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11/14/2006

gst to the rescue

Just a few days back, Low Thia Khiang proposed for more assistance for the poorer Singaporeans. This was shot down by Vivian who challenged him that if going the Low Thia Khiang way the country would go bankrupt. Last night Hsien Loong said we must give more help to the poor Singaporeans or they would be left behind by globalisation. And Hsien Loong was not worried about bankrupting the country. Well, with all the GLCs and Temasek companies registering great profits, with our foreign reserves hitting new high, and with great returns from investing them, surely we have plenty of money. And the economy is having a great run. This is the best time to help the poor. And we can also change the definition of earnings to include capital gains. There you are, we will have a lot of money to help the poor. Still not enough, no problem, raise GST. We just need to be creative, if we need to spend more, create more. How can we ever bankrupt the country if we think a little and spend within our means? Without raising GST we may not have enough money to help the poor. And only the poor needs to be helped. We cannot raise GST to subsidise the rich, especially those earning half a million or more. No more pay rise for them. Oops, payrise is not subsidy. Must give them the pay rise they deserved or they will not work or will migrate. I think 10% will do.

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