I’m glad SM Goh had the sense to say that the reserves have to be drawn down. I used to ask what would constitute THE rainy day that the gov said they were saving for. If they didnt do it now, i have no idea how they will justify it. Then again, do they ever need to justify anything?
But i dun understand the approach of the “Resilience Package”. Just look at this article. It is now the turn of the employers, banks and retail landlords to do the right thing. They have a moral responsibility.
WTF?!
It may be their way of minimising interference so that market forces can find the balance. But seriously, doesnt it look like they are absolving themselves of responsibility? If things dun get better, in theory, it is the fault of the employers, banks and retail landlords. They have no qualms about interfering in every aspect of our lives. But when it is time to actually interfere, they leave it to market forces ala let the banks which sold the complex derivatives like minibonds and high notes settle complaints of mis-selling themselves.
I wonder if we are paying them so much because it is harder to do nothing than something.
On the other hand, i am glad that we have reserves that we can draw down in these times. Credit goes to the gov for that.