Wednesday, April 11, 2012

Obama on tax reform, social inequality and safety nets



President Obama speaks about a fairer economic system and pushes for tax reform. Obama makes economic equity one of the key issues of the coming US presidential election. He explains with great clarity why safety nets are needed, why prosperity has to be shared, why workers have to be paid better and how to expand the middle class. He cautions about the financialization of economy through financial deregulation and discusses the outcome of Bush tax cuts for the wealthiest Americans.

53 comments:

Anonymous said...

http://www.adb.org/sites/default/files/pub/2012/ado2012.pdf

Have a look at the latest report by ADB with regards to 2012 : Income Inequality . What I find so amusing is how this report can cover so extensively the regions yet 'conveniently' left out SG when it comes to such key topics. In fact, all the bad data that reflects SG in any negative shade is removed/or not covered in their 'selected economies'...simply amazing. Perhaps Tharman have a seat on this board or some influential people are very careful not to cross the line. How else do you explain?

If ADB is such an independent think tank, you would think they should reflect the data no matter how negative it puts us in. ...

It just ruined its credibility here.

Anonymous said...

So coming almost to the end of his first term, has President Obama achieved as much and as well as he speaks and explains?

Lucky Tan can also write and explain well what. But of course being only a blogger, nobody expects any more than that from him lah.

Anonymous said...

http://www.mas.gov.sg/resource/eco_research/eco_education/Esss2007/uni_%201st_%20Ishita.pdf

This guy wrote a better reality of Income inequality way back in 2008. 5 years later, we are still talking about it, instead of doing something about it.

Anonymous said...

Lucky Tan has prime minister potential. In fact, I think he will make a much better PM than Lee Hsien Loong.

But Lucky Tan does not have a political party to lead which can also win elections the way PAP won.

Sad, isn't it?

Lye Khuen Way said...

How inspiring !
If only my own Government can believe in the same vision that President Obama has.
So whether we pronounce "Buffet" as in a buffet meal or as in Warren Buffet, the idea came from Mr Warren Buffet himself that the richest Americans are not paying their fair share of taxes !

Now, what will our Government Leaders have to comment on this ?
Brush it aside as Obama's re-election wayang ?

I do hope to hear something soon from our political leaders.

Anonymous said...

Safety net? You can dream on...over the 81 PAP dead bodies.

I will be happy if they can just provide decent universal healthcare for Singaporeans, free education for Singaporeans. If they can take care of these two, I'm prepared to accept everything else is meritocracy. Because that makes my NS worthwhile.

Anonymous said...

Obama was to share wealth, but CEOs want to keep the social inequality by axing local staff and shift operations to cheap, Third World country. They have vested interests to make the income inequality wider.

Anonymous said...

//..but CEOs want to keep the social inequality by axing local staff and shift operations to cheap, Third World country...//

That's why SG will become a shithole when that reckoning day arrives. 5-10years from now.

Anonymous said...

How about we call it the Tharman Rule if he agrees to press ahead with this tax regime for the rich.

I approved!

Anonymous said...

Mr Lucky

Check out Bloomberg.
Income inequality in US has worsened with middle class especially hard hit .... Under your beloved black messiah.

Let's stick to SG...

Anonymous said...

Dear Americans
We the Sinkies of Singapore wish to offer our Prime Millionaire in exchange for your President.

USA is a big country. You are a better match for the salary expectations of our Prime Millionaire, whom we can no longer afford.

Your President seems to have the values that we Sinkies cherish and admire. We believe he would indeed be a better representative of the Sinkies in our parliament.

Lucky Tan said...

anon 07:17,

Who was it that Obama took over from? Who left him with 2 wars and a crippled economy? When Obama took over, some analysts were asying depression was on the way due to the financial crisis. To be able to take about a recovering economy now is quite a feat given how damaged the US economy was when handed to Obama.

Anonymous said...

Dear Lye Khuen Way.
Your wish:
"I do hope to hear something soon from our political leaders."

Our political leaders are the Opposition Parties.
And they have a similar message as President Obama.
They have been loyally fighting our cause for the last 45 years.

Let us open up our hearts and minds and really listen to what they have to say.
And give them a chance by giving them the vote in GE 2016.

After 45 years, don't you think they deserve a chance?

Grow up!
We don't need the Pro Alien Party's stamp of approval.
Actually.
It's the Pro Alien Party that needs our stamp of approval.

Ng Eng Hou said...

Unfortunately for us, election is just over and will have to wait till 2016. Only then can we hear the Obama-type of speech. We wasted one golden opportunity in 2011 to send a very clear signal to the government.

In the meantime, we have to tolerate more of the same past nonsense from MIW!

Anonymous said...

"To be able to take about a recovering economy now is quite a feat given how damaged the US economy was when handed to Obama."
Lucky Tan 12/4/12 09:40

PAP govt also did that what.

Remember in 2008/2009, Singapore economy was quite damaged also what.

But look at how quickly it has recovered now. And so good that Singapore property now become so hot. In USA, property where got hot?

Isn't this quite a feat also?

Anonymous said...

"And so good that Singapore property now become so hot."
Anon 12/4/12 12:38

I think a lot of the 60% benefited a lot from the hot property, some maybe even becoming instant millionaires, at least on paper.

Who knows, maybe even Lucky Tan also benefited because he was also very investment savvy.

But of course, being not stupid, he won't blog about it lah.

Anonymous said...

HOUGANG BY ELECTIONS
Deputy Prime Millionaire Teo:
"Desmond Choo is a very good man."

Very good for more investments in foreign bank shares?
Very good for more subsidies to foreign students?
Very good for more $1.1 billion dollar subsidies to Private Transportation Operators?

Very good for telling Sinkies we have a welfare mentality?

Desmond Choo is a Millionaire-In-Waiting (MIW).
What else is he good for?

Anonymous said...

Eh Lucky ... 2 wars. Your Nobel Peace Prize proceeded to invade Libya ... Ignored Pakistan's sovereignty to apparently assasinate Osama ... Meddled in Egypt, Syria ... Etc etc ... And he is still in Iraq and Afghan.
As for recovery ... what recovery? For the bankers?
Check out the job reports (beyond the headlines).
Had heli-Ben dropped the trillions from a helicopter or paid workers to dig holes and cover them ... he would have made a bigger impact. As for Obamacare ... Hahaha ... Yankees are fleeing to Asia(including SG) for affordable healthcare!

Anonymous said...

... US is in decline and is no longer a role model that we should be looking up to. Anglo-Saxon predatory idealogies are in fact the cause of our ills.

Come on Lucky ... we can have a local solution!
Romney outspent santorum.
Obama outspent McCain.
U just have to open your wallet for Singapore.

Anonymous said...

Our local solution is to vote out the Pro Alien Party .... one GRC at a time.

GE 2016.
Used to be called "Who wants to be a millionaire?"

Now it becomes;
"Let's make another millionaire unemployed."

Anonymous said...

35% only, can be elected as President.

What next? 35% elected MP?

Lucky Tan, maybe you should give a try to(akan datang) Hougang BE.

So that you can speak and ask the million $ ministers the tough questions in Parliament. Better than blogging, isn't it?

Anonymous said...

"isn't this quite a feat..?"

Where is the pride for this feat when you're talking about SG size of 5m (machiam running the city of Manhattan only) when Obama is running way much bigger country? If SG PAP can't even turn around a situation they personally created in 2008 with barely any strong oppositions (like Democrats vs Republicans) what good is us paying them the million dollars for? They make the bed they sleep on..they chew off more than they can bite..then keep chewing until you can swallow it!

The income inequality in US is clearly too lopsided for far too long now , due in no less parts from his predecessors for failing to address it. It has become a plutocracy and is only right they remedy this lopsided situation before another 99% rallies. If you want all the facts get it here :

http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph

If SG has a data transparency act, I'm sure we can come up with equally damning charts to depict the PAP. And if only the mainstream media like ShitTimes are doing their watchdog roles and reporting and questioning facts instead of circulating newsletter.

And up until a week ago, the importation of millionaires (at least $10m) with assets in SG will get a fast track approval for PR..goes to show, money can buy you any entitlement and rights and jumping queues!!

And now, you have Dr Lam Min Pin who wants to create a fund to help the PRs who are affected by the reduced subsidy in healthcare. Tell me, if this is not safety nets for PRs what is? Perhaps his clients' are majority PRs but when you have MPs who are going to start helping PRs who doesn't want to be citizens and expect entitlements and help here, you wonder why they don't bother to go back to their own country since they still value their citizenship.

For MP Fatimah to say singaporeans' needs are taken care of, and top notch..she ought really to reflect again on the facts. SG only spend 1.6% of GDP on healthcare, 4% lower than the avg WW...The young girl marjorie soh probably died with her eyes open when her parents were in $400k medical debts and grandparents had to sell off their home to pay off the medic bill. Open your blood thirsty moneyed eyes, PAP.

Anonymous said...

Thursday, Apr 12, 2012
The New Paper


HDB resale flats hit $900,000 mark

By Benson Ang and Valerie Koh

Three resale HDB flats have recently breached the $900,000 mark.

An HDB executive apartment at Block 148, Mei Ling Street, was sold for $900,000 last month, according to resale statistics from HDB's website.

Over in Bishan, an HDB executive maisonette sold for $900,000 last month.

And a five-room flat at Upper Boon Keng Road was transacted for $903,000 last December.

No wonder lah, 60% voted PAP. Majority voters stay in HDB flats, right?

Anonymous said...

Damn, why is it I'm so inspired with Obama's speech but expired with lhl's ? Damn.

Anonymous said...

QUESTIONS FOR DESMOND CHOO
MIW FOR HOUGANG

Desmond:
1.What do you want to accomplish as the Hougang representative in parliament?

2.When are you going to return our CPF money back to us?

3.HDB currently owns all the HDB flats in Singapore.
Singaporeans just own the lease.
This makes HDB the landlord of all HDB flats.

Since Singaporeans as tenants already paid our rents in full, in advance, for 99 years, why must we also pay for parking our cars?
Or the HDB conservancy fees?

If I rent a private condo, the landlord provides the parking, swimming pool and garbage disposal as part of my rental payment. No need for me to pay extra?

Why Desmond? Why?

Is it because you also support the Poor Always Pay policy?

Anonymous said...

I have a gut feeling that PAP will win with 35% votes in Hougang BE.

Why? Because there will be a 3 or even 4 corner fight like in PE 2011.

And PAP will win at least 90% seats again in GE 2016.

Why? Because opposition will most likely be the same kind as in GE 2011 so 60% will continue to vote the best available party which is PAP.

And also because people such as Lucky Tan will still remain only blogger. Don't believe, go and ask Lucky himself.

Anonymous said...

"And also because people such as Lucky Tan will still remain only blogger. Don't believe, go and ask Lucky himself.
12/4/12 21:35"

We are talking about how PAP can do better. Anon 12/4/12 21:35 talking about Lucky Tan only a Blogger. Everyone do his part, nothing wrong with Lucky. In fact, not every one can blog like Lucky.

牛头不对马嘴.

Anonymous said...

PAP must have calculated that majority of the permanent residents(PRs) are young and therefore they are fit and healthy. The majority of PRs being young, are very unlikely to fall seriously sick to stay in hospitals.
As such, the reduction of subsidy in healthcare for PRs is not going to have substantial impact on the PRs; they are least likely to be affected.
So cutting of healthcare subsidy for PRs by the PAP is only a public relation exercise which is best known as gimmick policy.

If PAP really wants to help Singaporeans, PAP must stop the lousy, cheap, fake and useless so-called foreign talents to come to Singapore to work. If the so-called foreign talents are really good, why must they be so cheap, so lousy, so fake, so useless?
If the so-called foreign talents are really very good, they must be highly in demand, therefore they should be very expensive.

As such, the minimum starting salary for S-pass should be raised to $3200/month (less than $3200/month is considered low income according to ministry of health mean testing) with quota reduced to 10% of the total workforce in a company and the minimum starting salary for employment pass should be raised to $5000/month.

This is to ensure that cheap foreigners have no place in Singapore as they are depressing the salary of Singaporean.

Anonymous said...

//I think a lot of the 60% benefited a lot from the hot property, some maybe even becoming instant millionaires, at least on paper.//

The high cost effect of properties, be it public or private, will be transferred to the next or future generation. They have to slog harder, relative to the rise in income level, in order to purchase the same sized unit of house as compared to the older generation.

Anonymous said...

"And also because people such as Lucky Tan will still remain only blogger. Don't believe, go and ask Lucky himself.
12/4/12 21:35"

Someone needs to do the educational part to spread the message. Like many lecturers who can lecture on business, banking, accounting & legal concepts but may not be practising professionals themselves.

Anonymous said...

"Anonymous said...

Damn, why is it I'm so inspired with Obama's speech but expired with lhl's ? Damn."

That is what we call quality of a candidate who had to campaign & win in one of the most competitive democracies in the world and further restricted to a limit of 2 terms with a payscale that most of our ministers might label as not a truly reflection of the amount of respect that the position upholds.

Anonymous said...

QUESTIONS FOR DESMOND CHOO
MIW FOR HOUGANG

Desmond:
1.Why do you want to REPRESENT the Hougang constituency in parliament?

2.Why do you think you can REPRESENT the Hougang Sinkies better than OPPOSITION politicians?

Isn't your current income higher than the average Sinkie?

Do you live in an HDB flat?

Do you have a lot in common with the average Sinkie?

3.Do you think Hougang Sinkies have a welfare mentality?

If not, why are you giving away free Teochew porridge?

"Where is the money going to come from?" to Quote Vikram Nair?

Do you think you owe Hougang Sinkies a living?

4.Why not return our CPF money?
Then all Sinkies can buy our own porridge.

Anonymous said...

On the very day PAP announced that PRs would be given reduced subsidies, Lam Pin xxx wasted no breath in saying PAP will help to set up funds to help affected PRs.

Do we need more proof that this is a Pro Alien Party? Or have the PRs in Singapore so much political influence that Lam had lost his Lam-pah and quickly pander to them?

Wake up Singaporeans! Your country is overrun by traitors and foreigners!

Anonymous said...

Dear Mr Lam Pin of AMK GRC.
Funds for PRs.

"Where is the money going to come from?" to Quote Vikram Nair?

How about giving us back our CPF money instead?
I'm not asking you to subsidize me.
I want my money back.
I don't want to subsidize YOU and your Pro Alien Policies.

Are you a Pro Alien Politician?
AMK GRC wants to know.

Anonymous said...

Lam Pin Min is an elected PAP MP. His GRC team won by an impressive 70% of the votes in GE 2011!

Therefore, he has a strong mandate to say what he wants. And it matters because PAP govt may even do what he said.

Do you all have a mandate? If not, does it matter what you say?

So try to get your mandate in GE 2016, or earlier in Hougang BE??date.

Only then will what you say matters more.

Anonymous said...

Correction to Anon 13/4/12 13:33

Lam Pin Min won in SMC, not GRC and with 58% of votes vs WP in GE 2011.

So he can say he won totally on his own merits, unlike Tin Pei Ling in GRC.

Some say GRC is unfair to opposition, but then how come PAP can also win in SMCs which PAP MP Lam did. And PAP MP Lam is not even a minister, before and after elections.

Anonymous said...

"Some say GRC is unfair to opposition, but then how come PAP can also win in SMCs which PAP MP Lam did. And PAP MP Lam is not even a minister, before and after elections."
Anon 13/4/12 13:49

That's why those daft fellas who hope opposition can replace PAP in GE 2016 as govt, hope long long lah. Or tan ku ku lah.

Just like Lucky Tan blog long long lah.

Anonymous said...

That's why you will not get back your CPF money so much and so fast lah.

With CPF Life it will be bit by bit, and hopefully you can and will still work and live till 88 years and beyond.

We have a living example at the moment.

But I never say what type of work or life hor.

Anonymous said...

It me point out the basic difference between Obama and our political leaders. When Obama talks about taxing the "rich" he does not fall into that category given his earnings. However the idea of taxing the "rich" is taboo with our political leaders because as the world's highest paid politicians, it would means themselves having to pau more. Now tell me, if I am attracted to political service because of the pay, would I pass a law wheich redices my salary

Snark said...

Singapore leaders stance on taxes and income distribution is akin to the Republicans. Which is why they will never go the route of Obama.

Always throwing out the usual bone-headed arguments on making the economic pie bigger, hoping for trickle-down effects (which don't work)and rewarding the rich in terms of tax cuts (but increasing taxes to squeeze the lower and middle income).

Those 8 years under Bush must have been really enriching for the 'mericans, eh?

Anonymous said...

The reason why currently the Republicans of growing the pie bigger and the triggering down effect can't work is because nowaday it is digital age, the rich have lot of options to lock away their money at very low cost. Most of the asssets can be transferred within seconds to any Save Haven. Most GOvernments, are not good enough to match these rich.

Therefore, the RICH became richer and poor became poorer. Growth must be bottom nor vice versus, shock treatments are urgently needed by equalizing the pay gap. If not there would be insecurity and instability where everybodies losses. In the worst case scenarios, everything reset to ZERO. look at example at some middle east countries(libya, iraq, etc). Who will be the bigger losers, of course, the rich, the poor had very little to loss.

Anonymous said...

QUESTIONS FOR DESMOND CHOO
MIW FOR HOUGANG

Desmond:
1.If elected, will you still continue with your free Teochew porridge programme for the next 5 years until GE 2011?

2.If NOT elected, will your free Teochew porridge programme stop straight away?
So that Hougang got time to repent til GE 2011?

3.Do you support the Pro Alien Policy of setting up a fund for PRs as suggested by your fellow Millionaire-In-Waiting, Dr Lam Pin Min (MP for Sengkang West)?

Anonymous said...

//That's why those daft fellas who hope opposition can replace PAP in GE 2016 as govt, hope long long lah. Or tan ku ku lah.//

Tan ku ku also got to Tan. Nothing is cast in stone.

One GRC down, 1st time in history. Like the saying goes, there is always a 1st time for everything. Hahahahahaha .....

Anonymous said...

In Lucky's universe, Buffett, Bill Gates, Soros all suffered greatly under 4 years of Obama ...

Meanwhile, on planet Earth, according to Bloomberg, They are richer than ever ... Just out "rich can get around buffett rule" ...

Anonymous said...

QUESTIONS FOR SENGKANG WEST VOTERS

Why did you vote for your MP Dr Lam Pin Min in GE 2011?
1.To benefit yourself and Sengkang West right?

2.Some possible benefits Dr Lam could implement might be;
a.Free HDB parking for Singaporeans in Sengkang.
b.Subsidized electricity
c.Waiver of HDB conservancy fees

Instead of raising funds to subsidize you, the loyal Singaporean PAP voters of Sengkang West;
Dr Lam is working hard on a plan to raise funds to subsidize non-Singaporeans, most of who don't even live in Sengkang West.

3.Why not Dr Lam work hard on raising funds to subsidize you, the loyal Singaporeans of Sengkang West?

Subsidy for non-Singaporeans CAN!
Subsidy for Singaporeans CANNOT!
Subsidy for an ageing bus fleet CAN!
Subsidy for ageing Singaporeans CANNOT!

Why cannot have CPF Life Insurance for ageing buses?
Bus companies can pay for the ageing insurance with their profits right?

Anonymous said...

"The business man is not going to invest in a motor just because Lim Swee Say tells him to do so."
Lucky Tan

Of course not lah, because Lim Swee Say only tells what. As a politician, Lim Swee Say must also tell the public the right things in the right way lah. To be politically correct, that is. Or else how to win the 60%?

But is Lim Swee Say's pay and bonuses peg to productivity?

Just like if Lucky Tan has made a lot of money from high property prices, you don't expect him to tell this in his blog, right?

He will also tell only the right things in his blog what.

Anonymous said...

PAP keeps on harping on productivity but through the last 20 years has PAP done anything to increase productivity. All are only talk talk nothing done. What PAP big mouth is all about. Nothing else.

Anonymous said...

@ ANON: 15/4/12 10:36
"But is Lim Swee Say's pay and bonuses peg to productivity?

Just like if Lucky Tan has made a lot of money from high property prices, you don't expect him to tell this in his blog, right?"

Lucky Tan writes his blog for free.

Lim Swee Say salary is paid out of taxpayers' money.
i.e. including poor & elderly Singaporeans via GST.
Lim Swee Say does not work for free.

Anonymous said...

http://mysingaporenews.blogspot.com/2012/04/faces-of-agent-orange.html

From your beloved land of the free ...

incognito said...

If there is an Obama in the opposition today, would Singaporeans vote for him? I don't think so. At least not the 60%.

Anonymous said...

America’s Capitalist Party(ACP) have become almost indistinguishable from China's Communist Party(CCP) members,They’ve used their power to give themselves absurdly high pay(LEEgalised corruption); they have no accountability to shareholders; and they’ve created a new caste, which is now exercising enormous political power. The American Capitalist Party and CCP are both very worrisome.
Guess who is the best pupil of ACP and CCP?

Anonymous said...

Question. How many PAP men does it take to change the course of a fatally misguided economic policy?

Answer. 60% of non PAP citizens.

Don't wait. Go share the truth with your family and frens in Hougang.

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