Red Dot United chief Ravi Philemon on cost of proposed 'citizens' dividend' for all Singaporeans

Key Concepts:

• Citizens' Dividend: A regular payment made to all citizens from public revenue.
• Shadow Budget: An alternative budget proposed by an opposition party.
• Surplus: An excess of revenue over expenditure in a government budget.
• Political Will: The determination and commitment of political leaders to take action.
• Reserves: Accumulated savings or assets held by a government.

Cost Estimation and Funding:

The speaker estimates the cost of implementing a citizens' dividend program to be in the range of 2 to 4 billion dollars per year. This figure is part of their shadow budget proposal. The speaker emphasizes that the political will to make this a reality is crucial, given the increasing mainstream acceptance of such dividend programs, citing Alaska's fund as an example.

Financial Feasibility and Reserve Usage:

The speaker clarifies that the opposition party is not advocating for the use of Singapore's reserves to fund the citizens' dividend. They point to the significant surplus of 4.4% this year as a potential source of funding. The speaker highlights the Singapore government's track record of generating surpluses, suggesting that these surpluses, along with revenue from various taxation sources, could cover the costs of the dividend.

Opposition Party Stance:

The speaker emphasizes that as a responsible and credible opposition party, they are proposing a feasible and sustainable funding model for the citizens' dividend without depleting the national reserves. They advocate for piloting the program to assess its effectiveness and impact.

Conclusion:

The speaker argues that a citizens' dividend is financially feasible in Singapore, given the government's consistent surpluses and various taxation revenues. The opposition party's proposal aims to implement the dividend without touching the national reserves, emphasizing responsible financial management and the need for political will to address the changing global landscape.