More pain ahead for Singaporeans: Huge revenue shortfall due to missed population target

The reason why PAP has been raising costs is due to its missed population target of almost a quarter million last year.

Increasing headcount to grow the economy has always been the only way which the one-trick PAP pony knows.

During Goh’s tenure as PM, GDP grew mainly due to population increase of about 80,000 annually.

As for the youngest-ever general Lee Hsien Loong, the rate of increase since 2004 was even higher at 100,000 annually.

Emboldened by PAP’s ‘success’, the 2013 PWP targeted an annual increase of almost 100,000 annually till 2030.

This would have supported housing prices and the good times would continue with easy money rolling in to GLCs. Government revenue and ministers’ bonuses would have increased at the stroke of a pen. But this was not to be.

5 years after the PWP, PAP missed the population target by about 226,000. As we approach 2030, the widening difference will make the PWP redundant.

In anticipation of an increasing population, PAP has already committed billions in infrastructure spending with mega projects like T5, Tuas mega port, etc costing tens of billions.

With GLCs closing shop or making losses, PAP is in financial straits and what better way than to socialize costs?

Revenue shortfall is evident: PAP has guaranteed a GST increase between 2021 and 2025.

PAP has incurred expenditure based on expected increase in population which did not materialise, ie revenue shortfall. No one really knows how bad the situation is but rest assured, if PAP is not checked in Parliament after the next election, more pain will be inflicted on citizens.

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

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21 Responses to “More pain ahead for Singaporeans: Huge revenue shortfall due to missed population target”

  • oxygen:

    THE GDP GROWTH IN RECENT YEARS HAS LAGGED BADLY relative to the pace of population growth and expected gain from technologically-driven productivity.

    That spells trouble ahead – PAPpys population recycling economics has failed. The MASSIVE development expenditure on infrastructural, amenities and housing to cater for the rising population is NOT receiving dividend expected from economic activity that the fast expanding population influx is supposed to generate and sustain of tax revenue.

    The seeming contribution of apparent increasing Net Return on Investment Income (NRIC) from sovereign wealth fund activities is NOT TRANSPARENT – no one knows if this is dividend income or MONEY FLOW coming from sale of underlying investment assets. It could be like household in distress with shortfall in employment income is forced to sell cars or even housing to pay for recurrent costs of living expenses.

    Meantime, our economy is running into standstill – our capital market incredibly sinking. With the global economy in turmoil and technologically driven AI displacing jobs, family incomes are under increasing stress. Even the likely resolution of US-China trade war won’t bring relief but worst misfortune ahead. It will be China-USA deals to the exclusion of the rest of the world, Singapore included. Foxcoon is cutting wges, overtime and accepting long q of resignation. China buy Boeingjets, employees of Airbus Industries will be retrench. US farmers celebrate big harvest, Brazilian and Argentinian farmers can sell their backsides. GLOBAL TRADE PATTERN AND SUPPLY CHAIN DISRUPTED ALONG WITH MANUFACTURING LINKS. Trade volumes will shrink and Singapore is in trouble.

    Compounding our woes is Brexit, loss of TPP, FTA and CECA has turned toxic. Yet lots of idiots still visiting condo en bloc showroom on CNY break, that reveals stupidity in a sea of turbulent economic upheaval underway.

    and 4Gs all DIAM DIAM DIAM – pretending nothing happening except the all too obvious Budget 2019 hoax of vote baiting of the imaginary Merdeka generation. All that PAPpys is focusing on now is their OWN POLITICAL HEGEMONY AND LONGEVITY.

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  • Bapak:

    Sinkies70 dont know what they are heading for, if they keep voting PEE and Poo.

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  • why pap GLCs are closing shop:

    pap never hires by talent. pap hires by loyal to pap clan.

    every useless paper general guaranteed lucrative S$m position. because these paper generals are useless, every used to be useful dollar from 70% sheep CPF is squandered. after all what to expect of useless paper generals.

    worse every useless civil serpant with nothing better to do are sent to head up pap GLCs. as useless as paper generals, these useless civil serpents sow dollars reaping cents. they think they do no wrong, since their boss and their boss wife do the same sowing dollars reaping cents in gic temasick.

    do these people care? ffff NO. it is not their money anyway. more than this, the get S$m year in year whether GLCs gic temasick make money or lose money. even if they continue to dip their hands into 70% sheep CPF for more money to be wasted in GLCs gic temasick, they sleep well with their S$m lucrative no need to be accountable jobs.

    no wonder that pap toothpick thief zorro no end explaining to 70% sheep how happy he is when he counts the number of zeroes in his bank account CPF statement. 70% sheep still struggling. Ljs such as zorro happily enjoying their lives with their S$m. ffff the 70% sheep.

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  • Boh Kia See:

    Opposition parties seem to have a mindset that shows they accept the fact that the PAP cannot be tossed out during the next election. The best that they can hope for is to gain more seats and effectively stop the PAP from changing the constitution or repugnant laws.

    Such a mindset is defeatist and wrong. We have to accept, which I think most opposition parties do, that the PAP does not have a vision for Singapore and they are self-serving and self-centred. Therefore, in order to get Singapore moving forward, you need to get rid of the PAP totally so as to be able to truly assess what the real situation is in Singapore. It is only when such an assessment has been made can a plan for moving forward can be formalised.

    Having the ability to stymie the PAP from changing the Constitution willy-nilly does not force them to carry out the clauses written in the Constitution. The opposition parties should be able to force compliance with the Constitution, not being able to do so makes a mockery of the function of the opposition.

    Opposition parties need to be able to assess their targets realistically. You are dealing with the PAP who cannot accept any limits to their power. So in order to get Singapore moving forward, they have got to be removed totally. Aim to do just that–remove the PAP totally. Each opposition party should contribute to this effort for a more dynamic and free Singapore.

    VTO–the PAP–that is the only way.

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  • opposition dude:

    Don’t worry about the PAP uncle Ang, you know as well as the rest of us that once the GE is over it will be business as usual for them. Which means letting in even more third world people to grow the population past 6 million. We already are at 5.61 million so what is another 400k to PAP right?

    Make your votes count this GE fellow voters! Only we can send out a clear signal to PAP about how unhappy we are over our jobs and the ever escalating cost of living!

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  • rukidding:

    Ya lor,…Cheng Hu…Pok Kai ,…but yet its Leeders are drawing obscene salaries every month ????

    What kind of logic exist ???

    Only sillyporens could be Conned into believing that everything is fine .

    Go gonna give them another 5 more good years ????

    Hmmm,..dafts will be dafts !

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  • LKY does not exist in sg:

    We see countless YouTube videos by Influencers singing praises about Singapore and very much pro-establishment. These influencers come from allbover the world. I wonder are they paid?

    Because there is no transparency, we won’t know where the money comes from.

    Despite these extreme measures the influx reduced?? What’s happening ?

    New citizens get them more votes.
    Or is the figures inaccurate for some reasons or motives?

    When something’s is wrong in Singapore I hope LKY can hear it and Get Up and help us . God bless SG and God Bless the united
    States of America.

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  • PC Ong:

    Wah, this Phillip talk cork again…. Our GLCs where got lose money? DBS, SIA, Capitaland, Singtel, SPH all very profitable let….. And if our govt really miss revenue target because of lower immigration, isn’t this what the oppies want, lower immigration right? Meaning the missed revenue target is nothing to do with our govt competence, but instead is giving the people what they want

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  • I wanna pay more tax:

    I want to pay more tax but I am one of the 40% poor low income Singaporeans.

    I can only hope the Carbon tax come in early this year so that I can do my national service.

    When Singapore needs money, I say how much?
    When they say introduce tax, I say how much?

    Any amount the people will foot the bill.
    In god we trust.
    In PAP, we trust.
    We believed everything they say in the last 53years.

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  • Python 5:

    2016, i think 200,000+ migrated. saw the article somewhere.

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  • Python 5:

    rukidding:
    Ya lor,…Cheng Hu…Pok Kai ,…but yet its Leeders are drawing obscene salaries every month ????

    What kind of logic exist ???

    Only sillyporens could be Conned into believing that everything is fine .

    Go gonna give them another 5 more good years ????

    Hmmm,..dafts will be dafts !

    like Hyflux.

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  • missed revenue target ?:

    //And if our govt really miss revenue target because of lower immigration, isn’t this what the oppies want, lower immigration right?//

    alamak. revenue high ? missed revenue target ? does not mean average daft sinkies get high revenue (pay) lar ? high revenue may mean to support kaki white idiots & plp half-baked beans while the rest still need to pay (high cost) to support the high cost structure of sinkie land lar.

    see hor. high revenue now go to high cost infrastructure (longer time for ROI) & higher maintenance costs to upkeep all the artificial concrete structure (some are white elephants) in order to support larger population base while inflating the cost of the country as white idiots have to rent-seek and tax more to recover costs lar ?

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  • local champions:

    //Our GLCs where got lose money? DBS, SIA, Capitaland, Singtel, SPH all very profitable let…..//

    aiyoh. wow pick all the local champions (sucking & rent seeking local blood ?) hor ? why not pick some solid overseas ones (top five winners & losers) where white idiots have no control ?

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  • LIONS:

    WHY POOR GROWTH DESPITE THE FEROCIOUS IMPORTATION OF FTs whom gahmen say will create more jobs for sgs?

    LOW PRODUCTIVITY AFFECTS GROWTH RATES;thats quite obvious.
    National Productivity has been poor despite more FTs here.

    So,WHO TO BLAME?
    FORMER PRODUCTIVE SGS WHO ARE NOW MADE JOBLESS?

    GO FIGURE,SCHOLAR$$$.

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  • haha:

    When there is no one left for them to takan…
    When there is no one left to bear the punishments for their failed diplomacies/policies…

    That is when the PAP will fall.

    I hope it comes soon.

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  • Homeless Cat:

    local champions:
    //Our GLCs where got lose money? DBS, SIA, Capitaland, Singtel, SPH all very profitable let…..//

    aiyoh. wow pick all the local champions (sucking & rent seeking local blood ?) hor ? why not pick some solid overseas ones (top five winners & losers) where white idiots have no control ?

    Indeed. PC Ong is nothing more than another PAP bootlicker. All of said he listed have been suffering losses for quite some time now.

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  • No Pain No Change:

    Boh Kia See:
    Opposition parties seem to have a mindset that shows they accept the fact that the PAP cannot be tossed out during the next election. The best that they can hope for is to gain more seats and effectively stop the PAP from changing the constitution or repugnant laws.

    Such a mindset is defeatist and wrong. We have to accept, which I think most opposition parties do, that the PAP does not have a vision for Singapore and they are self-serving and self-centred. Therefore, in order to get Singapore moving forward, you need to get rid of the PAP totally so as to be able to truly assess what the real situation is in Singapore. It is only when such an assessment has been made can a plan for moving forward can be formalised.

    Having the ability to stymie the PAP from changing the Constitution willy-nilly does not force them to carry out the clauses written in the Constitution. The opposition parties should be able to force compliance with the Constitution, not being able to do so makes a mockery of the function of the opposition.

    Opposition parties need to be able to assess their targets realistically. You are dealing with the PAP who cannot accept any limits to their power. So in order to get Singapore moving forward, they have got to be removed totally. Aim to do just that–remove the PAP totally. Each opposition party should contribute to this effort for a more dynamic and free Singapore.

    VTO–the PAP–that is the only way.

    The oppositions have to accept the defeatist mindset, if the electorates are mainly spineless dafts. No amount of teachings could overcome the experience of real pain. Until then, these fair-weather, act-tough naive educated dafts will never learn

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  • Partial truth?:

    Can we really blame them ?

    Looking at news of the 2 young chinese adults age about 24 travel to Taiwan and subsequently dump their new born flesh and blood ( somehow pass away ) in the dumpster like trash. If in sg , may add 1 more to the population. At least a proper burial. These 2 really screw up , still dare to openly and public denial ( unless DNA confirmation still subjected to changes / errors ).

    Somehow like what bad boy said so much so for Chinese culture. In the past , China’s preference of sons over daughters also resulted in family dumping their baby daughters.

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  • nihon:

    problem is nobody knows how much is our reserves ?

    and the population scam has resulted in low quality imports with dubious papers n fake CVs. this has reduce the quality of our workforce. and productivity is low.

    increasing headcounts will reach a physical limit and then it has diminishing marginal returns, assuming quality of input is similar.

    but can a 3rd world dr be similar to a 2nd world dr? or engineers, economists, accountants n nurses?

    so we have only economic migrants n mercenaries who spend v little but move their wealth earned here at the expense of selfish locals, so the wealth created does not result in savings and capital here.

    and they buy properties n hdbs, pushing up housing costs, then sell them and withdraw the profits overseas. laughing behind our backs.

    no contry has ever opened its leg so wide to be exploited and abused by foreiners. it is a foolish failed policy.

    and paying for their studies with free lodging n pocket monies. and the poor sgs have to pay their own way. and having their jobs stolen by skunks.

    and what have the ever spineless sgs done?

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  • oxygen:

    @ Philip Ang

    PAPpys GOONDUS ARE IN A CLASS of their own.SCHOLASTIC MORONS! Their simplified caricature of the economy works like an arithmetic formula of PWP (Population Recycling Economics of “cheaper faster and better” hyperboled to higher elevations of “better, betterer and betterest”) fart of fiction.

    Remember how they waited until after the 2011 Punggol by-election before they rammed down the TOILET PAPER of PWP?

    Philip Ang:5 years after the PWP, PAP missed the population target by about 226,000. As we approach 2030, the widening difference will make the PWP redundant.

    The 4Gs ARE CLUELESS – they told the nation in 2015 the economy MAXED OUT AND by 2016, confessed again publicly that the “restructuring has failed” that is why so much pain is still felt in LEE-jiapore. The NDR in 2017 talked cawked of diabetes (fortunately not sex in a tight spot to make babies of augmented population to grow the economy).

    Me think the AH TIONGS without the Ivy League class of superlative economic or econometric formulation works a lot better. Chinese Premier Li KeQiang warned the current Communist Party Politbureau Congress in Beijing (now going on in Beijing) that China faced a very “tough struggle” and its economy is facing a “grave and complicated environment”

    https://www.cnbc.com/2019/03/05/china-economy-2019-growth-target-set-at-6percent-6point5percent.html

    In other words, China and the global economy is a GIGANTIC PUZZLE-SOLVING RIDDLE with complex challenges and a multitude of solutions space and options.

    LEE-jiapore’s 4G thinks the world is a SIMPLE MATHS PROBLEM OF ADDING 1 + 1 = 2 population and this adds to GDP GROWTH. HURRAY HURRAY HURRAY. It should works like MAGIC!!

    That is why LEE-jiapore failed. The PWP and population recycling economics is an UTTER COMPLETE FAILURE of unmitigated disaster.

    4Gs and 5Gs?

    ALL DIAM DIAM DIAM.

    More pains are ahead beyond imprisoned CPF and housing mortgage liabilities (pretended as asset enhancement) of an airbag bubble economy waiting to implode soon IF THE CHINA-US TRADE WAR IMPLODE instead of a trade “deal” of half peace half war.

    Trump walked out on Kim Jong Un, he might be tempted of another showbiz drama – walked out of Xi JinPing at Lar Margo, Florida – for TV entertainment.

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  • oxygen:

    @ Philip Ang

    FINANCIAL MARKET IS A MICROCOSM of the global economy. When PAPpypolitics & PAPpynomics are such debased performers in asset trading (investing), it simply means they cannot read the evolving global economy.

    If they cannot read the global economy (beyond the goondu simplicity of imagined ONE UNIQUE APPARENTLY DEEMED AS A SIMPLE SOLUTION of arithmetic calculation of 1 + 1 =2 formulation to what the global economy is actually a COMPLEX PUZZLE of Li KeQiang’s categorisation), how can they be great asset builders of global multinationals made in LEE-jiapore?

    Impossible!!

    The apex of PAPpypolitics is nepotism cronyism of nodding cows all STUCK IN THE SAME BUNKER MENTALITY in agreement with POO YI and the cotorie of always agreeing surrounding enunch. Who among them of ownself-cheque-ownself politics refutes the PWP?

    Now now PWP will die itself of natural death of old age AND FAILED IRRELEVANCE in what Li KeQiang’s grave and complicated environmental turbulence.

    NOW WHAT?

    The magicians of voodu economics in LEE-jiapore got any other creative solution (note the singular notation of SOLUTION) of another arithmetic FORMULA to be invented?

    OR CLUELESS OF SOLUTION since 4Gs and 5Gs all DIAM DIAM DIAM – ALL CROUCHING AND HIDING IN THEIR GRC BUNKERS?

    Without Opposition check-and-balance, there is no hope for survival of this nation. PAPpys are just plainly hopeless economic managers and asset traders.

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