atans1

Did u know Heng said no more additional round of support measures?

In Economy, Public Administration on 08/10/2020 at 6:18 am

On Oct 3, DPM Heng announced via Facebook that there will not be an additional round of support measures. I did not read about it in the constructive, nation-building: but maybe it was tucked away in somewhere. I read in an article in the Edge. (Details of the how the $100 billion is being spent: Cheat sheet for Fortitude Budget.)

At this stage of the crisis, my team and I are fully committed to support our workers and businesses by refining our policies, expanding outreach and improving implementation, to make the most of the $100 billion committed to the fight against COVID-19. We hope that businesses and workers can make the best use of the measures that have been committed.

FB

But note out of 33 billion in Fortitude Bugget, S$13 billion is for “Contingencies Funds” Cheat sheet for Fortitude Budget.

And the btw use of reserves is peanuts:

From the above mentioned link:

Whatever, all the budgets means the government’s total fiscal injection will be S$92.9 billion, almost one-fifth of the country’s S$500 billion economy. Only Germany and Japan spend more than us when it comes to pandemic stimulus packages as a percentage of GDP. Germany 31.6% and Japan 19.6%.

The government has so far drawn down S$52 billion from our reserves to fund the packages.

Impressive?

“Peanuts”: our reserves estimated to be worth over US$710 billion or S$1 trillion by ang mohs. Only 5% of our reserves drawn down and do remember that S$13 million is for “contingencies”. Exclude that S$13 million and only 4% of reserves will be spent.

Bah humbug, a reasonable man may say.

  1. Think I read it on CNA on that same day.

    Covid has basically exposed 1 thing: too many damned people here doing too many BS jobs in too many BS businesses.

    And so we need public monies to subsidise many BS businesses & jobs, else there will be a double-digit unemployment. LOL.

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