Peeping into the Ice Cream Truck

RTSN team started examining the manifesto of various political parties to understand what each party is offering.We can’t quite decide which party to feature first till Ice Cream Party made a fatal mistake in their press release which RTSN cannot comprehend. Let us take a closer look at Tan Jee Say + Ang Yong Guan’s party.

Strawberry generation
Key Messages:

-Singapore is dominated by self-serving political leadership who are block sucking and interested in million dollar salaries.

-Singaporeans are the most stressed, unhappiest, and the least emotional people in the world

-G should spend more and distribute wealth to Singaporeans

They have this interesting concept of social spending and social investment. They will set aside the below amount per annum if elected:

1. Social Safety Net (S$6 billion per annum)
2. Social Investment (S$8 billion per annum)
Strawberry generation
Firstly, on the Social Safety Net, they are proposing an outlay of S$6 billion per annum.

Based on estimated records for the past few years:
Average Annual Net Investment Returns (NIR) = S$16 billion
Net Investment Returns Contributions (NIRC) = S$8 billion
Balance (NIR minus NIRC) = S$8 billion => the balance is currently reinvested into GIC and Temasek Holdings

Ice Cream’s Proposal:

SingFirst proposes to use the NIRC for funding our S$6 billion social safety net package. There will be excess of S$2 billion.

This social safety net package will cater for free education, lower transport costs, old age pension and the list goes on …..

The second point is on Social Investment. SingFirst proposes to broaden re-investment to include social investment. This applies to hospitals, schools, young enterprise start-ups and SME to name a few. This outlay will be S$8.1billion.

Ice Cream Party also suggested phasing out GST and increase taxes on the rich.

RTSN Assessment:

No one can guarantee fixed returns over prolong period. It is risky to assume Net Investment Returns will be a constant S$16 billion, always save for rainy days.

We believe that the NIR is also used to fund infrastructure projects like hospitals, roads, schools and employee training. So if all is given to social welfare, the country will stagnate and begin a downward spiral.

It looks all hunky dory on paper but how would the execution be done? This might be a potential SG 1MDB.

We did not write much about taxes but below are 2 facts:
· The top 20% of Singaporean households account for 80% of income tax collected.
· Top 40% of Singaporeans and Foreigners contribute 84.2% of total GST collected

Further, we do not have a good impression of Tan Jee Say. He tried his luck at Presidential Elections and diluted the votes. Now he is back wanting to be a MP? Seems like a game of the next best option.

We actually prefer Ang Yong Guan to lead the party. There were positive feedback from the ground and we loved his thoughts that Singaporeans are suffering from Stockholm Syndrome.

A party without TJS be stronger?


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