Posted 3/22/2024, 10:13:00 PM
Tharman Approves Singapore Budget, Lauds Fiscal Prudence and Avoidance of Magical Thinking on Spending
- President Tharman approved the government's budget plans, praising Singapore's fiscal prudence and avoidance of "magical thinking" in spending
- Singapore makes sure spending is financed upfront, avoiding rising debts that burden future generations
- Most countries are spending first and hoping revenues will come later to pay for it
- This "magical thinking" is unfair and ends badly when governments have to cut back later
- Singapore's budget rules ensure financial sustainability across generations and avoid drawing on reserves