S'pore avoids 'magical thinking, prepares in advance for spending in Budget: President

Singapore has avoided what many countries are doing, which is to spend before they have the money, then hope that revenues will somehow grow enough to pay for government debts that are at unsustainable levels, said President Tharman March 22.

- Tham Yuen-C

Shanmugaratnam on something that "There is actually something unusual about Singapore's Budgets each year has become quite unusual among countries internationally," he added.

"We avoid magical thinking." Such magical thinking always ends up unhappily, with the next generation getting a raw deal as governments eventually have to cut spending, allow critical public facilities to get run down or raise taxes much more, he said.