As the opposition once again raised in parliament the issue of spending more of the reserves on issues faced by the current generation of Singaporeans, Prime Minister Lee Hsien Loong took the podium, reminding the opposition and all Singaporeans that the reserves belong to all and future generations of Singaporeans.
"Some of [Lee Kuan Yew’s] senior colleagues told him that in locking up the reserves, he was trying the impossible.
Trying the impossible – you know why?
Because their philosophy was: If a generation wants to spend the money, somehow they will get their hands on it, and they will do it.
[He] disagreed and decided he had to try his best.
It is up to us and for us now to prove that we can protect the nest egg and that Singaporeans are capable of being prudent and responsible well beyond the founding generation.
We are not 'Ah Sia Kia'. (Hokkien term describing descendants of rich families who do not contribute to their families' fortune)
We are responsible.
We are also forefathers, one day, of generations yet to be born."
The motion filed by PSP
Non-Constituency Members of Parliament (MPs) Leong Mun Wai and Hazel Poa from the Progress Singapore Party (PSP) filed a motion in parliament on Feb. 7, 2024.
The motion called on the government to "review its current budget and reserve accumulation policies in order to help present-day Singaporeans reduce their financial burdens and improve their quality of life while continuing to save for future generations of Singaporeans".
The motion was amended to change "review" into "ensure" after another motion was filed by the People’s Action Party (PAP) MP Liang Eng Hwa.
The main arguments from the PSP NCMPs were that there is no need to keep the size of Singapore’s reserves a “secret” and that the reserves would “continue to grow” even if a larger proportion is allocated to reduce the financial burdens of Singaporeans today.
Workers’ Party (WP) chief Pritam Singh and other MPs joined in the debate, arguing that using more investment returns would not affect the growth of the reserves.
PAP MPs voted for the amended motion, while members from PSP and WP all voted against one of the amendments and the amended motion.
https://mothership.sg/2024/02/pm-lee-challenges-opposition-reserves-ge/
