to meet.
As for the present JCS structure – To do the convenient thing and easy way via CPF for ALL CITIZENS is just a lazy way of implementing help – help that profitable companies do not need and that leads to higher bonuses for their CEOs.
Presidential Council – please do your check and balance. Handle the second key properly.
Thank you.
Daniel
“For Minister Tharman who probably says that applying and vetting through application would be a hassle – I say this ….”
Minister Tharman and his bunch of clowns may as well say having election is a waste of time, and that PAP is going to win big way anyway with GRCs, may as well dispense with election forever.
Where is Pinkie ???
WITHOUT INFO,
WHAT CAN BE USED TO FORMULATE ANYTHING?
WHAT IS THE BASIS?
WHAT IS THE JUSTIFICATION?
yours
Pinkie les Infomatico de Alpinus
White EL
While some lament the alternativity is outnumbered.
I for one, feel that they are handling it very well.
Number is relative.
Its not how many you have – either 8, 80 or 800.
Leaner and fit for the job.
The comment above asks Where is Pinkie.
I actually would be more keen to find out Where is MSK?
Lets not depend too much on being helped as much as we should help ourselves and safeguard our country.
Budget & JCS is of National Interest
1) familyman on February 6th, 2009 6.47 am
Yes! its a valid topic for HLP.
Sylvia, if you are reading, you make me feel proud of you.
Am behind you all the way!
of the 80 odd people, i am pleased to hear that question asked.
Cheers!
Peter Lim
Applcations (Ex. apply a hawker lisence) to any Govt Dept take months to process, taking 5 billions from reserve only a week. OWN people lah!!
PAP the biggest,
Wee Shu Shu Facial Service
I envy my friends working in some of the public sector organizations now.
They , i suppose, no need fear about drop in Demand for goods and services?
juz my thinking only. u know meh?
So, does the Services get to receive the JC too? anyone could help me get clarified?
Hahaha
3 cheers to Sylvia. That’s why we need multiple parties in the parliament – to ask the difficult questions. The “untested” opposition stuff is bullshit. Just compare the issues raised by Sylvia to those raised by the “tested” PAP ministers and their “ride-on-tailcoat” minions raised.
“Minister Tharman who probably says that applying and vetting through application would be a hassle”
Wow, what a whole load of bullshit! Applying and vetting through “Means Testing” application is a known hassle and yet the poor citizens have to crawl through this process to get a cent of taxpayers’ money. Why should companies be given an easier time? Especially since we have so many multi-national companies. Note: MNCs profits will flow to their HQ’s countries, so aren’t we supporting foreign countries with our taxpayers’ money?
Is the drawdown on past reserves needed because the government has lost money in its investment of current reserves? In my view, some answers are badly needed before a considered decision can be made.
Yes, transparency is sadly missing from the dominant PAP party. This includes transparency about their pay and their bed-partners of GLCs. What is a real statesman? Take a look at Obama!
I don't have job leh
Yes, we are depleting the reserves.
Lesser Mortal
13) Wee Shu Shu Facial Service
“I envy my friends working in some of the public sector organizations now.”
Towards the middle of the last recession, 3 of my 4 cousins working in the Public Service got retrenched. They had 10 to 20 years of service at the point of retrenchment. Without proper “jungle” training like the rest of us mortals in the Private sector, these civil servants find it very harder to make a living in the real world. My point is no need to envy them, their day of reckoning will come.
mon
Telling us that he could not decern companies who would retrench from those that would not and paying them indiscriminately the JCS is not responsible.
This guy is another joker in white.
Enough
Singapore has the world’s largest per-capita reserves of foreign exchange and gold: http://www.nationmaster.com/graph/eco_res_of_for_exc_and_gol_percap-foreign-exchange-gold-per-capita
That’s just holdings in forign currencies and gold; S$ holdings not factored in.
Hate to think
I hate to think that our cabinet ministers are irresponsible beings…..
but if our poor needs to go thru means testing to get subsidised ward charges,
while our MNC get this job credit and remit profits back to their UK / USA / Japan headquarters without means testing…
Then our top calibre ministers are being wasteful of our monies.
Minister Tharman or Lui – if you are reading this – please give this positive feedback to your minister.
Give help to the needy – make them apply for it.
David
Ya, love to have her as my opposition MP in the next election. She justifies well for her worth as an NCMP whereas other young MPs (mostly from walkover towns) are struggling to prove theirs but lacking substances.
loop
The govt is hoping for the retailers to absorb the 7% GST themselves.
ronin
Ministerial salaries should be capped at $500,000 per year….much similar to what is being suggested in the US for CEOs of firms that have received help from the govt.
By tapping our reserves, our ministers are essentially getting a bailout….so it’s time to cap their pay until the reserves is top-up to the original amount, with interest!!
my90centsworth
to ronin..hear!hear!
I totally agree with you
neversaydie
To Enough;
Yeah, we may have the highest foreign currencies by far and I am sure they were accumulated in the past due to past policies. So, the question is why deviate from those policies? Have the recent one work? and more importantly, how come, we don’t have enough to retire? weird right?
MeePokMan Gone into Hiding
Today, saw on news, the ministar said, ours system is different than norway ….
it is based ON TRUST.
I think we just trust lor. reminds me of tripartite.
Can I say Majority would agree to what he said ?
Is there no need whatsoever to show the information as asked by LTK and Sylvia?
I trust that we are in good shape.
I trust that everything is ‘a’ ok.
I trust and trust until cannot trust.
My friend trusted the RM and he has come back to work instead of retiring.
We must continue to upgrade and LEARN from past mistakes.
If we trust, does it mean no longer is there a need to question and get some solid facts?
MeePokMan Gone into Hiding
Today, saw on news, the ministar said, ours system is different than norway ….
it is based ON TRUST.
I think we just trust lor. reminds me of tripartite.
Can I say Majority would agree to what he said ?
Is there no need whatsoever to show the information as asked by LTK and Sylvia?
I trust that we are in good shape.
I trust that everything is ‘a’ ok.
I trust and trust until cannot trust.
My friend trusted the RM and he has come back to work instead of retiring.
We must continue to upgrade and LEARN from past mistakes.
If we trust, does it mean no longer is there a need to question and get some solid facts?
Aiyo! only non-apathetic people would read good blogs like TOC. just my personal opinion. Luv you to prove me wrong.
Spirit-centred
The blanket offer of hard cash to any company old or new, pink of health or bleeding for employing workers who pay CPF is seriously flawed. Recession-proof company who are doing well welcome this windfall that add more to their profits while bleeding company may welcome this as a temporary respite but will eventually retrenched workers when there are not enough orders to keep the redundant workers busy irrespective of whether the company is profitable or not.
Another question is should new start-up company enjoy this job credits as retaining workers is not their main concern now.
Company may abuse this scheme by starting a CPF-employee investment scheme to take advantage of the hard-cash’s claim. Company can recruit retiree age 62 and above to be phantom cpf-employee paying about $862 into their own CPF account to enjoy a co-share of the maximum grant of $300 monthly for a year. That is a whopping 35% return on investment plus guaranteed principle sum that will not sit too long in their CPF a/c as the retiree already can have monthly drawn-down on their CPF. Assuming a company enjoy a $100 cut from each grant and with 1000 recruited phantom CPF-employees , the company can reap a whopping $100,000 monthly profit or 1.2 million dollars for one year of this JCS. I wonder there is a law to criminalise phantom worker.
It ultimately increase the numbers of retirees entering the workforce during this extraordinary times.
The government should instead subsidise 5% of the employee contributions to boost domestic consumption and targeted the unemployed using the jobseekers allowance scheme suggested by Ms Slyvia Lim.
NORTHGATE2007
“Is the drawdown on past reserves needed because the government has lost money in its investment of current reserves? ” Quote fr Sylvia Lim’s Budget speech
I Like this PART ,,Ya- Ask this GOVERNMENT’ WHERE IS OUR $$$$!!!!!
rahman
Singapore is a modern country but with broken political system. Government implements policy based on their views and needs but not the people’s. As a result, people is and will always be the sacrifice pig of whatever our government implemented.
Look at past example such as ERP, HDB, or GST.
Has ERP smooth the traffic at the expense of more tax payer money?
Is more expensive HDB help singaporean to secure their home?
Has GST help the poor and needy?
No, not that we know of, but instead we contastly heard the news of more prices hikes on almost everything, everywhere.
It is sad, even angry to see that our government does not care for singaporean anymore. In fact I feel being used like a profit generating machine instead of being treated with dignity as a human being.
I voted for PAP in the last GE due to their promise of creating more job and bringing more care to singaporean. But after 3 yrs, we all can see clearly, that it is nothing but empty promises. Worse still, with the looming economic crisis, more jobs will be lost and more people unemployed. W/o income people will feel depressed esp they have whole family to feed. If the government still doesn’t tackle all these crucial issue, instead wayang their way out (via strait time propaganda) to mislead people, then surely one day they will be hit back by the people. It is just matter of time singaporean will realize our government true color and by then, PAP will lose their mandate no matter how they draw the GRC boundary.
Mere Mortal
I like to share a view i read in a blog where a reader commented:
“we do not have to worry about keeping fts in their jobs; when times are good again, even if we lose them now, they will naturally flock to our countr y again.”
I think this point is so true and should be considered by all.
Apathetic citizens, please come online and share your thoughts!
My Solution as a non-scholar
The solution to boost CPI overnight is this:
1. Cut GST by 5 % for 6 months : who dares to challenge me this would not boost spending? When more Goods and Services are purchased, companies automatically get the Demand they need to sustain. no need JC. More may even be hired. No need JCS. In short , the solution is simply Stimulate Demand.
Come, lets talk.
Brenda
I’ve always trusted that our ministers are problem solvers They can always anticipate problems They will always see that Singapore will not get into trouble, monetary or any kind. LKY assures us that PAP has the best men running the country.So they must be the best paid in the world. Then why the recession?
SZ
“While some lament the alternativity is outnumbered.
I for one, feel that they are handling it very well.
Number is relative.”
there is absolute truth in that. NMP/opposition like Ms Sylvia Lim has proven it. they manage to question these and provides constructive recommendation while the “extraordinary” young MIW MP pales in comparison.
Ms Sylvia Lim, I hope you will become a MP. it is people like you who will make a difference.
Going
Wonder how much Ho Ching will get as bonus for stepping down, given the wonderful job she has done is growing our reserves. I hope she gets appointed to head GIC or become the Finance Minister. We sorely need brilliant and talented people like her to head Singapore in the correct direction.
Private Family Blitzness
#34 Going,
So sad right ? Such a genius talent go away hor. A big loss by T during this time of Crisis. So, now the guy CEO is becomes one of the most powerful man on earth is it? T is so big hor. Whoever….
tested 2nd key?
Quote Tharman – do we trust the holders of the second key?
Are you kidding me? They were given less than 2 weeks to consider and ponder on these issues. Sounds like an open and shut case for the cabinet ministers.
Is the Parliament a ‘wayang’? Gee, that is what all bloggers have been saying for ages. Wake up buggers. Start blogging.
Do we trust the president and council to do the right thing? Yes, I trust that somewhere , someone has the spirit of Ong Teng Cheong and see this job credit scheme for what it is, a way to give a cash line out to companies out of the backs of millions of taxpayers including the poor and retrenched who pay 7% GST.
It will not save jobs, but it will make CEOs of MNCs and GLCs smile broader.
After the salary adjustments of cabinet minister, sorry, I do not trust the judgement of the cabinet ministers and if the second key goes thru and NO PRECONDITIONS on JCS is made, I will definitely not trust the holder of the second key.
They are only given 2 weeks to review and approve the budget. Now is the time for parliament to suss out the details and for the PRESIDENT AND PRESIDENTIAL COUNCIL TO GET TO WORK AND LAY DOWN KPI FOR COMPANIES WHO REQUEST FOR JCS
No free lunch from gst payers, come on!
Yes, I support the job credit scheme and the budget fully, but only for those CEOs who recieve pay of $500,000. OK?
I mean $500,000 per annum hor, not per month……muahahaha.
NORTHGATE2007
Ho Ching should Returns all the loss’ of what she caused at the scene that Thai company@@!!!!
spot on!
Reuters report stated that 40 percent of investments by Temasek is in banks.
Appears that Ms Sylvia was spot on – no more current surplus to spend. All gone.
That is why kena spend past reserves.
Scary.
PS – I love Lui Tuck Yew.
Daniel
““it gives us the resources that we need to deal decisively with the current economic crisis and also ensures that we have all the resources we need to respond to the considerable uncertainties that lie ahead. It will allow us full flexibility to respond as the situation requires, and to pre-empt the severe consequences that this crisis could have for our economy and our society”.”
The pattern Sound so familar to my oversea experience of a company whose boss gamble away millions of dollars in casino and then ask investors for more money. It is the same type of reason to coverup for loss of money and to ask for more money. Only the “good thing” that the boss did not gamble US$24billions just millions of local currency.
citizens' money
“how close are we to depleting our current reserves ” ?
Nicely delivered speech Sylvia ! Keep it up !
Well Sylvia, Ho Ching is leaving Temasek, so I venture a guess that
there must be some left in our current reserves…..
…….afterall Ho Ching can’t deplete everything in 5 years…..right ?
long term
oh yah – the billions in bank stock 40% of our reserves in BANKS alone, has a 15 year time horizon.
So we are safe, so says the father in law.
God save us.
Metaphorically Speaking.
I hope Ho Ching can become PM, take over from her husband so that LHL can have a proper rest. LHL looks haggered and is in danger of his cancer coming back to haunt him. He better don’t work too hard. Better rest.
And I also hop Silvia Lim can become Dy PM so that we have more women in top positions in the govt.
How much can a CEO cum Executive Director of Temasek make in seven years, hah? Enough for retirement or not? How many $millions a year hah? More than PM’s salary and bonuses or not? Anyone can tell me?
Jackson
I think the govt’s decision to render help to employers rather than employees is a big mistake. So what if they think that by saving the ailing companies, workers’ jobs would be saved? Won’t it lead to a situation whereby all the companies are still around but all employees are either retrenched or become jobless? In this case, won’t the domestic labour market be widely open to more foreign workers?
Singapore govt is the world’s most ‘kum gong’ govt to believe foreigners than locals.
Wee Shu Shu Facial Service
Why are you people here so worried about reserves?
I guess majority are not worried or donch even bother to think , talk, read, analyze, discuss, debate about such thingies!
I may or may not be wrong. But this is my personal opinion.
Litmus test: walk in the public, ask a stranger about reserves. See how he comment or won’t comment . He may say you siao ah! This is what I mean by a young nation whose residents may be lacking experience in certain thingies. juz guess guess only. what is more important is you people ask yourselves what is the real problem.
DP
Obama is true leader with honesty, integrity, and the moral authority to lead. He has what it takes to admit that he screwed up. He said the magical words “I screwed up” ours said “they will be waiting for me to screw up” or he needs to fix them. Will our leaders ever admit “I screwed up” like Obama. I guess the once 8th powerful women would never say and neither will the pappies. So I shall..
screwed up with Micropolis
screwed up with Shin Corp
screwed up with Indostat
screwed up with ABC
Screwed up with ML
Scrwed up with other FIs
DP
#43
Ask them about the reserves, they will not know or bother
Tell them their CPF money is gone and see if reality hits home.
Madoff
DP you are right. After the billion dollar screw-up at Micropolis,she should not have been given any job dealing with our money.
Can you imagine how much our reserve will be now if we had parked in in Berkshire Hathaway and let MR. Buffet take care of it.—–and she just remain a housewife.
Always let the real pro with very established record of performance and transparency take care of your money.
Amateur should remain in the kitchen.
alky
Why has a foreigner been given such a high profile post and no one has made any noise about it? Is there really no other capable Singaporean who can take charge over our own reserves? Oei Hong Leong, Wee Cho Yaw, or any other top local banker should be up to the task right?
I believe any other govt in the world would have vetoed such an appointment straight away. But here in Singapore, our elites treat foreigners like the nation’s saviours and gods.
IN God I TRUST
Did our very trusted minister say that our system is based on trust.?
The last guy that said that was a certain Bernie Madoff.
I believe it is US50 billion and counting.
Give me institutionalised check and balances any day.
Daniel
“Did our very trusted minister say that our system is based on trust.?”
Of course it is based on trust, to be more specifically, BLIND TRUST.
BlindMan
Does anyone know how much reserves we have to begin with ?
Now its anyones guess, also why is it Singapore is not able to have welfare if people lost their jobs ? It has nothing to do with crutch mentality or whatever its plain and simple that if the govt is not able to provide enough jobs with a minimum wage that we will have this life long problem of the economy is doing well but there is a HUGE income gap between the people
GINI index ?? Why has these not been addressed, why does retraining help when you have to spend money ? Can retraining be FREE for Singapore who lost their jobs ? Is this not possible ?? I am sure this will give the GOVT the real stats that it had been looking for :)
Cheers
Tan AL
DP you stil remember Micropolis that loss was i think usd 500 million. That is really peanuts like a campfire only compare to now a forest fire
Now It going to be really long long term for
ML now BoA Usd5.9 Billion down over 78%,
ABC over Aus 400 Million plus exchange loss over 25%,
Barclay Euro3.5 Billion + Gbp4.5 Billion down over 66% plus exchange loss over 35% on Gbp
Just Pondering.
If a govt does not trust its own people, then it is only right that its people do not trust that govt.
7/2/09
Sylvia’s speech is satisfactory and her call for a Jobseek’s Allowance is indirectly advocating for a Welfare State ie handouts and this is bad for Modern Singapore must not be turned into a Welfare State. I prefer the Government allocates S$1-2Billion via the Banks in Singapore as Clean and Unsecured loans easily available for Singaporeans only ie unemployed graduates and those who have lost their jobs, to apply and use it to kick start their businesses and this inturn will revitalise our economy, besides putting these people back on their own two feet.
As for the GST, this is non issue for me. We can refrain from buying less good and services and if possible, do without them. GST must be there always as our taxes are very low enough.
As for using Past of Reserve, the PAP government is the government of the day and hold them fully responsible especailly its Finance Minister and should this fail to stimulate our economy and put it back on its own two feet, then come the next General Election, we then use our votes and vote in good opposition candidates like Sylvia Lim and her gang (credible enough and they have my support).
Regards
Andrew Chuah
haha
Whether what the govt does is able to save jobs is a BIG QUESTION MARK. But the papers and all the official propanganda is that this is one big innovative budget that will guarantee to save job. You see PM Lee going to Glaxo to give them new year greetings, one week later, they are going to sack a few thousands people. The evidence speaks for themselves.
Now the going gets tough, you see all the big shots starting to speed up “succession planning”, e.g Ho Ching, so that somebody will take the blame and heat when the big crisis arrives.
The Singapore Daily » Blog Archive » Weekly Roundup: Week 06
[...] [Thanks Chin Yong] – Diary of A Singaporean Mind: Govt Help – What it is really like.. – TOC: Sylvia Lim’s Budget speech – are we depleting our current reserves? – Hear Ye! Hear Ye!: Sensible suggestion but was unfortunately shot down – Military Life: Money Got [...]
patriot
To those who keep yearning and saying that Opposition Politicians will be voted into Parliament and will be able to perform, I say I wish the same as You.
BUT,
to imply that PAP will lose the majority and be ‘weaken’ to be less totalitarian as it is today, will be wishful thinking. Singaporean will be facing structural political developments in PAP itself almost in the immediate future. Nature will not keep Lee Kuan Yew for long and his son, the Incumbent PM, may not be able to handle the country without him(LKY). The Prime Ministers’ Wife, who has just step down from Temasek may have to face more criticisms after stepping down than if she remains in Temasek, this will add to the domestic developments in the Lee Family itself. Here, it is clear that the Lee Familys’ hold and sway on PAP the Party is consequential. It is quite similar to Chiam See Tong not having a successor. Who in PAP will succeed the PM, if due to lack of LK Yews’ guidance, Lee Hsien Loong is unable to handle the country? It appears to me, PAP does not have any.
Pardon this layman for my audacity, I believe we will have a double whammy, the financial meltdown has exposed the weaknesses of our leaders and the PAP itself unfortunately has its’ own destiny to content with.
However,
I think Singaporeans as a whole will be able to make it through all the difficulties. We are after all a minute drop in a tiny dot and the World has no difficulty accommodating a small group of hardworking and servile people. We can live as towkays as we can live as maids and coolies just like our forefathers and may even succeed liked them again. Many by the way are already doing well overseas. The Cycle will come and go and we are just parts of it.
Leadership for the Country as it stands is pretty fuzzy and fuzzy logic is also a kind of logic and out of the fuzziness, some intelligence will be born.
patriot
patriot
Like to add here that as a citizen for almost six decades, I feel that Lee Kuan Yew has built PAP all for himself. He is the Comptroller that has never let go of his control. Hence, once he loses his capacity(lucidity), PAP will be like a rudderLESS vessel and its’ crews will likely have problems amongst themselves.
patriot
we are in trouble, the only thing that can help us is tax cuts and job creation.
Whatever happened to the casinos? Get evryone to work there. Motivate them with monetary and yet more monetary rewards. Simple right?