Comments on: Panzer’s Quest for Financial Freedom [Look back at Five Cents Ten Cents a year ago]

By: la papillion

la papillion — Tue, 24 Mar 2009 06:18:54 +0000

What you mentioned is very true, PG. My heart goes out to those who have to survive on $2XX per month. la papillion’s last blog post..Sunday's rambling

By: Panzer

Panzer — Thu, 19 Mar 2009 00:32:54 +0000

Hi Musicwhiz I think the saddest part of Singapore Inc is that it takes them so much angst and agony to approve a small increase in public assistance from $260 to $290, but there are 101 justifications why their own salaries need to be in the 1-2 million range. Yes, an over-reliance on handouts is not healthy. But it appears to be more difficult for a singaporean to get public assistance which will cost the government only millions but it is acceptable for our reserves to be bet on failing US financial institutions for the "long term"? Even our esteemed MM Lee himself felt we were too early in investing in the US banks. Mind you, even 1% of that amount lost in such bets could fund public assistance for many years. Panzer’s last blog post..Citibank new fixed deposits promotion

By: musicwhiz

musicwhiz — Wed, 18 Mar 2009 02:11:33 +0000

Welfare is and has always been (and probably always will be) a dirty word in Singapore. Workfare is the more politically correct word to use in our country. THe idea of giving help to people who have no means to financially support themselves seems repugnant to the Government.

But then, think of it this way – we are paying low taxes (usually around 4-8%) as a result of this lack of welfare. For countries such as Australia, my friend told me the tax rate can be as high as 30%. So I guess we should view this in context.

Also, the Govt has in recent years leaned towards financial help and support for the poor. Though not the same as welfare, it’s coming pretty close. There’s still hope for the future, my friend….