“Let me tell you the truth, as spending increases significantly sooner or later taxes must go up too.” Thus spake the PM in his National Day Rally Speech. Apart from that so-called truism, the NDR speech was totally without interest being the usual PAP message of austerity for Singaporeans ( what the PM calls being tough as individuals) but largesse for everyone else.
Let me tell you, the PM’s truth is actually just one opinion and I believe it is far from the truth. Firstly, we should have enough money in savings to pay for all conceivable heath care needs even with an ageing population. After all in Singapore all health care and the cost of an ageing population is on a pay as you go basis where costs are almost entirely borne by the individual. In fact our population is not increasing, native-born Singaporeans are declining and the New Immigrants are all young. So spending should not be increasing on a scale to make a tax hike necessary. Full story
