Singapore : What can be done for reforms within our budget by investing in the future

1. Reducing minister salaries by 50% and reducing defence spending.

2. Making healthcare more affordable – Change a For Profit model to a Co-operative/Non Profit model. Setup a similar model like RIP Medical Debt to write off debts citizens are unable to pay.

3. Increasing GST only on luxury items? – Change GST to a Sales Tax on Luxury goods and increase to 10%.

4. Raising the income tax for the Top 1% earners to 30%

5. Returning CPF in full by age 55. Change all CPF schemes to cover permanent disability with non draconic conditions for DPS, Eldershield and Careshield. Allow transfer of OA and Special Account to Medisave. Make it non mantory to topup for Self Employed. In order to compensate for our missing CPF, it needs to be done in stages from 3 – 5 years as billions is required, make it non mantory to stretch your repayments to 92 years. We need to change policies that do not serve our needs.

6. Implementing Minimum Wage of $10 per hour. Change Workfare to payout in cash and free yearly insurance in Medisave to cover hospitalisation.

7. Reducing HDB prices? No need. If you pay market prices, you need to be compensated by privatising HDB to similar rules like HUDC, so that at the end of 99 years lease you will be compensated in redevelopment especially in choice districts. When you use your CPF to pay, no interests need to be repaid, but what you borrow need to be return to CPF for Retirement Fund when you sell your property.

8. Reinstating estate duty

9. Stop unnecessary spending after infrastructure investments like installing solar on all HDB flats, create a Power Grid network and support island wide power stations for electric cars. Use incentives for car owners to convert to electric especially with new ERP system for pay as you use model.

10. Fulfilling a Smart Nation agenda on Next Gen Internet on Blockchain which is unhackable, if you go full swing now every infrastructure like Power. MRT will be septical to hacking.

11. About time to upgrade our MRT which is coming to 30 years using China Train Technologies and AI robotics for maintenance.

12. Everything can be achieved by deficit spending for the next 5 years and slowing planning for returns after that when the Global economy recovers.

13. Change the direction of GIC and Temasek to invest in Singapore Human capital by retraining on Technology and Innovations with new changes on our Education system on Higher Education. You need foreign talent but only those who have skills we need, who can train Singaporeans, not any Tom Dick or Harry.

14. Freeze all rental increases for 1 year until Singapore Economy improves. You start running a deficit for 5 years, the law of diminishing returns will fade and you will return back to a healthy balance sheet.

15. Do not privatise essential service like water, power, hawker centres etc and ensure food security by our own local producers.

I am a firm believer of a Free market, and by tweaking demand and supply you can control the price, you do not need to dump billions now, it can be done in stages over the 5 years, most critical is the overhaul of HDB and CPF first, reducing high rentals and changing GST will indirectly increased consumption and more foreign investments, Singapore by virtue can achieve change, if it plans for it. You can verify everything I say by talking to a qualified accountant.

Can we afford to start printing money without a backup plan? Definitely not. You need to maximise resources, leverage on credit and be prudent in your budget. I have given everyone a timeline of 10 years until we reached the Economy of Abundance – The Perfect Economy. So in the meantime, there will not be a crash of the global economy, growth maybe slow and you can run an account deficit for countries like Greece and Turkey, but the goals is still to create jobs and feed your entire population. I based my projections on the increase of land sales, more people buying HDB and FDI from foreign investors and increased trade. Contributed by Oogle.

Author: Gilbert Tan TS

IT expert with more than 20 years experience in Multiple OS, Security, Data & Internet , Interests include AI and Big Data, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader. I am capable of finding any answers in the world you want as long as there are reports available online for me to do my own research to bring you closest to all the unsolved mysteries in this world, because I can find all the paths to the Truth, and what the Future holds. All I need is to observe, test and probe to research on anything I want, what you need to do will take months to achieve, all I need is a few hours.​

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