Finance Minister Heng has told a few half truths to support impending tax hikes.
On the issue of ageing population, Heng justified not using a cent of our reserves and claimed: “If we don’t prepare for that, I think we will come to regret it and I want to make sure that… I will do the responsible thing.”
Heng was trying to mislead by saying “If we don’t prepare for that“. This is because the issue of ageing population was highlighted some 3 decades and not something which the PAP should be preparing for today.
In 1990, TTSH Dept of Geriatric Medicine wrote a paper with projected figures of elderly residents in 2030 (image below).
Less than 2 decades ago, the PAP had even formed an inter-ministerial committee to study this issue.
In its push to get Singaporeans to accept PAP’s insane immigration policy, Singaporeans have also been constantly reminded of the ageimg population issue during the past decade.
Fact is, PAP was already aware of this issue decades ago.
Having anticipated this issue decades ago, how could PAP turn around and claim that it had not set aside any funds? What is the point of anticipating a problem but not planning for the eventuality?
Heng sidetracked a little and talked khawk about “how earlier generations of leaders and finance ministers were very prudent, even during the years when Singapore’s gross domestic product was growing 8 to 9 per cent annually”.
If earlier generations of PAP leaders were prudent, they wouldn’t have helped themselves to millions in tax dollars. In 1989, PAP leader LKY was given a salary increase of 200% on top of exorbitant increases during earlier years. Other PAP leaders were given salary increases which were only slightly less than LKY’s. Spending millions of tax dollars on themselves = “very prudent”?
Perhaps Heng might also be hinting to Singaporeans there have been significànt investment losses when he said “I will be very cautious about making statements about how big our reserves are…”.
So, could Heng enlighten us on what’s left in our reserves?
After 3 decades of planning, Heng wants us to believe that the PAP did not save for the anticipated rainy day? And reserves cannot be used because they have to increase perpetually to benefit our children?
I don’t think Heng expected his hogwash to be taken seriously.