The PM talked about taxes needing to rise in the medium term if we were to deal with an aging population and rising healthcare expenditures. He also said that returns from investing our past reserves only contribute about 2% of GDP (or S$6.5 billion approximately). This does not square with the total level of assets (about S$700 billion). Neither is it compatible with Temasek’s reported annualised return of 17% p.a. since 1974 or even GIC’s reported long term returns of around 7%. Full story
OPINION: Alarming Implications of PM Lee’s Speech to ESS - Kenneth Jeyaretnam
The PM talked about taxes needing to rise in the medium term if we were to deal with an aging population and rising healthcare expenditures. He also said that returns from investing our past reserves only contribute about 2% of GDP (or S$6.5 billion approximately). This does not square with the total level of assets (about S$700 billion). Neither is it compatible with Temasek’s reported annualised return of 17% p.a. since 1974 or even GIC’s reported long term returns of around 7%. Full story
