SM Goh asks us to spend more or he'll blame us if our economy goes into recession

[Avantas]

Excerpts from SM Goh’s speech (in bold):

“If all of us go into a power save mode, then the economy will really go into a recession! This is what economists called the Paradox of Thrift.”

Our take: WOW, when Singapore’s economy grow, the credit goes to the PAP which prompty raise their salaries. When Singapore goes into recession, the fault lies with Singaporeans for not spending enough ! Remember how the blame for Mas Selamat’s escape is conveniently shifted to Singaporeans - because we are too complacent !

“Singaporeans are being complacent when they believe that the Government will take care of all security matters” (MM Lee Kuan Yew on Mas Selamat’s escape, 5 April 2008, Straits Times)

“If you have sufficient savings and can afford to spend, you should continue to spend on life’s little pleasures.”

Our take: Previously, the PAP has been exhorting us to cut down on our spending all the while and now SM Goh asks us to spend. Or have he forgotten what his colleage Lim Hng Kiang said in November last year:

“First, the CPI measures average changes in prices across all households. Whether there is an increase in the cost of living for a particular household depends on that household’s spending patterns. Switching to cheaper products can reduce the cost of living despite a rise in the CPI” (Lim Hng Kiang urging Singaporeans to switch to ‘cheaper’ products to cope with rising cost of living, 14 November 2007, Straits Times)

Watch video of SM's full speech here:

http://wayangparty.com/2008/11/06/s...-spend-or-our-economy-will-go-into-recession/

 

[Bigfuck]

Deflation is good and high cash reserves is good. Less parties for citizens to participate and less money for charity to be squandered. PTL. hehe.

 

[helicopview]

anyone who earns as much as him..and with such great jobs security, sure can spend a lot of money every mth. I also can.

 

[po2wq]

Excerpts from SM Goh’s speech (in bold):

“If all of us go into a power save mode, then the economy will really go into a recession! This is what economists called the Paradox of Thrift.”

...

gst 7% ... inflation 8% ... tariff hike 21% ... bus fare hike ... taxi surcharge ... singtel increasing charges cum 1 jan 2009 ... more erp gantries ... n much, much more ...

can u tel us who isnt oredi spending more? ...

 

[TeeKee]

wah this guy hair is fully white now! same like my eagle hair..

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[mscitw]

ha ha, ex-Regent ought to order the cash rich minions and lackeys to spend more to effect the 'trickle down effect' instead of exhorting peasants to spend more when his chums allowed cheaper foreign talent imports!

 

[silverspoon]

they should ask the rich to spend more......so they can can more GST TAX to so call help the poor

 

[Conan the Barbarian]

they should ask the rich to spend more......so they can can more GST TAX to so call help the poor

They ought to put in some incentives to spend, like tax rebates or a cash injection a few thousand $ into everyone's pockets for spending instead of a CPF top - up. Just talk is cheap.

 

[halsey02]

they should ask the rich to spend more......so they can can more GST TAX to so call help the poor

Economic theory is different from what is really actually happening to the economy.

Try telling a "plumber beng", whose income a month is $x,xxx.xx have to feed a family, say, of two; to spend more now?. When his utitilies bill had risen by 22%, GST by 2%, transport fees had risen (never mind, the so called built in rebates), inflation 8%, bank interest on savings for less than S$200,000 is 0.55% (from UOB)?, to spend more?

Furthermore, with a slowdown in the economy, 'plumber beng', is getting less overtime if working for a company, and less jobs if self-employed.

How to spend more?

It is easy for wooden to tell us to spend more, afterall, he earns $xxx,xxx.xx a month, and is still at looking at guranteed increment & bonuses.

Where the average, 'plumber beng' income is not GURANTEED!

Talk is cheap!

Forgot to ask, "where is the money to Spend, Mr. Goh?"

 

[Devil Within]

Excerpts from SM Goh’s speech (in bold):

“If all of us go into a power save mode, then the economy will really go into a recession! This is what economists called the Paradox of Thrift.”

GCT is an idiot. Does he want us to be like the US where people spend on credit? If you don't save, where to get the money to spent when economy is getting worst? Money drop from sky? Govt will give you back your tax money?

I think GCT ought to keep his mouth shut. He will look smarter that way.

 

[theblackhole]

i think sm goh is a genius. i agree with him. yes, we must all come out of our safe cocoons and spend and spend and spend. otherwise the hawker centres, the food courts and the retail shops will all go bankrupt. yes, sm goh is right. take out all your savings and spend. cash out all your savings.cash out all your insurance schemes. take out your deposits and savings and spend and spend and spend. then the economy will not stagnant and die. the hawkers will be happy. the retailers will be happy.

but the hikes are getting higher and higher in a time of recession. so spend more and more on your utilities bilss, your transport bills, your erp beep beep beep...spend more and pay more to sp and all the high overheads....spend spend spend pay pay pay otherwise the gahment will go bankrupt...

if nobody spend on sp and utilities...they too will go bankrupt...

so sm goh is right...all of you kamsiap people come out and spend...don't put your money under your pillows and inside tin cans...take them all out and spend spend and spend...

hallelujah! singapore is out of recession liao!!! horsay liao!!!

 

[2lanu]

Just do what deem fit for oneself. Those white scums got so many mouths talking for the sake of talking. In fact should throw them all out of parliament afterall all are sprouting nonsense most time.

 

[ah_phah]

spend today, forget about tomorrow, no savings for rainy days & retirement is your problem, not his.

 

[tonychat]

i didn't even spend in sinkieland, after i got my money from sinkieland, i put it in my bank in bangkok. I will do that until PAP and all those sinkies perished.

This is what i call Economy Protest.

 

[oli9]

My only consolation in this world market collapse is that the MIW's personal investment protfolios are being wiped out. Heaven got eyes.

 

[saratogas]

Now he is asking us to spend more, he used to say "Lets bite the Bullet together"...

 

[theblackhole]

http://www.youtube.com/watch?v=VRsJlAJvOSM

tears in heaven....sad lah.

 

[The_Latest_H]

I'd expect SM Goh and the PAP government to spend more on $4 char kway teow and soya bean drinks, just to set an example. And they can afford it, since they take away 4 plates of char kway teow worth $3 each from every Singaporean everyday.

I mean if they say they want S'poreans to spend, then the government should practice what they preach and start it themselves right? Then why earn millions of dollars, and then spend it in places like Switzerland and the US then?

 

[ah_phah]

I'd expect SM Goh and the PAP government to spend more on $4 char kway teow and soya bean drinks, just to set an example. And they can afford it, since they take away 4 plates of char kway teow worth $3 each from every Singaporean everyday.

I mean if they say they want S'poreans to spend, then the government should practice what they preach and start it themselves right? Then why earn millions of dollars, and then spend it in places like Switzerland and the US then?

y they need us to spend more? so that the revenues go to fatten their already fattened pockets? so that they have more to spend overseas?

not as if sgporeans are not already paying more than they already should, or could afford.

 

[The_Latest_H]

y they need us to spend more? so that the revenues go to fatten their already fattened pockets? so that they have more to spend overseas?

not as if sgporeans are not already paying more than they already should, or could afford.

Well, I would want back at least 3 plates of char kway teow for every S'porean in tax rebates for healthcare, education and food. If they spend it in Switzerland, then its no point.

And besides, S'poreans themselves are already in a mountain of debt. Food isn't cheap anymore, as with other daily expenses- no thanks to both outside forces and the PAP internally, as well. So why spend? Singaporeans are broke.