The Power Of Praise & Worship and The Real Estate In Singapore

The Power Of Praise & Worship and The Real Estate In Singapore
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Wednesday 4 March 2015

Budget 2015 - MPs concerned about rise in govt spending.They worry about sustainability and citizens' sense of entitlement


Wed, 4 Mar 2015

THE STRAITS TIMES
SINGAPORE

MPs concerned about rise in govt spending.

They worry about sustainability and citizens' sense of entitlement

Published on Mar 4, 2015 1:27 AM


Mr Baey Yam Keng (Tampines GRC), on using soft power 


By Lim Yan Liang


CONCERNS that the rising trend of government spending is unsustainable and may breed an attitude of entitlement among Singaporeans were aired frequently in yesterday's Budget debate.
While several MPs praised new measures to help the elderly poor and struggling workers, a third of the 25 MPs who spoke had reservations about how Singapore's spending needs have been growing in recent years.
They voiced misgivings about the effects this would have on future generations, governments and public expectations.
Mr Hri Kumar Nair (Bishan-Toa Payoh GRC), for one, worried about people taking government aid for granted.
"Everyone agrees that there is no such thing as a free lunch, but we tend to forget this when we ask the Government to spend more because we all believe that our requests or interests deserve more attention and will benefit everyone," he said.
The MPs' budgeting fears come as the Government steps up moves to support the needy.
Mr Liang Eng Hwa (Holland-Bukit Timah GRC), for instance, raised concerns that spending on the new Silver Support Scheme - which will provide cash payouts to the elderly poor - may balloon as more Singaporeans turn 65.
As it is, the Government is already tapping more resources to fund its higher spending.
Pointing to how the Government has drawn more from the returns on its reserves since 2000 to fund regular spending, Mr Hri presented a chart in Parliament to debunk the "enduring narrative" that it was squirrelling money away and sitting on massive reserves.
He added that with the move in this year's Budget to include Temasek Holdings under the Net Investment Returns (NIR) framework - which will allow the Government to spend up to 50 per cent of the expected long-term returns on Temasek's assets - there is now one fewer untapped source of revenue.
"Every additional dollar spent today simply means more than a dollar less for the future," he said.
"More importantly, what this tells us is that we are running out of levers to pull.
"After Temasek, there is no 'next'."
Mr Arthur Fong (West Coast GRC) also warned that Singapore must not follow in the footsteps of Iceland, Greece and other developed economies that overspent and ran into trouble.
"A country's reserves once spent will mean dark days for its people."
Mr Liang had a similar take, warning that Singapore must never "cross the red line" of failing to balance the budget within each term of government.
Meanwhile, Ms Tin Pei Ling (Marine Parade GRC) wondered if the Government was being too aggressive by including Temasek in the NIR framework, making it more reliant on how the investment firm performs in a hyper-competitive world.
She asked: "Can we be certain that they will continue to perform well?
"Are we in danger of becoming overly dependent on uncertain and unassured sources of revenue?"
Ms Tin also worried about how the added contributions from Temasek would affect Singaporeans' work ethic and national spirit.
"I am concerned that Singaporeans will become over-reliant on this source of revenue, and lose the drive to save and invest, and leave something for future generations," she said.
Prudence was also the focus of Nominated MP Chia Yong Yong's speech.
She stressed that those who benefit from this year's Budget moves should not be cavalier about the help they receive.
They "have to ensure personal responsibility in acting with integrity in their claims for the money," she said.
"When we exercise our personal choice, there is a price to be paid... that price should not be paid by someone else," she concluded, as MPs thumped the armrests of their seats in approval.
BACKGROUND STORY
"LET'S MAXIMISE OUR CULTURAL HERITAGE
We should embrace and support the development of our cultural heritage and icons... Outstanding hawkers, for example, can be awarded Singapore's equivalent of Michelin stars and given national honours. We should give our creative talents support and regular platforms to showcase their talent. Countries such as France and South Korea punch above their weight on the world stage in terms of cultural influence, thanks to the long-term strategic planning and generous support of their governments for their various cultural pursuits.
These countries not only ensure that their national and cultural identities are not overwhelmed and eroded... they even managed to secure economic benefits from their cultural exports and goodwill from other nations. They offer us important and valuable lessons in this area.

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