Thrift is not our national ideology

Just look at a few examples one would not fail to notice that thrift is not the ideology of this sinfully rich country called Sin City. The third world countries were once sneered at by the rich and matured countries of the first world for wasting money on grand projects like building mausoleums and palaces or anything that is good for nothing but costing a bomb. How much did it cost to build the artificial garden at Marina South, $1b? And much is needed to maintain it annually, another $300m? Anyone knows the actual figures?

And this is not the end. Another similar crown jewel is coming up in Changi to attract visitors to visit Sin City. Beg your pardon, is Singapore a destination or just a convenient gateway to the region? Like it or not, as long as the Airport is good enough, the people will come and go. But the Airport is never a destination. Neither is the artificial garden. The casinos maybe.

Then there is the F1 when everyone keeps telling that it is money well spent. Ngiam Tong Dow compared it like paying for the English boys to come and race their sports cars as a hobby. And we paid for it. How many hundreds of millions for playing host for the English boys to party?

And look at the money they are paying themselves. It is now a world record and would put Obama to same. Even a minor minister would have taken back more than the President of the USA, the Emperor of the American Empire. Thrift?

And what about the people? They are made to buy properties according to how much money they have. They cannot buy smaller properties from the govt if their income is more than the affordable formula. And if they are earning a bit more, they must squander their income, over 30 years, to buy private properties. Thrift? No, it is spend if you have it. Retirement no money? Who cares?

And the same formula applies to being warded in govt hospitals. The patients are frowned upon to ask for lower and cheaper class wards. There is also a mean testing to make sure they cannot get admitted to lower class wards. And if they do, the disincentive is that they will not get the same subsidies as the lower income, very meritocratic. And it is not the intent of the hospitals to build more lower and cheaper class wards with more beds to cater to the demand of those who do not want to splurge or squander their hard earned money away. Getting sick and admitted to hospital is a great opportunity to spend, to show how much money one can afford to spend. Spend until no money left for retirement or go bankrupt.

And the latest, spending millions on Sinkies living overseas. Some are questioning why the need to spend such money when the money can be put to better use at home, to feed the less fortunate. Is this about thrift? No, it is spending in style. We are the envy of even Europeans who insisted that they be invited into our eat all you can parties for free. My God, we are truly rich beyond the imaginations of the people of rich countries.

We have the money, we have a lot of money in our reserves, and we can afford to spend, to buy the latest and most expensive military toys at several hundred millions a pack. Who says the money is for rainy days? If the money is not spent, if people are thrifty, how can the economy expand, who is going to buy all the expensive homes and cars, how can the GDP keep growing?

Spending is good. Over spending is better. After all, money value shrinks quickly with the high inflation, and saving and not spending are as good as letting the money to rot away.