The problem with the Budget, Mr Finance Minister
Dear Tharman, 1) I find it remarkable that the entire $8b Pioneer Package can be single-handedly financed in just one single year (FY14) budget, without breaking a sweat. To put it in perspective, this $8bn is the estimated sum of the multi-year benefits to be provided to some 450,000 Singaporeans FOR THE REST OF THE LIFE....
Singapore’s creative Budget accounting (1)
The budget for F/Y 2014 has been published. At first glance, it shows a budget DEFICIT of $1.16 billion (0.3% of GDP). THIS IS BULLSHIT. If the budget complies with the standards of the International Monetary Fund it would show a SURPLUS of well over $10 billion (2.5% of GDP). One major item which was splashed all over the...
Over 10 years of omissions in PA’s financial statements
The People’s Association (PA) has had the ratings of “adverse opinion” given to its annual audits by its auditors for the years 2008 to 2011, reported website TR Emeritus. However, The Online Citizen has viewed the annual reports of the People’s Association (PA), from the years of 2001 to 2010. In all these years, the...
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