The MP reassures that proposed policies will not compromise future generations’ financial stability.
Jamus Lim has taken steps to clarify the Workers’ Party’s (WP) policies regarding Singapore’s reserves, responding to concerns raised by a letter published on the Chinese-language news site zaobao.com.sg. The letter’s author, Mr. Lim, expressed fears that these policies would “raid” the reserves and leave future generations of Singaporeans “impoverished and indebted.”
The letter was prompted by ongoing discussions about the Goods and Services Tax (GST) hike, which the WP vehemently opposes. In his rebuttal, published three days later, Sengkang GRC MP and Associate Professor of Economics at ESSEC Business School, Mr. Lim, expressed gratitude to the letter writer for recognizing the value of diverse opinions in the legislative process. He clarified that neither he nor his fellow WP MPs advocate for financing aid packages through borrowing.
In April, the WP previously outlined why its alternatives to the GST hike would not “slay the golden goose,” a term coined by former Prime Minister Goh Chok Tong to describe the nation’s reserves.
In a Facebook post on Sunday (Nov 20), Mr. Lim further asserted that he finds it hard to believe that the WP’s proposed policies would deplete Singapore’s reserves.
“Firstly—as I emphasized in the piece—slowing the rate of accumulation of reserves can hardly be classified as depleting them. It is akin to someone claiming that since they’ve reduced their meals from six a day to five, they’re now on a diet,” he explained.
“Secondly, it’s not as if the funds expended today are being wasted. Often, these funds are used to support critical public expenditures such as education and infrastructure. These expenditures are, in fact, investments in the future, even if they occur today.”
Lastly, he addressed concerns regarding spending on non-investment needs like healthcare for the elderly, questioning why this should necessarily disadvantage future generations.
“Ultimately, if we skimp on essential preventive and corrective healthcare today, the costs will eventually resurface, and our children may be saddled with even steeper palliative care bills in the future,” Mr. Lim concluded.
