I posted a link that showed Singapore had a budget deficit the very second their economy shrinked, in fact, the same thing happened in Western nations. Singapore didn’t have to take a loan because thay had a national reserve.
So in fact the policy Singapore has is the same as Western nations, with the only difference that Singapore happened to have money saved. Singapore didn’t want to cut spending to they used their savings. There’s no real difference in policy, they even have a stimulus package.
So in fact the policy Singapore has is the same as Western nations, with the only difference that Singapore happened to have money saved.
How do you get that as being a coincidence? The very same things that make a nation spend prudently are the ones that make it have a reserve fund in the first place! What’s America’s emergency reserve fund? There isn’t one—just the possibility of borrowing more. (Not necessarily a bad move for a nation with the US’s credit rating, but still.)
I bring this up in part because it parallels the differences between US states. Some states had to get backdoor bailouts through grants for projects, while others (like Texas) only had the budget problem of “couldn’t contribute as much to the rainy day fund (a real account) this time”. The very concept is foreign to e.g. California.
I see, I don’t remember any of that being in the post I replied to (perhaps you edited your post?). I see how that article supports your view that Singapore did engage in “economic stimulus”. My (mis)perception comes from the fact that I was only looking at the change in the debt level, when they paid for their “stimulus package” out of savings (so didn’t show up as much increase in debt).
On the other hand, I think my judgment that Singapore responded better than the US to the economic downturn is still well supported. Their Stimulus was much more focused on lowering the cost of hiring workers than the US stimulus package and for that the current administration deserves some blame. Don’t you agree?
I posted a link that showed Singapore had a budget deficit the very second their economy shrinked, in fact, the same thing happened in Western nations. Singapore didn’t have to take a loan because thay had a national reserve.
So in fact the policy Singapore has is the same as Western nations, with the only difference that Singapore happened to have money saved. Singapore didn’t want to cut spending to they used their savings. There’s no real difference in policy, they even have a stimulus package.
How do you get that as being a coincidence? The very same things that make a nation spend prudently are the ones that make it have a reserve fund in the first place! What’s America’s emergency reserve fund? There isn’t one—just the possibility of borrowing more. (Not necessarily a bad move for a nation with the US’s credit rating, but still.)
I bring this up in part because it parallels the differences between US states. Some states had to get backdoor bailouts through grants for projects, while others (like Texas) only had the budget problem of “couldn’t contribute as much to the rainy day fund (a real account) this time”. The very concept is foreign to e.g. California.
Yeah, yeah, mind = killed, etc.
I see, I don’t remember any of that being in the post I replied to (perhaps you edited your post?). I see how that article supports your view that Singapore did engage in “economic stimulus”. My (mis)perception comes from the fact that I was only looking at the change in the debt level, when they paid for their “stimulus package” out of savings (so didn’t show up as much increase in debt).
On the other hand, I think my judgment that Singapore responded better than the US to the economic downturn is still well supported. Their Stimulus was much more focused on lowering the cost of hiring workers than the US stimulus package and for that the current administration deserves some blame. Don’t you agree?