Serious Singapore In Deficit of $74.3 Billion! Largest Ever Since Independence! Singapore Would Have Been Bankrupt If Not For PAP Reserves!

[JohnTan]

SINGAPORE - Amid increased spending and an unprecedented four Budgets totalling $92.9 billion this year, Singapore expects to record its biggest deficit since the country became independent in 1965.

Announcing the Fortitude Budget in Parliament on Tuesday (May 26), Deputy Prime Minister Heng Swee Keat said the deficit of $74.3 billion will amount to 15.4 per cent of gross domestic product.

It is a combination of two forces: increased spending and expected drop in government revenue as social distancing measures reduce production and consumer spending that, in turn, will further drive down fiscal takings.


The revised operating revenue of $68.8 billion is lower than the estimated $76 billion.

It marks a big departure from the balanced or surplus Budgets the Government has long maintained over the years.

Mr Heng, who is also the Finance Minister, said the exceptional circumstances, sparked by the Covid-19 pandemic, have required the Government to dig deep into its pockets and also past reserves to bolster Singapore's economic and social resilience.

Another thing it has had to do is to set aside $13 billion in the Contingencies Fund and the Development Contingencies Fund. These are for urgent, unforeseen expenditures.


Under Singapore's Constitution, Parliament can create the funds to pay for unexpected requirements which are not provided for in the Supply Act. The President must consent to the advance.

Each year in the Budget, the Government puts aside a buffer of $3 billion altogether into the two funds, but the larger sum this time will allow the Government to react to any needs swiftly amid the fast-changing coronavirus situation, said Mr Heng.

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Noting how four Budgets have had to be deployed in less than four months to help Singaporeans tide over the crisis, he added: "While we have the resources and the will to do what is needed in fighting Covid-19, we must continue to stay nimble and adaptive in this rapidly-evolving situation."

"With Covid-19, we are facing unprecedented levels of uncertainty - it is uncertain how the pandemic will evolve, if there will be a second or even third wave, and if, and when, vaccines will be available. The uncertainty on the medical front is fuelling the uncertainty in the global economy."

He said the money will let the Government respond swiftly to any unforeseeable developments, such as if the medical or economic situation deteriorates and more public health or fiscal measures must be put in place.

"We will do our best to avoid this, but we must be prepared for any eventuality," Mr Heng added.

https://www.straitstimes.com/politi...43-billion-largest-since-independence-in-1965

 

[CPTMiller]

Actually I don't believe all this government number games.
Most important the country and people survive.

 

[frenchbriefs]

93 billion and where is the money???93 billion divided by 3.5 million is $26,000 per sinkie????

 

[sweetiepie]

KNN based on some simple analysis anyone with avg iq also can confirm cpf should be emptied soon KNN my uncle give it a 99.9999% chance equivalent to that of a uptime sla of banking services KNN
When mask is not enough pap told lies to prevent panic it is same as when cpf ms and pea not enough pap will tell lies as simple as that KNN henceforth KNN party shall withdraw as a oppie party from now becas there is no point to takeover a empty shell company KNN oppies all take note KNN

 

[Leongsam]

All this because of a virus that is no worse than the flu.

 

[sweetiepie]

KNN based on some simple analysis anyone with avg iq also can confirm cpf should be emptied soon KNN my uncle give it a 99.9999% chance equivalent to that of a uptime sla of banking services KNN
When mask is not enough pap told lies to prevent panic it is same as when cpf ms and pea not enough pap will tell lies as simple as that KNN henceforth KNN party shall withdraw as a oppie party from now becas there is no point to takeover a empty shell company KNN oppies all take note KNN

From here my uncle make a prediction that the next step pap shall take will be
1. Leeduce cpf interest to 1% KNN
2. Increase withdraw age to 68 KNN
3. Increase min sum by much more than previous plan KNN
4. Increase medisave cap by much more than previous plan KNN

 

[face the facts]

93 billion and where is the money???93 billion divided by 3.5 million is $26,000 per sinkie????

greed is always there, only impending death will stop a person from being greedy

 

[Leckmichamarsch]

HAHAHA
no more buy hi sell lo
no money to buy....bayee maybe HC u 1?

 

[frenchbriefs]

All this because of a virus that is no worse than the flu.

Actually it's at 5 million cases and 300k deaths in two months

 

[birdie69]

From here my uncle make a prediction that the next step pap shall take will be
1. Leeduce cpf interest to 1% KNN
2. Increase withdraw age to 68 KNN
3. Increase min sum by much more than previous plan KNN
4. Increase medisave cap by much more than previous plan KNN

Not to forget to increase the GST, it might be higher than 9%, who knows?

 

[red amoeba]

US and Europe is practically bankrupt and they are still spending and standard of living is still high. This proves that whatever reserve talk is bull shit.

 

[sweetiepie]

Not to forget to increase the GST, it might be higher than 9%, who knows?

Yes this will surely be part of the next step but my uncle think cpf will be attacked first while gst is only when economy picking up time KNN

 

[Leongsam]

Actually it's at 5 million cases and 300k deaths in two months

300k deaths is a very low number.

152,000 people die each day so in 2 months that's 9,272,000 deaths from all other causes.

300,000 out of 9,272,000 is 3% of deaths.

And the 300,000 deaths is actually in the last 4 months not two months so that makes the number of deaths from Covid-19 only 1.5% of total deaths.

There really is nothing much to worry about.

 

[sweetiepie]

From here my uncle make a prediction that the next step pap shall take will be
1. Leeduce cpf interest to 1% KNN
2. Increase withdraw age to 68 KNN
3. Increase min sum by much more than previous plan KNN
4. Increase medisave cap by much more than previous plan KNN

5. Increase employee contribution % KNN

 

[frenchbriefs]

300k deaths is a very low number.

152,000 people die each day so in 2 months that's 9,272,000 deaths from all other causes.

300,000 out of 9,272,000 is 3% of deaths.

And the 300,000 deaths is actually in the last 4 months not two months so that makes the number of deaths from Covid-19 only 1.5% of total deaths.

There really is nothing much to worry about.

If 7 billion people were indected with covid I guarantee u more than 300k will be dead....maybe 350 million.

 

[tanwahtiu]

Biillions of dollars figures are just double in properties every 10 years.

Say u hv $1mil property value... 10 years later is $2m. And another 10 years later is $4 m.

This maths doesnt make sense.... Chinese are savers and can survive with their savings.... as such China and Singapore Chinese can survive with their savings....

US and EU amgmohs are spend spend and little savings.... US used credit cards to spend on IOU Notes... lets see how they going to payback to creditors like Saudi Arabia going to cash out IOU Notes for cash from US....

No money to payback sell California to Saudi.... huat ahhh....

 

[JohnTan]

US and EU amgmohs are spend spend and little savings.... US used credit cards to spend on IOU Notes... lets see how they going to payback to creditors like Saudi Arabia going to cash out IOU Notes for cash from US....

US used to have lots of savings. Under Democrat Bill Clinton, the US had a budget surplus of US$236 billion in 2000 and US$128 billion in 2001.

Achieving a Budget Surplus
Under pressure from Republican opponents in Congress, President Bill Clinton agreed to consistently cut the deficit and eventually oversaw the first budget surplus in decades. The surplus stood at $236 billion in 2000, Clinton's final year in office. The $128 billion surplus recorded in 2001 was the last seen this century.

Return to Record Deficits
When he took office in 2001, President George W. Bush cited the Clinton surplus as evidence that taxes were too high. He pushed through major tax cuts and oversaw an increase in spending, and the combination again drove the U.S. budget into the red. The deficit reached a record $458 billion in 2008, Bush's last year in office, and would triple the following year as the Bush and Obama administrations faced the Global Financial Crisis.

https://www.investopedia.com/ask/an...esidents-have-run-largest-budget-deficits.asp

 

[JohnTan]

If you let oppies form the government, within a single term, our budget reserves and surpluses could easily turn to deficits.

 

[Leongsam]

If 7 billion people were indected with covid I guarantee u more than 300k will be dead....maybe 350 million.

The word population is 7.9 billion so your statement really is rather hypothetical because chances of every single individual in the world catching Covid-19 is pretty remote.

 

[frenchbriefs]

The word population is 7.9 billion so your statement really is rather hypothetical because chances of every single individual in the world catching Covid-19 is pretty remote.

Nothing hypothetical,u use the example of 9 million dieing every two months which is derived from the world population dieing from natural causes or another....

So unless the whole world is afflicted by covid how can we guage it's true potential?