PAP has been tweaking too many legislations in the hope that Singaporeans will be confused and give up questioning.
It’s about time we sit up and scrutinize PAP, eg the NIR framework.
MOF: “Prior to FY2009, there was only the NII component. The NIR component was introduced in FY2009 with the implementation of the NIR framework, which allows the Government to spend up to 50% of the expected long-term real returns (including capital gains) from the net assets invested by our investment entities.”
But what is the value of our net assets, actual percentage spent and the expected returns? Unfortunately, they are state secrets.
In other words, the above statement by MOF tells us NOTHING.
There wasn’t a squeak from elected MPs – and 3 Presidents – for a decade on how billion$ left our reseres.
What we know is PAP will be spending unearned/expected income – income which could possibly never materialize.
And the timing couldn’t be more perfect: NIR framework was introduced post global financial crisis, during which many suspected Temasek and GIC almost lost their shirts. (Chart of S&P 500 below)
Was the NIR framework timing coincidence?
Will elected MPs demand transparency from PAP only after PAP politicians have spent our children’s future?