Read more at http://www.channelnewsasia.com/news/singapore/heng-swee-keat-taxes-transfers-must-remain-fair-and-progressive-9469480
“preserve fiscal sustainability”
Said Mr Heng: “Because at the end of the day, having the reserves gives a long-term stability to our economy and gives us the means to be able to weather (a) crisis in ways in which many other countries cannot, and increasingly in a world which is more uncertain, I think we better have more firepower than less.
“In fact when the economy had a downturn, we used the reserves to provide for that buffer. So I say never take it for granted. And if I can, I’d rather leave something for the future generations that their future is more secure.”
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(1) It is extremely important to ensure “preserve fiscal sustainability” - ensure no overspending and ensure not financing budget through debts.
(2) Never touch the reserve - unless "do or die situation". And hopefully "do or die situation" will never arise.
Reserve should be used as far as possible to accumulate more wealth - through prudent investment in safe instruments.
(3) Fair and progressive fiscal budget - should be a hallmark of our financial policies - that feature "Capitalism - to stimulate entrepreneurship and hardwork" and feature "Socialism - to distribute wealth to ensure social cohesion".
(4) Be careful in raising tax - and be careful in spendings.
It must ensure :-
(a) investment into the future - that will help to improve our competitiveness
(b) take care of less endowed citizens such as elderly, poor and lower income, sick, retrenched, retired - to help them to managed.
(c) ensure people are motivated to work, improve productivity, innovate, entrepreneur spirit
Said Mr Heng: “Because at the end of the day, having the reserves gives a long-term stability to our economy and gives us the means to be able to weather (a) crisis in ways in which many other countries cannot, and increasingly in a world which is more uncertain, I think we better have more firepower than less.
“In fact when the economy had a downturn, we used the reserves to provide for that buffer. So I say never take it for granted. And if I can, I’d rather leave something for the future generations that their future is more secure.”
---
(1) It is extremely important to ensure “preserve fiscal sustainability” - ensure no overspending and ensure not financing budget through debts.
(2) Never touch the reserve - unless "do or die situation". And hopefully "do or die situation" will never arise.
Reserve should be used as far as possible to accumulate more wealth - through prudent investment in safe instruments.
(3) Fair and progressive fiscal budget - should be a hallmark of our financial policies - that feature "Capitalism - to stimulate entrepreneurship and hardwork" and feature "Socialism - to distribute wealth to ensure social cohesion".
(4) Be careful in raising tax - and be careful in spendings.
It must ensure :-
(a) investment into the future - that will help to improve our competitiveness
(b) take care of less endowed citizens such as elderly, poor and lower income, sick, retrenched, retired - to help them to managed.
(c) ensure people are motivated to work, improve productivity, innovate, entrepreneur spirit
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