include("cmp.php");

Quick thoughts on Budget 2021

Here are my 2 quick thoughts on Budget 2021.

1. Drawing on past reserves

In the last General Elections, the Singapore Democratic Party (SDP) had proposed to suspend GST till end-2021, pay retrenched workers 50% of their last drawn salary for 18 months & provide a $500 monthly retirement income for lower-income seniors aged above 65.

In response, the PAP kept harping on our source of funding & accused us of bankrupting the nation. On the other hand, they have no qualms in tapping our reserves (the principal or the fixed deposit sum) for their Budgets whereas the SDP’s proposals do not.

Instead, we have suggested that 50% of the unused portion of Singapore’s net investment returns (NIR; ie. interest on the principal or fixed deposit sum) should be set aside to fund our social programmes. We are not even touching the principal sum at all.

We believe in putting the money directly in the hands of the people- for that laid off air stewardess who can use the retrenchment benefits to put food on the table for her family & for that uncle who can use the retirement income to have that extra cup of coffee in the hawker centre.

Therein the multiplier effect kicks in & the money gets recirculated in the local economy. This also means that the PAP’s twisted argument that retirees will splurge their savings in Batam can no longer hold water in this pandemic.

As one of our Young Democrats rightly pointed out, the Budget should not be used to bail out or prop up the GLCs. Indeed, we need a serious rethink on our labour & social policies.

2. Impending GST hike

The PAP’s convenient excuse for the 2% GST hike is the “rising recurrent spending needs, especially in healthcare”. However, a look at the underwhelming MediSave & Medishield payouts has proven that the our complicated 3Ms healthcare system has not quite fundamentally & adequately addressed the issue of rising healthcare costs:

Hence, increased healthcare spending can no longer be used as a motherhood excuse to ask for more taxes. If we want the people to spend & spend more during hard times to keep the economy going, giving out consumption stimulants such as cash vouchers on one hand while taxing them on the other doesn’t quite solve the problem.

Whilst we understand the need for consumption tax, it is only logical that the GST should be suspended till the end of this year. Instead of reminding everyone that the hike is imminent & unavoidable, wholehearted effort & time should be spent on providing sufficient breathing space to firms & consumers in order to help them find their feet on this road to recovery.

Ease their financial burden by suspending the GST.

 

*Facebook post by Bryan Lim Boon Heng.

 

 

 

yyy
SPONSORED ADVERTISEMENT
Loading...

15 Responses to “Quick thoughts on Budget 2021”

  • left behind:

    Consumption increase means domestic spending increase, better economy and more jobs. GST is against consumption, economy and jobs. We need to know how much GST and income tax are collected. How much of it is used to help the poor or most of them are given to the rich as business incentive and bailout fund. The government must come clean and account for where taxpayers’ money goes to.

    GD Star Rating
    loading...
  • Great idea, but ...:

    “Instead, we have suggested that 50% of the unused portion of Singapore’s net investment returns (NIR; ie. interest on the principal or fixed deposit sum) should be set aside to fund our social programmes. We are not even touching the principal sum at all.”

    SDP has great ideas, but, do you have to ask for more than $10 billion budget and propose only $1 billion spending?

    NIRC is about $20 billion (this is up to half of NIR)
    The un-used NIR is at least $20 billion (could be a lot more).
    50% of the un-used NIR is at least $10 billion (could be a lot more).

    Your low-income old people $500 a month allowance is how much?
    Assuming 100,000 old folks counted as low-income, the amount is
    $500 * 12 months * 100,000, total only $600 million.

    How much is the retrenchment benefit? Have a cap lah. Otherwise, ministers get retrenched will also get 50% which is 1 or 2 millions. The capped amount is unlikely to be many billions, right?

    So why ask for big $10 billion budget with so little expenditure proposed?

    GD Star Rating
    loading...
  • Soccerbetting2:

    Today at Punggol Bus Terminal,noted the Mask auto distribution machine is filled with new mask .It stated these words “1st March 2021 10 a.m.”.So next mask distribution collection will be at 1st March 2021 at 10 am onwards ???? So all these mask machine will be emptied by 15th march 2021 very fast one .So the government should plan some items like cheap male underwear to fill up at these mask machine for sale to people limited by nric to purchase at 3 sets of package five new underwear each person at $5 each .Government ,be more productive ,don”t let such expensive mask machine go idle without making full usauage of it for the people ! The whole bunch of e*** women wing are very lazy to do more work but getting big fat salary pay !

    GD Star Rating
    loading...
  • Once Upon A Time:

    A thief left $1/- & wrote a note to the owner that that was his lucky day receiving the money. But he already took $10/- from him.

    GD Star Rating
    loading...
  • xoxo:

    Oh no G$T HIKE this round as COVERED BY MEDISHIT PREMIUMS HIKE?
    Afterwards,UP MEDICAL CHARGE$$$ AND IN ONE YEAR’S TIME,COLLECT BACK EVEN MORE G$T ON HIGHER MEDICAL BILL$ AND GENERAL COL.
    HSK IS DANGEROUS,A MENACE.
    HE THINKS HE CAN *ROUND-TRIP* to CON daft sgs.

    He from MAS.
    MANY BANKS N RICH ASSES DO ROIND-TRIPPING TO AVOID TAXES?

    He has learnt plenty of DIRTY TRICKS from bankster$?

    GD Star Rating
    loading...
  • xoxo:

    H$K ,you are modelling yourself like your *mentor* and it is no good for SingaPOOR.
    YOUR BUDGETARY POLICIE$ BENEFIT THE HAVE$ AND DISADVANTAGE THE HAVE-NOTS.

    THIS IS NOT A GOOD GOVT BUDGET.
    IT IS MORE SUITED FOR CORPORATE$.

    As a sg,i think lowly of it.
    If i may,it is another LAN CHEOW BUDGET that do not benefit those sgs who deserve much more.

    You ROB POOR SGS AND GIVE TO THE RICH LIKE YOUR$ELVE$ in the name of *SAVING JOBS*???
    HOW MANY HIGHEST-PAID JOB$ HERE ARE HELD BY

    NON-SG FTs as a result of your lousy FT POLICY IMPLEMENTATIONS?

    PLS LET US KNOW ASAP.

    GD Star Rating
    loading...
  • 3Ts:

    Govt should suspend GST till economy fully recovers & wait till the economy stabilised for a few more years!

    Talking about lifting the people’s livelihood!

    GD Star Rating
    loading...
  • xoxo:

    Btw,why lump NON-CITIZENS,IE,PRs,with SINGAPORE CITIZENS?
    If PRs are equivalent to SINGAPORE CITIZENS,WHY THE GOVT NEEDS TO OFFER SG CITIZENSHIP TO PRs?
    Just issue PINK ICs and Sg Passport to these PRs ,ya?

    If not,the govt is also PRs are not sgs.
    So,WHY LUMP PRs with sgs in labour statistics etc?

    GD Star Rating
    loading...
  • 0 transparency accountability?:

    I believe that Prof Thum Ping Tjin, Dr. Chee Soon Juan and Mr. Lim Tean have made public statements about the massive Medisave funds of S$100 billion collected by the Pappy government from citizens for the last 35 years – but only S$2 billion has so far been released to citizens to pay for their health problems!!!
    That’s LKY’s $$$Elitist Papeconomics for sheeples….

    GD Star Rating
    loading...
  • Harder Truths:

    In a society like $G that runs on debt, where people are burdened to pay back what they have already borrowed for their basic living (HDB, education, businesses etc), any money will come in one hand and go out the other.

    If you look at the real problem, the exorbitant pricing of everything is a lie. You are being cheated to pay enormous sums for regime-controlled assets, which will not happen in a free market. The overdemand and undersupply are all made up by the regime in various ways to make you pay not for the real value – but for transferring ALL your wealth to the regime.

    Giving you a handout is them simply doing a magic trick to give people back some of their own money to pay the regime for the unnecessary and fictional debt. People have been tricked from day one into believing the costs are real and therefore they then believe the handouts help them.

    It is all a trick. People never needed to pay their life savings and therefore never needed to get a handout.

    Handouts may look to be a blessing. They actually mean people have already been cheated and this is a cover-up.

    GD Star Rating
    loading...
  • xoxo:

    Whoa,whoa,whoa!!!

    Budget for THE RICH TO MAKE THEM RICHER.
    And,$CREW the poor till they drop dead SCRAPING for a living?

    $ub$idi$e THE RICH,TAX the poor and jobless!
    This way THE $INGAPORE $TOCK MARKET INDEX will not be left out in ALL THE $illy Exuberance?

    So what Covid19 ?
    Dow Jone$ ,Nasdaq,Russell all go up!
    Americans out of jobs.
    Americans died to the tune of 500K?
    Americans penniless.
    Rich ameriCUNT$ getting RICHER.
    MORE BILLIONAIRE$; networth$ up ,up and away?!

    So what COVID,so what so many jobless?
    More govt $timulu$ ,aping $in City?

    Why not ANOTHER PANDEMIC?
    YES ,WHY NOT?
    MORE PANDEMIC$,MORE N BIGGER $TIMULU$ SO $TOCK MARKETS ALL OVER THE WORLD CAN GO HIGHER,HIGHER AND HIGHER TO MAKE THE RICH EVEN RICHER AND RICHER?

    $IN CITY IS NO EXCEPTION???
    H$K,FARK YOU VERY MUCH!

    GD Star Rating
    loading...
  • xoxo:

    Oh,i mean F(t)ank you very much,H$K for the $600.
    I am still waiting for a cheque for the balance of $22400 ,the difference between $23K less $600 received???

    Why you taking so *LOONG* to send us the cheque?

    GD Star Rating
    loading...
  • xoxo:

    Hahaha! We have MIRAGE ECONOMY everywhere!
    USA leading.
    Stock markets are now being used by govts and Central bankers as *mirages* to paint a beautiful picture of the economy.

    Yes,push,push and push the stocks higher!
    Seems like the desert now has more *water* than ever before?

    Lets drink up,eh?
    Cheer$$$$$$$$$$$!

    GD Star Rating
    loading...
  • MarBowling:

    Budget 2021 is part of Heng Sweet Cake’s EAST COAST PLAN!

    GD Star Rating
    loading...
  • Soccerbetting2:

    In bad times and still in pandemic times,Our government wants to increase the nursing salaries and benefits show that the government has a lot of money to spend.So our government should not continue to use our reserves since it can afford to increase the salaries of all those rich nursing staff and doctors staff ? Increase their salaries will need more recovery of cost and this will subsequently come by increasing all the treatments costs,x ray scans cists,hospital room charges,bed charges,food charges,ambulances charges,…..Subsequently,GST will increase before the government deem that the workers have get a pay rise but it did not need to take into account that there are a lot of people without income into consideration in jetting up more costs for people to pay more back .So it does not make sense to increase all those nursing staffs salaries without acceptable reasons !!!!

    GD Star Rating
    loading...

Leave a Reply

 characters available


Scroll Down For More Interesting Stuff


Member Services
Self-SupportMembers LoginSelf-Support
Sponsored Advertisement
Search On TR Emeritus
Sponsored Advertisement
Announcement
Advertisements
Visitors Statistic
Latest Statistic
Advertisement
Recent Comments

UA-67043412-1