Temasek Review
February 27, 2010 YPAP member Genesis Shen
has expressed his concerns about the government spending
“generously” on the middle and lower income families as announced
in the recent Budget speech made by Finance Minister Tharman.
In a comment posted on the YPAP Facebook, Genesis, currently a
law undergraduate at NUS wrote that it may affect the PAP’s long
term policy of fiscal prudence:
[Source: YPAP Facebook]
Genesis claimed that the Singapore Budget has been “reliant” on
the “Net Investment Income Contribution” from Temasek Holdings and
GIC which have continuously generated income for “programmes” which
benefit Singaporean families.
He did not quote any examples of such programmes which are
funded directly from Singapore’s two sovereign wealth funds.
Genesis also seemed to be ignorant of the fact that Temasek
Holdings and GIC have lost billions of dollars in failed overseas
investments which could have been better used to help needy
Singaporeans.
As expected, his one-dimensional, unimaginative and sycophantic
comment to please his political masters have attracted similar
expressions of “support” from other PAP members and supporters.
Ibrahim Hassan added the Budget signifies that
the PAP is listening to the people:
“It is indeed heartening to note that the Government has
finally decided to tighten the tap on immigration by increasing the
foreign worker levy. This will level the playing field for our
low-wage workers, and give them added incentive to compete with the
foreign workers, who will eventually cost more for companies to
hire.…..Although more can be done to tighten immigration
flow, particularly at the middle-income brackets, this latest
measure signifies a bold move in the right direction. The
Government is listening to the ground.”
Chioh Hui Leong praised the PAP for a
“great job” done:
“Do not worry, I am sure with a higher educated population,
Singaporeans are better equipped with knowledge for them to be more
independent. Remember how we are when we are kids compared with
these kids nowadays? They know so much things than us when we were
young. We are already facing a global recession for the past year,
if the govt still thinks that now is not the time, I wonder when
exactly will the Time come?? Great job!”
When asked by the media about their views on the Budget, all the
PAP MPs interviewed were equally “impressed” by the Budget and sang
in unison in support of it.
In the eyes of these PAP members and supporters, it does appear
that the PAP can do no wrong.
If this is indeed the case, then why did the PAP now reverse its
policies to “slow” the intake of foreigners after telling
Singaporeans repeatedly over the last few years that we cannot do
without them?
How does it explain the billion dollar losses suffered by
Temasek Holdings and GIC?
Actually, Singaporeans cannot really expect the PAP MPs or the
YPAP for that matter to speak otherwise. After all, they are paid
$13,000 a month just to keep their mouth shut.
As for Genesis and co, the safest way to move up the PAP
hierarchy is to parrot whatever its leaders say.
