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REACH 323 - At 1:30pm today, Mr Wong will respond to MP's comments and concerns in his Budget Round-up Speech before Parliament votes on the Budget.

(SK)

02 Mar 2022 (10am - 7pm)

REACH

[0:04 pm, 02/03/2022] +REACH: Dear Contributors,

Welcome back! 😊

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Thank you

Megan 😊

[0:06 pm, 02/03/2022] +REACH: 📺 Tune in to the Budget Round-up Speech at 1:30pm at the link below:

📌 https://www.youtube.com/watch?v=RFUseX-T1zs

Parliament is expected to sit for about two weeks starting from 28 Feb (Mon) till about 10 Mar (Thu) to debate the Budget 2022 statement for the new financial year.

MPs raised a host of questions and made proposals covering three broad themes: taxes, labour issues ranging from better wages to work prospects for local workers, and social issues such as eldercare and education.

At 1:30pm today, Mr Wong will respond to MP's comments and concerns in his Budget Round-up Speech before Parliament votes on the Budget.

📌 Investing in Our Businesses and People

Looking beyond the immediate crisis, we must use this window of opportunity to better prepare ourselves for the coming decade.

Among the suggestions made on this front was a point raised by labour MP Patrick Tay to make the Jobs Growth Incentive (JGI) permanent in order to help mature professionals, managers and executives (PMEs) transition into new jobs.

👉 https://str.sg/wsfb

📌 Strengthening Our Social Compact

The Government will ensure that all Singaporeans have opportunities to do well for themselves, no matter their background or starting point.

On helping vulnerable groups, suggestions made included calls for progressive wages to be extended to more sectors, as well as more mental well-being support, particularly for those in professions like social work.

👉 https://str.sg/wsYj

📌 Advancing Our Green Transition

Our little red dot can also be a bright green spark. To play our part in the global effort to combat climate change, and secure a more sustainable future for ourselves and for the world.

Among the topics up for debate was energy independence, with Dr Tan Wu Meng (Jurong GRC) suggesting that Singapore could explore hydrogen and nuclear power in looking to diversify its energy sources.

👉 https://str.sg/wscG

📌 Building a Fairer and More Resilient Tax System

The GST hike, schemes to cushion the blow of higher taxes, and new wealth taxes are among the topics up for discussion during the Budget debate.

On the GST hike, the deferring of the goods and services tax (GST) hike to 2023 and 2024 was welcomed by some MPs, with many urging the Government to do more to help people cope with living costs. On wealth taxes, some MPs expressed support for the Government's decision to raise taxes at the top end, though others felt these measures were tokenistic.

👉 https://str.sg/wsY5

[0:33 pm, 02/03/2022] +REACH: Dear Contributors

We’d love to hear more from you on today's topic 😊

We have had good feedback and hope that we can keep the discussion robust and active!

Megan

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[0:54 pm, 02/03/2022] +Rama: Not impressed

[1:11 pm, 02/03/2022] +Noraini: Killer

[1:14 pm, 02/03/2022] +JC: I think these messages have been discussed many times in this chat and elsewhere. Nothing new to add I guess.

Tax increase is inevitable but make sure e money is well spent and improve the lives of the majority.

[1:34 pm, 02/03/2022] +REACH: Dear Contributors

We’d love to hear more from you on today's topic 😊

We have had good feedback and hope that we can keep the discussion robust and active!

Megan

[1:38 pm, 02/03/2022] ☸️ Danny 心:

Additional comments on our tax system.

1, GST is an appropriate tax system :-

a. as it is broadbased - where everyone (citizens and residents pay). This will relieve the tax burden falling on a small group of people - notably the rich, middle-upper and middle income.

b. By so doing these groups of people will feel less stress, won't feel unfairly targeted, more motivated to work to contribute to the Economy - as feel they are not "penalised" for being enterprise, hardworking and contributing to the Economy. Else the incentives to work will dissolve- and our Economic growth will be blunted.

c. Moreover, as our population aged, there will be less people of these group who are able to pay tax. Hence it make more sense for GST to contribute to the Government revenue - as it cover the entire spectrum of the population, and it is a more stable income, and easy to collect - as opposed to other tax revenue.

d. GST is not regressive as in the context of Singapore, because tax collected - are given as GST rebate to the lower and middle income group - and thus does not induce undue burden to the lower and middle income group.

e. Also higher income group don't mind paying for the higher GST as they reap the benefit of enjoying the products and services they buy. In fact, higher income group contribute a very high proportion of the GST tax as compared to the lower and middle income group.

f. Thus i don't see the points driven by opposition - that GST unfairly target the lower and middle income group.

[1:49 pm, 02/03/2022] ☸️ Danny 心:

2. a. I don't agree with some MPs urging to use more of the NIRC - from 50% to 60% to fund the government spendings - because the more we use our Sovereign reserves to fund yearly recurrent - the less revenue we will generate and the less NIRC we produced to fund the yearly government spendings.

b. This is in fact hurting our golden goose - to be able to generate higher reserve revenurs and higher NIRC - and is very short-sighted view of digging more into our reserves and deplete our reserves.

c. Now because we need to raise government revenue, this MPs want NIRC to raise from 50% to 60%, so in future when there are further needs to raise more revenue, are they suggesting to raise to 70%, 80%, 90% and 100%?

This will soon dig more and more into our reserves and destroy our last foundation we have that we have so painfully build up over the years.

50% revenue profit to be plough back into our reserves to grow our reserves and 50% to fund recurrent spendings - should be the right balance - and let us try to guard this formula as long as it takes.

d. We have to be very careful and jealously guard our reserves - and prevent those who are destined to use reserves carelessly to fund recurrent spendings - instead of saving it for rainy days and emergency needs.

[1:59 pm, 02/03/2022] ☸️ Danny 心:

3. The current wealth tax that target the wealthy (specifically property tax for high-end property, ARF for luxury cars, GST for products and services) - are appropriate because :-

a. it carry a "win-win" attribute - as the wealthy possess the high-end property that will appreciate in value even though they pay higher property tax, carry the prestige of the luxury car even with higher ARF, and gain the use of luxury products and services despite paying higher GST.

b. But we have to be careful to target the wealth tax that carry the attribute of "win-lose" outcome on the wealthy.

Eg. are tax on capital investment such as dividend, interest income, insurance payout, bond interest, estate duty etc --- because the wealthy can easily switch and transfer their liquid assets out of Singapore - and we lose our status of financial hub.

The 2008 where we abolised our estate duty indicate this - as we collect very meagre amount of estate duty and we face a very challenging financial crisis - as the wealthy park their funds outside Singapore.

So by targeting the wealthy on such income - will drive wealth funds out of Singapore - and we should be very careful on this.

[2:00 pm, 02/03/2022] +Rama: Agree on point two

[2:09 pm, 02/03/2022] ☸️ Danny 心:

4. As we raise GST and the Government provide Assurance Fund to cushion the GST hike on inflation, we need to watch out for other factors that are driving up cost of living in Singapore :-

a. Profiteering whereby many food stalls and business are already hiking their food prices, products and services prices even before GST hike take effect. This is the demand side inflation.

b. Supply side inflation - whereby the covid pandemic has drive up imported inflation - through global supply chain disruption, labour shortage, crop supply disruption, due to bad climate, manufacturing disruption, energy disruption and now the Russia invasion into Ukraine - that disrupt transport, food supply, mineral resources and energy gas and oil supply.

c. Both these demand and supply side inflation - should be differentiated from GST driven inflaton - and additional policies to tackle these inflation maybe necessary - so that business will not experience shock (eg. 4 to 5 times increase in energy prices that make business untenable) and household will not pay exorbitant food prices, product prices and power bill.

[2:11 pm, 02/03/2022] ☸️ Danny 心:

There goes all my profit': Soaring electricity bills a rude shock for businesses in Singapore.

Ridiculous power bill 5 times more than previous.

https://www.channelnewsasia.com/singapore/electricity-bills-businesses-smes-sp-open-market-energy-prices-2516731

[2:13 pm, 02/03/2022] +Smiley face: Now

[2:14 pm, 02/03/2022] +Rama: Precious Metals!?

[2:19 pm, 02/03/2022] +Smiley face: As you requested

[2:20 pm, 02/03/2022] +Smiley face: Oil and Brent, possible of another 15% upside!

[2:22 pm, 02/03/2022] +Smiley face: https://www.aljazeera.com/news/2022/3/1/ukraine-on-edge-as-russia-continues-its-assault-liveblog

This one factor...

[2:24 pm, 02/03/2022] +Smiley face: Three things to follow that is COST CUTTING, FORECASTING AND FORWARD THINKING couple with a good understanding of the history of the Russian, the Chinese and the US...

[2:25 pm, 02/03/2022] +Smiley face: "Don't Be Overly Happy, Its Just Too Early, This Hunting Game... Zero to Hero Or The Reversal to Zero? "

"Luring tigers out of a mountain cave, the hunter is ready to slaughter all of them...(调虎离山) This is one of the age old strategms of war."...

[2:28 pm, 02/03/2022] ☸️ Danny 心:

5 Let us be rational about this - Government spendings will go up as more or our population age.

a. Healthcare cost will go up.

b. Social spendings will go up - as more people retire without huge retirement funds.

c. Global climate trigger coastal defence needs.

Hence, looking broadly at more tax revenue sources and innovative solutions to reduce spendings will be required.

a. Less import for gas, oil, fuel - can be mitigated by installing solar panels for household - public and private - as solar energy is free, infinite and unlimited. Hence we will be less likely to succumb to fluctuating energy shock triggered by external events in wheich we have no control.

Industrial, commercial and business will need to explore other energy sources as one MP mention hydrogen (err not so sure about nuclear - that will generate nuclear waste and radiation).

b. We need to rethink how we spend and how we can reduce spendings and yet achieve all the policy objectives of :-

a. Social spendings

b. Healthcare spendings as our population age

c. Coastal defence to tackle climate changes.

Instead of looking at incremental spendings every year to achieve incremental benefits - are there areas where we each of our Ministries holistically look at how we can revamp,restructure and transform spendings to make it more cost effective, more efficient and remove unnecessary spendings or incremental spendings to produce minimal benefits?

It is not easy and quite disruptive --- but as we incrementally improve - the spendings can grow fatter and fatter and produce only incremental benefits.

But a relook and revamp ways of doing things may - produce a leap-frogged outcome with lesser spending.

----

[2:52 pm, 02/03/2022] +REACH: Dear Contributors

We’d love to hear more from you on today's topic 😊

We have had good feedback and hope that we can keep the discussion robust and active!

Megan

[3:01 pm, 02/03/2022] +JC: OK since not a lot of feedback, I would like to focus on what's NOT being addressed in this budget OR by our government in general.

📌 Building a Fairer and More Resilient Tax System should be changed to Building a Fairer and More Resilient Society

[3:05 pm, 02/03/2022] +JC: one of the key concerns raised by some of us in this group is that Singapore society/economy may be over weighted towards supporting "rent-seeking" behavior rather than productive economic or entrepreneurial behaviors. This is can be seen in the high rents and relatively strong market power of landlords (potential oligopoly?) in the commercial sector and privately, via the speculative housing and financial markets.

[3:06 pm, 02/03/2022] +JC: I would love to see the govt do more to foster a more attractive environment in Singapore for small businesses and to shift economic rewards away from capital and to labor.

[3:25 pm, 02/03/2022] +Smiley face: There is even a greater needs now to focus on our domestic economies to derive a sustainable circulating (内循环) and a healthy economy. From our SMEs to the MNCs, a hawker to a worker, that's important now and going forward the next 3 years.

[3:39 pm, 02/03/2022] +BL: Well said - agreed. This is very apparent in the residential rental market; and I hear the same about commercial rental too.

[4:01 pm, 02/03/2022] +Dan: https://mustsharenews.com/beauty-world-book-centre/

[4:10 pm, 02/03/2022] +Smiley face: Malaysia has enough cooking oil supply to blunt record rally

https://www.straitstimes.com/asia/se-asia/malaysia-has-enough-cooking-oil-supply-to-blunt-record-rally

[4:11 pm, 02/03/2022] +Smiley face: Sri Lanka runs out of fuel as dollar crisis worsens

https://www.straitstimes.com/asia/south-asia/sri-lanka-runs-out-of-fuel-as-dollar-crisis-worsens

[4:13 pm, 02/03/2022] +Smiley face: S'pore energy, commodity stocks see gains amid shortage fears

https://www.straitstimes.com/business/companies-markets/spore-energy-commodity-stocks-see-gains-amid-shortage-fears

[4:15 pm, 02/03/2022] ☸️ Danny 心:

Hydrogen can be produced by water, solar and biomass which are abundance, unlimited and free.

If we successfully tap hydrogen from such energy sources - we will not be held hostage by energy price from fuel, oil and gas.

[4:32 pm, 02/03/2022] +Smiley face: https://hbr.org/2022/01/3-strategic-options-to-deal-with-inflation

[4:34 pm, 02/03/2022] +Smiley face: https://hbr.org/2021/09/6-strategies-to-help-your-company-weather-inflation

[4:54 pm, 02/03/2022] ☸️ Danny 心:

So if we successfully use solar panels for household energy needs and use hydrogen produce from water H2O or solar source - then we have revamp, transform and greatly reduce the energy price from oil, fuel or gas - with free, unlimited, infinite natural resources.

This is breakthrough cost savings from traditional way of providing power and electricity.

Ministry of Environment score one big win - in government spending and we have less pressure to find revenue sources to tax.

This is what I mean - every ministries relook holistically how government ministries are spending - revamp and restructure our policies and make a breakthrough.

[4:57 pm, 02/03/2022] +REACH: 📢 Topic 📢

In his Budget round-up speech on 2 Mar (Wed), Finance Minister Lawrence Wong responded to suggestions MPs made over the past three days of the debate, which have touched on the GST hike, schemes to cushion the blow of higher taxes and revisions to foreign worker policies.

💬 What are your views on the Budget debate and alternative proposals brought up by MPs to meet Singapore's spending needs and strengthen our social compact?

Some key points from Mr Wong's speech include:

📌 Sustaining Singapore's recovery

Mr Wong affirmed that sustaining a vibrant economy is important to generate revenues and uplift Singaporeans across the board. He assured that the Government will work to ensure the resilience of our energy supply, provide daily necessities at cheaper prices through house brands, and establish a committee against profiteering to keep costs low for Singaporeans, especially amidst potential supply shocks as a result of the Ukraine crisis.

📌 Business support

Mr Wong also highlighted that 80% of payouts from enhanced business support schemes will flow to SMEs, with priority given to SMEs which actively invest in productivity solutions under schemes like the Productivity Solutions Grant. Apart from making it easier for SMEs to access info on support through the GoBusiness portal, it is hoped that manpower shortages in the construction, process and marine sectors can be cleared within the next few months by giving priority to workers in these industries to re-enter Singapore.

📌 Importance of GST and potential alternatives

Mr Wong reiterated that by staggering tax moves and offering generous offsets, Singaporeans will be cushioned against the impact of the GST hike, which is necessary to cover future healthcare spending needs and increasingly complex social spending needs.

📌 Staying open and connected

Mr Wong noted that the latest tweaks to foreign worker policies announced in this year's Budget are careful, calibrated adjustments aimed at ensuring foreign workers coming in are of the right calibre, for areas where they are needed, and to complement the local workforce.

He cautioned that staying open and connected to the world is a critical aspect of the country's competitiveness, and that Singapore must never let anti-foreigner sentiments take root or give the impression that it is becoming more inward-looking.

👉 https://str.sg/wsP5

View the full speech at the link below:

👉 https://www.youtube.com/watch?v=VNrA9etmDlI

[4:58 pm, 02/03/2022] +Smiley face: In a highly volatile (unknown) business condition like escalating inflation, CASH flow is vital to survive this storm! Cost cutting is one way to raise the saved money regardless if one is an individual, a family or a bigger entity. Essential versus non essential expenditures.

[5:00 pm, 02/03/2022] ☸️ Danny 心:

Likewise in healthcare and social spending - can we have more creative solutions to achieve the health objective and social welfare objective by revamping how we spend - and yet achieve the same objective?

[5:01 pm, 02/03/2022] +Smiley face: Some suggested the model of UNIVERSAL healthcare?

[5:02 pm, 02/03/2022] ☸️ Danny 心:

How does it work?

[5:05 pm, 02/03/2022] +Smiley face: Universal health coverage means that all people have access to the health services they need, when and where they need them, without financial hardship.

Downside is taxpayer will be billed accordingly to the spectrum of usage, this case all health care services!

[5:06 pm, 02/03/2022] ☸️ Danny 心:

I got to research more about this before I can comments.

Anyway thanks for the information.

[5:06 pm, 02/03/2022] +Smiley face: The country becoming the CHIEF UNDERWRITER of healthcare for all its exclusive citizens.

[5:07 pm, 02/03/2022] +Smiley face: Something to think, going forward.... Will happen...

[5:07 pm, 02/03/2022] +Smiley face: March 2, 2022

(Disclaimer, following is a fictional narrative, all situations and characters are either coincidental or out of creativity)

Prologue :

Country C is stucked to a corner! The hidden pain will be Country B, no more to hire or borrow? Simply Country C is Country B hired hand in this mini Z fight, a Proxy fight!

Chapter 1:

Who luring who?

The coming years with the world wanting for a greener earth. It is natural for many countries to produce electrical goods of all sizes and types. These electrical stuffs worth many trillions of dollars in retail value.

Country A is clearly in the upper most advantage after the defining mini Z fight of WHO RULES THE WORLD NOW and for the next 20 or longer years!

With B and C holding two critical raw materials that is SOIL and METAL that are needed to produce many goods.

It doesn't matter if Country A is short of these two or more ingredients that B or C or others holding on so tightly...

Simply when you are the mighty power of this world, you will decide on all things, that is consequential and critical as the world moves forward into 2030!

Of interest, an unique Country S ( Country T), a long trusted country with neutral and broad based foreign friends will benefit from large inflow of monies in coming years!

If Country A enforced a 15% tax on profits. What this tax will do?

A further distancing of these profitables, Country A corporations will continue to park their profits overseas, likewise for Country B to Country T too! One sweet potato is Country S!

As the saying goes, "when the police goes to the ground, one goes further down...!"

Country S & Country T will become two big silent benefactors and their people too, this new playing field! Its already happening...

[5:47 pm, 02/03/2022] ☸️ Danny 心:

My close friend comments:-

1. Then there will be no restraints on healthcare demands.

2. Better to go on prevention better than cure approach. Health promotion board has to do more.

3. Greater automony for pharmacists to treat mild conditions.

One healthcare computerised system to enter info so that records are kept.

[5:47 pm, 02/03/2022] +Smiley face: Chapter 2:

家家有本难念经

There standing a young man inline for a packet of rice. In front of him is an elderly man who spoke a foreign dialect.

Young man - where are you from?

Elder man - I'm from a few thousands km away and I'm visiting my grandchildren. I'm buying lunch from them to eat.

Young man - here the cost of rice is getting expensive! It must be cheaper over at your country?

Elderly man - it doesn't matter if here cost abit more because it is greener and convenient here

Young man - puzzled by the elder's comment about here being a greener place? He persisted and asked him "I always thought your home country is greener than mine!"

Elderly man - young man, if my home country is greener than yours, my grandchildren will not be here and I wil…

[6:13 pm, 02/03/2022] +REACH: Dear contributors,

We would love to hear more from you! We will be extending the chat to 8pm today.

Megan😊

[6:18 pm, 02/03/2022] ☸️ Danny 心: Ideas in synch.

[6:19 pm, 02/03/2022] ☸️ Danny 心: Meeting of same mind

[6:23 pm, 02/03/2022] ☸️ Danny 心: Great mind thinks alike.

[6:29 pm, 02/03/2022] +Rama: 😅😂🤣

[6:30 pm, 02/03/2022] +JC: It

[6:31 pm, 02/03/2022] +JC: is funny that parroting a often mentioned government position on wealth tax (for decades) can considered a "great mind" :D

[6:31 pm, 02/03/2022] +JC: *be

[6:39 pm, 02/03/2022] +BL: The principle is Free at the Point of Use. Look up NHS funding in the UK to find out more.

[6:41 pm, 02/03/2022] +BL: You don't pay for access to GP, for Operations, consultants etc. But you have to wait in a long queue and they decide the priorities. The problem is that it's hugely expensive and overly bureaucratic, in the UK. Maybe SG can do a better job.

[6:42 pm, 02/03/2022] +BL: I like the principle, but the execution has major problems.

[6:42 pm, 02/03/2022] +BL: Is it seriously being considered?

[6:43 pm, 02/03/2022] +BL: GST does disproportionately affect the lower incomes, but with GST relief, this is offset. SG Gov, has put measures in place to rebalance the impact.

[6:43 pm, 02/03/2022] +Umar M: It seems flash floods are becoming increasingly common and dangerous.

Urgent need to address climate change efforts.

[6:44 pm, 02/03/2022] +BL: I think in SG case, this is true. Gov has put good measures in place.

[6:45 pm, 02/03/2022] +BL: Agreed

[6:46 pm, 02/03/2022] +BL: We do need provisions in place to help those who can not afford healthcare, and relying on family to pay is not a good option.

[6:48 pm, 02/03/2022] +BL: I think this is quite an offensive and unnecessary statement. People who need benefits are not living the high life, piggybacking off others. It's wrong for our national paper to put out statements like this, which cause division and resentment in society.

[6:51 pm, 02/03/2022] +JC: Hmm u have a point. Not a very thoughtful way to put it.

[6:53 pm, 02/03/2022] +Joseph Yap: 💬 What are your views on the Budget debate and alternative proposals brought up by MPs to meet Singapore's spending needs and strengthen our social compact?

It is important that Singapore must never let anti-foreigner sentiments take root or give the impression that it is becoming more inward-looking.

Due to globalization, Singapore companies have to compete on global scene with the best pool of talents.

The broadening of sources of tax revenue is essential to build a diversified base, we should not be irresponsible and keep increasing our reliance on investment income from national reserve.

[6:54 pm, 02/03/2022] +Smiley face: There is quite a number of citizens that are living "mouth to mouth" and month to month" basis... A tough problem!

[6:55 pm, 02/03/2022] ☸️ Danny 心:

2008 is where the estate duty is abolished - it is only 14 years - not "decades" away.

My view on wealth tax is in the 1990s.

Parroting or a critical mind?

[6:58 pm, 02/03/2022] +JC: Ok great mind 🤣 hokkien saying... Kaki gong kaki song

[6:59 pm, 02/03/2022] +Smiley face: A tax haven country will be counter productive by imposing an estate duty initiative?

That's concensus among academics and msny others... Contravening idea...

[7:01 pm, 02/03/2022] ☸️ Danny 心: Good at least the fact is established.

[7:04 pm, 02/03/2022] +BL: Exactly. I am not anti rich, but I do see there are some wealthy people that are basically rent collectors. Living off their inheritance, not contributing to society. That is a much bigger problem than some poorer people needing help to feed their families.

[7:05 pm, 02/03/2022] +Rama: Fair comment

[7:07 pm, 02/03/2022] +BL: We must never become this: https://www.independent.co.uk/voices/comment/after-the-sun-s-disgusting-scrounger-awards-it-s-time-to-recognise-the-biggest-injustices-of-the-benefits-system-9982983.html#amp_tf=From%20%251%24s&aoh=16462191836475&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.independent.co.uk%2Fvoices%2Fcomment%2Fafter-the-sun-s-disgusting-scrounger-awards-it-s-time-to-recognise-the-biggest-injustices-of-the-benefits-system-9982983.html

[7:07 pm, 02/03/2022] +Rama: Agree

[7:08 pm, 02/03/2022] +BL: UK newspaper that mocks and provokes anger against those that need help.

[7:08 pm, 02/03/2022] +BL: There are abuses in society at every level. True.

[7:08 pm, 02/03/2022] ☸️ Danny 心: Another meeting of mind

[7:09 pm, 02/03/2022] +Rama: Goblock MP!

[7:11 pm, 02/03/2022] +BL: https://www.mof.gov.sg/policies/reserves/how-do-singaporeans-benefit-from-our-reserves

[7:11 pm, 02/03/2022] +BL: Maybe already shared, but good to hear directly if you missed it.

[7:12 pm, 02/03/2022] +BL: Who is talking about 80-100%?

[7:13 pm, 02/03/2022] +BL: If there is no one, let's keep to the actual proposal of 60%, if that is being discussed.

[7:13 pm, 02/03/2022] +BL: If we speculate on what-ifs then we would do nothing. Because anything can be a what-if.

[7:15 pm, 02/03/2022] ☸️ Danny 心:

This is what Jamus lim say - use more reserves for recurrent spending.

WP lack of ideas.

[7:20 pm, 02/03/2022] +Smiley face: Draw a baseline of what is expendable and what's not....

If expendable, what's the baseline to draw upon?

[7:23 pm, 02/03/2022] ☸️ Danny 心:

$4.31 billion with 5% interest income - will earn us $215.5 million.

If we spend it on recurrent spending - we not only lose $4.31 billion, but we also potentially lose $215.5 million that we can earn every year.

Simple math, man in the street can compute.

WP only think of spend and spend in reserves.

[7:24 pm, 02/03/2022] +Smiley face: There is an old Chinatown SAMSUI lady saying... 'help yourself because government helps will have to wait longer..? "

Is this true or folklore?

[7:24 pm, 02/03/2022] +Rama: And to think he was formerly working in the world bank!

[7:31 pm, 02/03/2022] +Sunshine Pooh: the average middle income person will never benefit much from all these budget talks. my 2 cents worth..

the lower income are forever extended tonnes of help that they become complacent and dont see the need to work hard and work well

the upper income have inheritance or income generating assets that will take them through including their next genrations.

then come the middle income. the sandwich lots who have minimum benefits but are also taxed.

[7:32 pm, 02/03/2022] +Sunshine Pooh: no one ever stratifies the middle income group... and build the benefits accoridngly

[7:34 pm, 02/03/2022] +Caleb: +1

[7:34 pm, 02/03/2022] +Sunshine Pooh: gross family income of $6/7k is considered a middle income family. likewise is a family with $12k monthly income... but the difference btw this group is almost double the income

[7:35 pm, 02/03/2022] +Smiley face: 5 social classes:

upper

upper-middle

middle

working

lower

[7:37 pm, 02/03/2022] ☸️ Danny 心:

Middle income have to save and invest wisely to grow their wealth and refrain from big spending.

This is the only way to make their way up from middle to upper-middle class.

I noticed that middle income group tend to splurge on huge expenses like buying big cars, going for holidays year after year or spend in luxury goods.

If the middle income know how to be frugal and save and invest wisely, they can move up the income class.

[7:38 pm, 02/03/2022] +Smiley face: https://www.channelnewsasia.com/singapore/teo-you-yenn-this-is-what-inequality-looks-like-on-the-record-824641

[7:42 pm, 02/03/2022] +REACH: Dear Contributors,

⏰ We will be closing the chat in 15 minutes ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan

[7:38 pm, 02/03/2022] +Smiley face: https://www.channelnewsasia.com/singapore/teo-you-yenn-this-is-what-inequality-looks-like-on-the-record-824641

[7:42 pm, 02/03/2022] +REACH: Dear Contributors,

⏰ We will be closing the chat in 15 minutes ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan

[7:48 pm, 02/03/2022] +Sunshine Pooh: i beg to defer

[7:49 pm, 02/03/2022] +Sunshine Pooh: not everyone is like that. those who hv been workign and investing wisely and a crisis like COVID comes along which wipes out the income of 1 family member -- the rest of the govt is 'i am sorry to hear this but u cant apply for the subsidies'. y? u r a victim of your own success.

[7:50 pm, 02/03/2022] ☸️ Danny 心:

Well, some may fall through the cracks.

But many move up the income class this way.

[7:52 pm, 02/03/2022] +Sunshine Pooh: well i m speaking from experience...so honestly these are just talks for me as it doesnt provides me anything... instead i m just helping to subsidise everyone else who is so-called in 'need' but they flash the latest gadgets and drive cars even though considered lower income

[7:52 pm, 02/03/2022] +Sunshine Pooh: the question is how many fall through the crack.... the numbers may be large... did anyone look into this 'neglected' group/

[7:54 pm, 02/03/2022] ☸️ Danny 心:

Oh I am not aware.

Unless report or statistics reveal and report such neglected group.

[7:57 pm, 02/03/2022] +Smiley face: Definition: Low Income

Total gross monthly household income is $4,500 or less, or total gross monthly household per capita income is $1,125 or less. ... Child is a Singapore Citizen or Permanent Resident (at least one immediate family member in the same household must be a Singapore Citizen)1 Jul 2020

[7:58 pm, 02/03/2022] +Smiley face: https://blog.seedly.sg/low-income-singapore-families-parents-financial-assistance/

[7:58 pm, 02/03/2022] +Smiley face: 2 March, 2022

To: Our Distinguished and All Honorable Ones

"Don't Be Overly Happy, Its Just Too Early, This Hunting Game... Zero to Hero Or The Reversal to Zero? "

"Luring tigers out of a mountain cave, the hunter is ready to slaughter all of them...(调虎离山) This is one of the age old strategms of war."

Metaphorical War Game -

Who lures who? Who are these BIG tigers?

When was the last time one plays computer game? Unlike these virtual entertainments, the real world battlefields are won over blood and kills! These horrible scenes are nothing compared to the virtual battlefield, is fake! The might of an army cast mostly on its experiences and actual exposures to real killings and the real situations of exploded bombs and flying bullets! An old saying, "young soldiers worry over sound of bombs while the seasoned soldiers afraid of bullets!"

What if an enemy used newbie soldiers as the front during an initial starting point of an invasion given an easy setting of one's opponent? Next arrives the olympiad soldiers once these initial pathing strategies are completed?

The next stage of this invasion will be escalated into a slaughtering house and a bloody war with no one to spare walking out of it alive, this worse scenario, the defendless army (tigers) and the NO exit plan for the conqueror (luring the tiger) !

Any mercenaries involve ( involved) and who is the mastermind? What did Herman Goering said about ideaology, propaganda especially in wartimes prior (hours before hang) to his suicide in his prison cell?

By the sure strength of larger numbers, anything in life will eventually override the lesser ones; the Russians will overrun the Ukrainians simply by the absolute army strength and headcount. That's the reality of war! Perhaps many countries (tigers) are standing on the sidelines of the battlefield watching and not directly intervening into it for all knows the outcome of this battle!

At the end of the day, reality is, to each its own problems !

(家家有本难念经)

Afterwords:

Past the post cold war era, this time the Russians are humiliated and the pridefull President Putin will not rest easily in peace! The last 200 years, China too was humiliated in numerous occasions and put into a corner by the world superpowers. Now we have two big nations experienced the rippling consequences of one's shortcoming in foreign policies and the other global strategist of reimagining. All due respect and prudence, both are big nations! Going forward a complicated calculus for the rest to count...

Epilogue: