○  新加坡总理吴作栋理国庆群众大会演讲  ○

ronmentfortheinvolvementofthepeopleandcorporatesectorsincharity,philanthropyandvolunteerism.amongotherinitiatives,thegovernmentwillgrantititutionofpubliccharacter(ipc)statustoprivatefoundatiothatsuortcharitableactivities.ihavealsoaskedrichardhutocoidergivingincreasedtaxdeductionfordonatiotoipcs,ifpoible,doubletaxdeduction.

preservingourreserves
   letmestrethatmygovernmentwillcarryoutthissocialcompactusingbudgetsurplusesthatthisgovernmenthasaccumulated.ihavenointentionofdiingintoourreserves,aschiamseetonghassuggestedthegovernmentshoulddo.rather,mypolicyistoeurethatourreservescontinuetogrowyearafteryear.

whensomecountriesrunintoeconomicdifficulty,theycanpumpmoreoilfromtheiroilfields,orcutdownmoretimber.wehavenooilfields,notimber,nonaturalresourcestofallbackon.wecanonlydependonourreserves.theyareourequivalentof"naturalresources".assuch,wemustguardthemzealouslyforuseonlyinasevereandprolongedcrisis.

whileourreservesarelockedup,aproportionoftheincomefrominvestingourreservesgoesintoourbudgetsurplus.itisbecausewehaveprotectedthesereservesinthepastthatweenjoyacomfortablebudgetsurplusevenduringthiscurrentslowdown,whichwecanusetohelpsingaporeacopewiththeslowdown.

chiamseetongarguesthatsingaporewillnotgobankruptbyusing"atinyfraction"ofourreserves.thisisaveryseductiveline.seductive,butextremelydangerousforthepeoplebeingseduced.

whatheisarguingforisforustoslowlykillthegoosewhichgivesusgoldeneggs.first,pluckoffsomeofitsfeatherstokeepuswarm.next,sincethisdoesnotkillthegoose,mrchiamwillsuggestthatweshouldsliceoffjustonedrumsticktoeaseourhunger.

mygovernment''sphilosophy,ontheotherhand,istoprotectthepreciousgoose-ourreserves-andfattenit.itwillthenlaygoldeneggs,someofwhichcanbeusedtohelpsingaporeaduringdifficulttimes,andsomekeptforhatchingmoregeese.

ifwehadfollowedmrchiam''sadvicetonileatourgooseeverytimethereisaneconomicdownturn,wewouldhavecookedourowngoosebynow.soidonotintendtodipintoourreservestotacklethiscurrentdownturn.

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