Public spending an investment, not a mere expense

In a commentary, SMU Associate Professor of Law Eugene Tan wrote about the various Budget initiatives this year, including SkillsFuture, as well as the social spending involved. He noted that increased social spending each year may cause those who value fiscal prudence to question whether Singapore is on the slippery slope to fiscal irresponsibility, and (if that would lead to the) erosion of personal and collective responsibility. However, such public expenditure should be seen as social investment to provide stability and social insurance against externally generated risks, instead of a mere expense. For instance, SkillsFuture emphasises lifelong learning and encourages the craftsman mind set, which is vital if the economy and Singaporeans are to thrive. Associate Prof Tan concluded that as this year’s Budget is evidently geared towards the broad swathe of Singaporeans, especially the “sandwiched” middle class, it has generated a feel-good effect for the state of governance Singapore has, and affirms what is expected of the nation’s leaders as stewards.

Source
TODAY