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Jamus Lim sought to make clear the insurance policies proposed by The Employees’ Celebration regarding Singapore’s reserves, as the author of a letter printed on Chinese language-language information website zaobao.com.sg appeared to consider that these insurance policies would “raid” the reserves and go away the following era of Singaporeans “impoverished and indebted.”
The context of the letter is in regards to the Items and Companies Tax hike, which the WP continues to oppose. The letter-writer, Mr Lim, wrote that WP’s insurance policies involving utilizing Singapore’s reserves with a purpose to fund the federal government’s assist packages would take a toll on future generations.
The letter was printed on Nov 15, and the rebuttal from the Sengkang GRC MP, an Affiliate Professor of Economics at ESSEC Enterprise College, was printed three days later.
Assoc Prof Lim first thanked the letter author for recognizing the significance of getting a number of opinions in Congress, earlier than clarifying that neither he nor the opposite WP MPs are suggesting that assist packages be financed by borrowing.
Moreover, in April, the WP defined why its alternate options to GST hike wouldn’t “slay the golden goose,” which is how former Prime Minister Goh Chok Tong as soon as referred to the nation’s reserves.
And in a Fb submit on Sunday (Nov 20), the MP added that he has a tough time shopping for into the argument that the insurance policies proposed by the WP would deplete Singapore’s reserves.
“First—as I careworn within the piece—slowing the speed of accumulation of reserves can hardly be referred to as taking from it. It’s like somebody declaring that since they’ve lower down their meals from 6 a day to five, they’re now on a food plan.
Second, it’s not as if the cash spent as we speak is being squandered. Usually, it’s used to fund necessary public expenditure wants, like schooling and infrastructure. These are investments sooner or later to start with, even when the spending happens as we speak.
Lastly, even when the spending goes towards non-investment wants resembling healthcare for the aged, why would this essentially quantity to promoting our youngsters brief?”
Assoc Prof Lim ended his submit by writing, “In spite of everything, if we scrimp on paying for important preventative and corrective healthcare as we speak, the invoice will finally come due down the street, and our youngsters could finally be burdened with a fair costlier palliative care invoice.”
The letter to Zaobao could also be discovered right here, and Assoc Prof Lim’s rebuttal right here. /TISG
WP continues to oppose GST hike, calling it ‘irresponsible’ at the moment
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