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Khaw blaming Dr Goh for SMRT failings?

In GIC, Infrastructure, S'pore Inc on 16/11/2017 at 6:22 am

How can Khaw say we were poor money 30 yrs ago?

Thirty years ago, Singapore’s per capita GDP was about $16,000. Last year, in 2016, it has grown more than four times to about $73,000….So when there are people who criticise the North-South and East-West Lines on why we did not do this and that, we were simply short of cash.

Khaw

In 1981, 36 yrs ago, we had so much reserves because of consistent budget surpluses that Dr Goh Keng Swee decided to set up GIC to better manage the returns on the reserves. (Btw, Goh was no fan of the MRT system. He wanted buses.)

Is he implying that Dr Goh, the then PM of the day, one Harry Lee, and the cabinet decided to prioritise overseas investment returns over the MRT system? Is he also saying that the money in the reserves stashed away then were better deployed building a Great MRT system?

Khaw must be punch drunk after taking too many head blows because in defending SMRT, he’s telling us that the then leaders prioritised surpluses i.e. reserves, over infrastructure. Until his latest comments, the official narrative was that we could have surpluses (reserves), and good infrastructure and that the founding leaders achieved both in their wisdom. Now Khaw is saying that the official narrative is BS, and that the money that went to GIC to manage should have been used to make a Great MRT system, not one that is braking down 30 yrs later.

Separately as Chris K pointed out

GDP per capita had grown more than 4 times in 30 years means the govie has 4 times as much tax revenues as 30 years ago. If “we were simply short of cash”, then the govie is not spending enough for the transportation system to keep up with the size of the economy.

Is Khaw, blaming the other Goh and PM (then DPM) for not spending $ in the 90s?

I’ll leave the last word  to a M’sian PR working here (he married local so as to get HDB flat)

30 years ago might have been short, but since then fiscal surpluses have been close to 10pc of GDP a year by IMF accounting. See this is the problem, train investments come out of the budget but land sales get squirreled away unseen. And we pretend we are poor… So easy to invest in a massive investment portfolio, so hard to invest in your own infrastructure. This fiscal dinosaur begs to be made extinct.

Related posts

SMRT: The cock that Khaw talks

Fat cats need help

P&G mgt reminds me of the PAP

SMRT: Why Desmond must go

PAP has lost “output legitimacy”

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  1. Everyday is confirmation that I’m making the right choice to diversify most of my assets away from this place!

  2. about 18 years’ ago, I liquidated 100% of my holdings in johor/m’sia.

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