1) Wasn't the increse in GST to offset the costs helping the
poor among other costs? Wasn't it to offset a 0.8 Bil projected
deficit?
I quote Ms Syliva Lim
"For FY08, the government has once again projected a deficit of
about $0.8b. In a commentary in the Business Times Weekend Edition
16-17 Feb 08, Chief Economist at Daiwa Institute of Research
(Singapore), PK Basu, wrote a Commentary entitled: “Deficit Next
Year? Just Don’t Bet On It”. It was observed that “Singapore’s
budgetary accounting system is among the most conservative in the
world, as the fiscal balance is obtained by subtracting both
operating and development expenditure from the government’s
operating revenue alone. The government’s ample investment income
is not counted as government revenue, (though) in recent years (it
has made) a “small concession” by using up to 50% of investment
income to fund special transfers”. The writer also notes that since
the government is starting FY 08 with a larger surplus as a base,
next year’s fiscal balance will also be stronger, assuming budgeted
increases in revenue and expenditure. Coming back to his initial
question of whether there would actually be a deficit in FY 2008,
he writes: “A betting man could do worse than place a large wager
on actual revenues comfortably exceeding the Budget’s projections
next year too!”"
CitiGroup Economist Kit Wei Seng : "the GST hike may have been
unnecessary or could have been delayed or staggered…the GST hike
has contributed to the unexpected bulge in government revenues,
while exacerbating inflation pressures”
2) Isn't the true objective of public housing to maintain an
affordable alternative for Singaporeans to get a roof above their
heads? But when even the middle class find it hard pressed to
afford it. Like when the rising costs are dispropotionate to the
wages that most people are receiving, or when the spending power is
actually shrinking.
3) Quote from PAP MP
"HR managers in many companies are not receptive. Some
have become used to hiring foreign workers in the days when we had
a tight labour market. They refuse to consider new options and just
want to carry on with what they are comfortable with."
Govt has not given any form of incentive to hire locals first.
I'm a project manager and when I go to the resource manager to ask
for engineers, the candidates were all foreigners, not even a
single one has a face to face interview. All Via
teleconference. I ask, no singaporean? he said "<insert
nationality> all cheap and good!". I had to go out of my way to
find a local candidate thru my own contacts and then refer them to
the hiring/resource manager.
4) What, I cannot chose to live near my parents? just looking
from a smaller size 4 room flat near my parents also near
impossible. Re-sale market I'm talking about here. People asking
for exhobitant fees in cash.
But its refresing to see boths sides of the subject being thrown
here. (Which is why I started the thread =P)
in the context of this thread, the 2% gst rise should not cause
unnecessary alarm to the middle class. as i mentioned, if you live
paycheck to paycheck, it doesn't matter if you earn $2k or $20k,
you will feel the pinch.
if conventional wisdom prevails that a family breadwinners save
a portion(20-40%) of their total salary as savings or investments,
life will still pretty much be the same. what you cut back are the
wants, e.g. 3 movies a month vs 5 previously, or if you need bigger
adjustment, sell your 2litre car for a 1.6l.
As for hiring foreigners, companies do not look for the lowest
cost worker to hire. this is a sure fire recipe for business
failure. A rationale hirer would look for a combination of a few
things, a smart guy, ability to fit in, skill level required and
affordability, amongst others. there will be a range of salary that
a hirer would be able to afford, and that will include locals and
foreigners alike. If the hirer perceived that by paying 20% more
for a person who can deliver 50% more productivity, then the choice
is clear. always going for the lowest cost is penny wise, pound
foolish. I will dread to work for this type of company. your
point will apply for job that has little skill required, i.e.
pruning trees, or a sweeper.
and if one is house hunting and don't even have a decent amount
of money to fork out, say $20-50k on hand, that person have no
business house hunting. the same with buying a car with nothing
down or $500 down. that person cannot afford a car, period. getting
into such debts is what is creating this `cry foul' mentality
because the slightest move in the cost of living index will render
these people `invalid'.
it's high time we take responsibility for our own lives.
