SDP's budget to secure our future

Arguing that policy making must keep both eyes firmly on long-term
fundamentals, Dr Vincent Wijeysingha, SDP's Treasurer, said that the
Government’s social measures announced by Finance Minister Tharman
Shanmugaratnam in Parliament last week signaled "insecurity following
its performance in the General Elections last year.”
Dr
Wijeysingha acknowledged the view widely held before the Budget that the
Finance Minister was likely to introduce measures to give the
appearance of responding to citizens’ concerns aired during the
elections but which, in substance, represent only minor changes to
overall policy.
One such issue, highlighted by Secretary-General Chee Soon Juan,
was migrant workers. Dr Chee noted that despite the government’s claim
(including in last year’s Budget statement) to reducing the nation’s
dependence on foreign labour, the number of foreigners recruited has, in
fact, significantly increased.
He also cited former Minister Mentor Lee Kuan Yew who had admitted that "we've grown in the last five years by just importing labour.” (emphasis added) This clearly shows that PAP's policies have failed our economic.
Dr
Wijeysingha argued in his hour-long presentation that the nation’s
Budget must not only represent "the financial policy for the year ahead
[but] the most important values that we as a nation hold to be true. It
showcases the approach of government and imagines the future we envisage
for our nation."The
SDP’s Budget outlined a series of measures which is based on a
realistic assessment of deep-seated challenges, the promotion of
"efficient, productive, people-focussed and creative approaches to the
developmental issues of our time” and anticipating a vulnerable global
economic outlook ahead.
The deep-seated challenges include
slowing economic growth to developed nation levels, increased social
need accompanying rapid development over the last half century, high
income disparity and low social indicators.
The Shadow Budget
unveiled what Dr Wijeysingha referred to as a ‘troika’ of agencies
designed to provide the inputs that would propel the Singapore economy
on an invigorated Small and Medium Enterprise (SME) Sector.
The Economic Development Board will be joined by a Singapore Enterprise Agency and Spring Singapore.
The
troika will work alongside three new Funds administered from a
massively-augmented Trade and Industry budget of almost S$6 billion to
provide the capital inputs for industrial development: a Developmental
and Exploratory Fund, an Invention Fund and a Youth Enterprise Fund.
A
long list of potential future enterprise leaders were outlined,
including consumer products in the eco-friendly sector; media,
conventions, advertising and publishing; service and consultancy sector
areas such as the Social Services Training Institute and a new Economic
Development Board Consulting agency; and fine art and tourism.
In addition, Shadow Budget 2012
outlined measures to reduce the costs of doing business, including
business training and travel grants. These include Corporate Ezlink
Cards and the removal of ERP for business vehicles.The
SDP Budget reiterated the party’s call for a graduated Goods and
Services Tax and a Property Sales tax for foreign, non-resident property
buyers while in the social welfare sectors outlined measures to enhance
the quality of education and public transport.
Anticipating the
party’s National Healthcare Plan, which will be unveiled during shortly,
Dr Wijeysingha also set out proposals to make healthcare genuinely
affordable to ordinary Singaporeans.
He noted that the
Government’s increase of $4 billion in the healthcare budget over five
years in fact amounts to $12 per person per month, allowing for
population increase but not for inflation. He also noted that the
Government’s commitment to increase hospital beds comes in the wake of a
net reduction over the last ten years.
Summing up his presentation, Dr Wijeysingha outlined four guiding principles for financial policymaking. Budgeting must
- genuinely cultivate an inclusive society alongside the active economic participation of those who can;
- be founded on a community approach that ensures a good living standard to every Singaporean;
- discard the outdated assumption of leaving the welfare of individuals to the responsibility of their family;
- and develop a positive approach to the domestic SME sector as a key engine of continued growth in the period to come.
Acknowledging his team drawn from the party’s Policy Unit, headed
by Dr James Gomes, Dr Wijeysingha thanked them for their hard work over
the last three months as well as Mr John Tan, Assistant
Secretary-General, who were also actively involved in the development of
Shadow Budget 2012.
To download Shadow Budget 2012: Securing Our Future, click here.
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