Tuesday, January 27, 2009

Budget 2009 - [Tapping Reserves: Many back move]

I haven't been blogging much. But this topic on Singapore Budget 2009 is definitely interesting to blog about. Not that I have any better suggestions to make, but well, there are comments others make on the papers that.. well.. will make you simply 'roll-your-eyes'.

I don't know how many of you are affected, but about 50% of my friends are affected, including myself.

On Sunday, in the Sunday Times, there is an article on 'Tapping Reserves: Many back move'

I wouldn't copy the entire report, but I'll just copy and past the comments made by Singaporeans.

'These are really hard times. If you don't make use of the reserves now, I don't know when is a hard time. The reserves don't just go directly to people, but more importantly to saving jobs, especially for the lower-income and lower middle- income who will be hard hit if they are retrenched.'
MR DAVID CHNG, 59, a businessman
Hmm... I have to agree with Mr Chng, afterall, it is really the lower income and lower-middle income who are badly affected.

'$4.9 billion is a lot of money. I don't quite feel the pinch of the recession yet so I don't agree now is the right time. I understand it's pre-emptive, but is there a need to draw so much when there are still current surpluses from last year? We should at least wait till things get worse.'
MS CHARLENE SNG, 21, university undergraduate
She's an undergraduate and probably do not belong to the lower income group since she is not hit. But the sentence on 'should at least wait till things get worse' made me hope that she is studying fine arts, music, or maybe teaching courses which do not contribute to the economy financially.

Security supervisor Lai Shiu Ming Senior, 49, is one who knows many who are struggling to make ends meet.
He said: 'If they lose their jobs, it'll be even worse for them. So hopefully, this $4.9 billion will do something for them.'
A fine example of the life of a lower income group.

Mr E. Lim, 35, a civil servant, said he understands and agrees with the need to use the reserves.
'But at the same time, there could be a misperception that the reserves are being tapped to make up for investment losses by government-linked agencies,' he said, referring to how the Government of Singapore Investment Corporation and Temasek Holdings have pumped more than US$23billion into global banks like Citigroup, which have since dropped in value.
'So this needs to be addressed,' he said.
A civil servant highlighting a misconception that probably could only be misconceived by civil servants.

Among those who disagreed with the move altogether is civil servant Noel Kaw, 30.
He questions if today's situation is 'serious enough' to warrant it.
'Is there a possibility that this becomes a slippery slope? This crisis has become the benchmark. When you have a similar crisis next time, the first thing you do is turn to the reserves,' he said.
My bet is... Noel's family are working as civil servant and he does not adopt the hobby of reading newspapers or watching the news since the news is reporting retrenchments almost on daily basis.

OK, this one is the best! I wonder if he is a Singaporean.
Mr Tommy Tan, 28, a oil and gas sales executive, said with a laugh: 'My first thought was, 'Wah, this shows we actually have reserves.'
'We've heard of it, but never seen it. So it's like something in fairyland.'
My bet is... Mr Tommy Tan is a free thinker. Because if he heard of God (or any other pagan gods/idols), but never seen it, he will take it as something in fairyland.

Now, who says Singapore is a boring country?

Disclaimer: No personal attacks involve as the writer of the blog is not even of acquaintance to the mentioned names. Above comments made by the writer is of her own personal humble opinion.

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