When will building of surpluses begin to benefit people?

robertteh SG

For 40 plus years people were told so often to let the government increase taxes, fees and charges even if the various government departments are making billions of surpluses and now it is still the same.

It would seem that despite all the annual surpluses from over-taxing and profiteering by the whole government, the government still wants to make more and more monies.

When is such surplus craziness going to end and when will it begin benefit the citizens.

At the last GST increase, the government was not in deficit but was making huge surpluses not revealed to the public or annual budgets.

Surely we do not need so much monies just to lose them on Shin Corp or Global Crossing or some other citibank rescue.

Surely we do not want to build such surpluses to keep paying our ministers more millions and life pensions.

Surely we do not need such millions and expect our citizens to postpone their retirements with more excuses that by such building of more surpluses their lives will be getting better.

Do you think the people can still trust our leaders any more about the pot of gold at the end of the rainbow as often promised with this kind of record.

will4 SG

Robert, u think in the matter of Shin Corp, if PPP managed to form a govt, Temasek investment is going to be safe?

FireIce SG

one day if we ever need to touch the surplus or reserves….... it would be very very very very very bad….............

kramnave SG

Dig up one of your previous threads and add on lah if there is anything different to add..else replies are going to be the same …

Medicated Oil SG

If "we" touched the surplus, it would be very bad.

That is a false perception created by a bunch of selfish poodles.

It was earned by the peasants and should be used on the peasants.

Now, it is being used recklessly by re-tired army colonel which dun have any financial experience on losing venture.

It is used to pay millions to shameless poodles and, which, in turn, pay the peasants peanuts for help.

It is also used to shut the prata mouth of a useless indian who never do his job to guard the surplus.

So, the crazy doctor was actually asking a very logical question to Woody: Where is the money ?????

Imagine when you retired, you just found out that your money have just be used up by a bunch of useless poodles.

robertteh SG

Not necessary. Who is MM Lee or Ms. Ho Ching in the eye of Thai people? PPP after Thaksin left is no longer the same PPP. Why must anyone bend backward to help MM Lee or Shin Corp reverse the fines already imposed for breaking of Thai law?

will4 SG

Robert, this is a matter of opinion, if former PM Thaksin came back to Thailand, he might try to influence the newly formed govt to reverse the fine.

If this really happened, u think this will put Thailand in a turmoil once again?Will the Thai army step in?

robertteh SG

Fear tactic of this type has been used by Durai to the effect that NKF surpluses will not last more than 3 years.

As it turned out NKF surpluses were spent on self-rewards by CEOs, golden taps and call-centre contracts in India which were not even delivered.

Now look at how our surpluses of US$120 billions were spent. Were they spent on increasing ministers' own salary increases creating more CEO posts in all the GLCs or helping to create jobs for local citizens or increasing retirees' savings or lowering of their costs of utility or medical cares?

will4 SG

I wonder what is the purpose of posting senior SAF officers to GLC or sta board?

Lin Yu SG

you'll never know coz it takes 50 man years just to sort out the account
Laughing

robertteh SG

Before we speculate further look at the fact first. Thaksin has to clear himself of corruption first. That will take some doings on his part. If he is clean fine. If not he will have to live with whatever is the outcome.

Shin Corp is not his problem now. If he helps it may incur the displeasure of many people who are not happy with Temasek or Singapore poking fingers into their pies. Temasek is not that popular. So which way will the cat jump, nobody can tell.

will4 SG

Robert, u think the newly formed govt will help Thaksin clear his name in the court by influencing the judges?

Temasek investment in Shin Corp has suffered great loss but why Temasek is willing to let it be publised locally? Neutral

robertteh SG

Thai is different from Singapore. It has many spheres of influence. The King, the military, the parties and the people each has its own sphere of influence.

If Thaksin's PPP is willing to help Thaksin clear his name, it will have to work with these parties. Thaksin will have to have enough clouts to convince all to reverse decisions made by the previous military government. May be Thaksin will play with time and clear only certain issues affecting him first which is easiest to clear. One by one, that is. He has many business interests of his own and definitely cannot be hundred percent sure that he does not make mistakes like corruptions.

lionnoisy SG

half of investment return already put into budget,at least what
they have said.

3.2 Importance of Revenue Sustainability

Despite the Primary Budget deficit, the Government has been able to avoid persistent
deficits in the Overall Budget position, by supplementing operating revenue with Net
Investment Income Contribution (NIIC) from reserves accumulated in the past. Under the
Constitution, the Government is allowed to use up to 50% of NII for current spending needs....

2.pl read Table 6.1. Overall Fiscal Position for FY1997 to FY2006
($million) then u know....

.................................FY 2000..............................................FY2006
NII Contribution - - - 2,287 ....1,375 ...3,675 ...1,900 ...3,043 ...2,671 ..2,388
Overall Budget .....3,983.. (2,698 ) ..191 ....(1,887).... (105)... 430..... (2,862)
Surplus/ (Deficit)

so now u can see importance of NII

will4 SG

Robert, with regards to the raising of GST, it is also mentioned in the TV by one economist saying the GST increase might not be ggod to the economy.

robertteh SG

Originally posted by lionnoisy:
half of investment return already put into budget,at least what
they have said.

[b]3.2 Importance of Revenue Sustainability

2.pl read Table 6.1. Overall Fiscal Position for FY1997 to FY2006
($million) then u know....

.................................FY 2000..............................................FY2006
NII Contribution - - - 2,287 ....1,375 ...3,675 ...1,900 ...3,043 ...2,671 ..2,388
Overall Budget .....3,983.. (2,698 ) ..191 ....(1,887).... (105)... 430..... (2,862)
Surplus/ (Deficit)

so now u can see importance of NII[/b]

Extraordinary windfall profits made by Singapore Land Authority amounting to S$20 billion during the period 1900-2000 were not reflected in overall budgets for 2000-2006. Additional windfall land sale profits for 2006 itself came to at least S$4 billions enough to pay each citizen 5% interests on their retirement CPF accounts.

So it is not true that the budgets are the overall budgets. Ex-President Ong Teng Cheong has asked for all these figures but was not given the figures.

deathbait SG

Maybe you would like to move to US, where the government would be justified in taxing you more(According to your argument), because the budget is in deficit?

I'll like to see you go up to your dad and demand he spend HIS surplus(savings), or distribute to you.