Cheat sheet for Fortitude Budget/ Hali tied of signing?/ Peanuts?

Confused by the reporting of the constructive, nation-building media (“The PAP cares, they really do”) and anti-PAP alt media (“Kanna con” or “Give chicken’s head and take back the whole chicken”) on what the Fortitude Budget is all about? After all we got this yr

–‘Unity Budget’ (February 18): S$6.4 billion

— ‘Resilience Budget’ (March 26): S$48.4 billion. S$17 billion drawn from reserves

— ‘Solidarity Budget’ (April 6): S$5.1 billion. S$4 billion drawn from reserves

–S$3.8 billion economic stimulus (April 21), alongside extension of lockdown. Yes this had no name.

Now on May 26 got ‘Fortitude Budget’ worth S$33 billion, S$31 billion drawn from reserves. But S$13 billion is for “Contingencies Funds”: I suppose Hali doesn’t want to keep raiding the reserves?

So what’s in it?
— Jobs Support Scheme extended by one month until November, with firms that cannot reopen – such as shops, gyms and cinemas – to get 75 per cent wage support until August or when they are allowed to reopen
— S$2 billion for the SGUnited Jobs and Skills Package to create 40,000 jobs, 25,000 traineeships and 30,000 skills training opportunities
— S$800 million for the Covid-19 Support Grant to give to those who lose their jobs because of the crisis
— S$18 million for social service agencies to maintain service continuity, retain staff, and adopt technology
— S$13 billion in the Contingencies Funds so the government can respond quickly to unforeseeable developments arising from the pandemic.

Whatever, all the budgets means the government’s total fiscal injection will be S$92.9 billion, almost one-fifth of the country’s S$500 billion economy. Only Germany and Japan spend more than us when it comes to pandemic stimulus packages as a percentage of GDP. Germany 31.6% and Japan 19.6%.

The government has so far drawn down S$52 billion from our reserves to fund the packages.

Impressive?

“Peanuts”: our reserves estimated to be worth over US$710 billion or S$1 trillion by ang mohs. Only 5% of our reserves drawn down and do remember that S$13 million is for “contingencies”. Exclude that S$13 million and only 4% of reserves will be spent.

Bah humbug, a reasonable man may say.

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor

 

 
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6 Responses to “Cheat sheet for Fortitude Budget/ Hali tied of signing?/ Peanuts?”

  • trublu:

    Dont worry,we always help to enrich the RICH.
    Dont worry,we will increase GST only after GE???

    Dont worry,JUST DO IT!
    VOTE FOR OPPOSITION.

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  • trublu:

    The BULK OF THE $100 BILLION WENT TO SAVE JOBS,so it is claimed by HSK,LHL N NOW,THARMAN AS CHAIR OF NEW NATIONAL JOBS COUNCIL.

    May i ask if Tharman trying to save jobs n SAVE MONEY for SG N sgs or SAVE JOBS OF FTs/PRs instead?

    Covid slowdown in business n the economy is to me A VALID REASON N A GOOD TIME TO CUT DOWN ON THE GROSSLY HIGH PROPORTION OF FTs holding JOBS that sgs lost.
    And,why shud we use sgs’ RESERVES to save jobs for FTs n not *HELP* OUR OWN PMEs who have contributed but RENDERED JOBLESS OUT OF UNFAIR LABOUR PRACTICES helped by FT POLICY N GREEDY EMPLOYERS.MONEY GIVEN TO NEEDY SGS WILL BOOST CONSUMPTION N HELP LOCAL BUSINESSES.

    WE OUGHT TO HELP OUR OWN PEOPLE BEFORE HELPING OTHERS,FTs have their own governments to help them.

    I hope Tharman realise he is CHAIR OF *NATIONAL JOBS COUNCIL* ,NOT * INTERnational Jobs Council?

    We have m0re than 400K FTs n reducing it by a third is still a large proportion of our LABOUR FORCE compared to any other country of repute?

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  • Good position:

    Singapore is in a much better position because of the Stimulus package..
    Compare to other countries..Singapore is very fortunate to have the National Reserve or the suffering will be much worse.
    We should thank the PG and MG for the Reserve…their sacrifice and hard work.
    Only right we should do more for them…help them to survive and retire with some dignity.Many are so cash poor now.
    Suggest we top up their CPF minimum sum so that they can draw a decent monthly payout from 60 if they are out of job.

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  • National?:

    It is obvious “national” includes any foreigner who step one foot here. Otherwise, the council will be called Singaporean Jobs Council.

    Singaporeans, including trublu, are forever hopeful, even when they are disappointed all the time.

    trublu: I hope Tharman realise he is CHAIR OF *NATIONAL JOBS COUNCIL* ,NOT * INTERnational Jobs Council?

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  • be alert people:

    that lady candidate was wearing her face mask upside down..hence the PAP logo also terbalek ..
    sign of whats to happen?
    remember the PAP banners at a certain estate were also hung wrong way up.
    i think if PAP loses 2 or 3 seats this GE, theyre gonna blame it on cv19 as well.

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  • TUMASIK Patriot:

    Finance & Economics no savvy but reading between the Lines…CI, kudos to you…returning from a hiatus with more sense than cynics

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