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2/05/2009

Sharing our reserves

The reserves were accumulated over many years, probably from 1965 onwards. Theoretically all the old citizens contributed to it one way or another and is a minority shareholder to this money. Now that we are using the reserves to share with the citizens, does it mean that every citizen, new or old, will be entitled to the same handouts, ceteris paribus? If yes, are the old citizens being shortchanged or the new citizens just being treated to a buffet from the accumulated reserves which they did not contribute a bit to it?

12 comments:

Anonymous said...

Hey Redbean, maybe I am stupid or what but how did the lao uncles contributed to the reserves if they only wash toilets during their working life?

I think the only lao uncle who deserved the merit would be Mr. Goh Keng Swee. He convinced the gwai loh capitalists in the sixties to invest in Singapore. And so they came with their billions and as they said, the rest is history.

Dr. Cordon Tan

redbean said...

hey doctor,

every citizen contributed a little to the building of country. the samsui women carried bricks to build the hdb flats, the cleaners or sweepers swept the floors. they added to the productivity of the country. they might not seem to contribute much, but a few cents were also contribution.

then there were the intangible contributions.

some ah pehs also did their NS.

not everyone contributed millions to the nation or big ideas. one drop one drop can fill an ocean also.

right or not?

Matilah_Singapura said...

Whatever money anybody has given to the govt in the past or giving the govt in the future is 'sunk' money. It really doesn't matter who has contributed. The world, god, the govt and the rest of the country do not owe anyone a living.

EVRYONE has to work, and everyone works for their own existence, first.

The use of the reserves is a 'better choice' (although I don't agree with govt 'economic stimulus') than borrowing, taxing or printing money to fund the politicians "Grand Vote Buying Scheme". Borrowing, taxing and printing money all place long term burdens (perhaps even on to subsequent generations) on individual citizens.

Yes, a stimulus package at the end of the day is a national scheme to buy votes at the next election. Will the 66.667% margin be increased for the incumbent? We shall see...

All the rhetoric about Job Credit, blah blah blah is all total bullshit and will not work.

Some pundits of the free market will argue all stimulus packages are money down the hole and completely wasted.

I don't agree. This lavish spending by govt actually does BIG THINGS:

1. IT INCREASES GOVT POWER
2. IT BUYS VOTES
3. IT MAKES THE PEOPLE MORE DEPENDENT ON GOVT.

Politically, economic packages are a tried and true weapon for political domination.

redbean said...

ok, ok. a new quote from redbean from matilah's economic and political theory.

'political power grows from the piggy bank.'

Anonymous said...

Government takes away 100 bucks from you, but gives you back 10 bucks so you worship them as gods.

redbean said...

haha, they are gods, if not demigods.

redbean said...

yes, it is our money. Linda has posted a comment in the thread, 'cpf is our money.' but it is so deep down that i have problem trying to fish it out. anyway, welcome to the blog Linda.

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