Reading in the news, Prime Minister Mr Lee said Singapore is a country that has gotten to where it is because it has been frugal, with Singaporeans working hard and living within their means.
His statement came in the wake of people's expectation of more relief and giveouts from last year's economy surplus. The expectation came from the high inflation and cost of living.
He further added, "If you change your mindset - we used to save, now that we have money, we don't need to save anymore, then the growth will stop. Singapore will go down and we will all be in serious trouble. We must maintain our basic philosophy - work together to grow the economy, to grow the pie so that everybody gets a lager slice instead of just redistributing a smaller pie
(source : http://www.channelnewsasia.com/stories/singaporelocalnews/view/333849/1/.html)
The public's expectation of government give out was a natural expectation since the government started giving some incentives since the early days of our Goods & Services Tax (GST). Last year, GST was raised from 5% to 7% (40% increase). Apart from GST, other government linked revenue (eg ERP) had increased over the same period.
Rather than advising people on not to expect huge give outs, people would be better if taught how to stretch their dollar, to improve money handling and learn how to grow their funds.
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