Marvel’s “Wakanda Forever”—the sequel to 2018’s “Black Panther”—may be one of the biggest films of the year, but Workers’ Party MP Leon Perera was not amused when Singapore’s financial reserves were compared to vibranium, a fictional metal in the movie that possesses extraordinary abilities to absorb, store, and release large amounts of kinetic energy.
In the country of Wakanda, vibranium is nearly as important as the superheroes in the films. However, in a recent article in Petir, the newsletter of the ruling People’s Action Party (PAP), an unnamed author wrote that “Singapore’s reserves are very much like Wakanda’s vibranium.”
“They are what we have that is unique to us, and they are strategically important. So we spend within our means and safeguard them for those who come after us.
It’s in the same way that they were safeguarded for us. They are a valuable stream of income for the Government’s Budget, which can be spent or invested for the benefit of current as well as future generations. In other words, they keep our city running as well as the overall standard of living excellent for people,” the writer added.
Mr Perera, who is part of the WP MPs at Aljunied GRC, took exception to the comparison in a Facebook post on Monday (Nov 28).
“There are other countries which have access to large pools of money too – take the Gulf states for example, which are becoming competitive in some economic sectors. Surely Singapore’s vibranium is not our financial reserves but rather the SINGAPOREAN PEOPLE.
It is the Singaporean people that we need to invest in, to enable them to be as productive, innovative and confident as they can be. Only a thriving, confident people can generate a thriving economy built to last. We won’t get there if we put reserves growth first and people second.”
The Workers’ Party has debunked the idea that its alternative proposals to the Goods and Services Tax hike slay the “golden goose” aka Singapore’s reserves, as it argued instead for slowing the rate of their accumulation in order to fund important public expenditure including education and infrastructure.
It has also proposed a number of other taxes, including wealth taxes.
The GST Amendment Bill was passed in Parliament earlier this month despite MPs from the WP and Non-Constituency Members of Parliament from the Progress Singapore Party voting against it, and Singapore’s GST will rise by one percentage point each at the beginning of 2023 and 2024, with a new total of 9 per cent. /TISG