Global inflation has affected the market worldwide, as well as the political stability of many nations. Consequently, many responsible governments have initiated a variety of programs to tackle inflationary problems, some of which involved cutting down on national expenditure. Others have introduced policies and other administrative measures to help reduce the otherwise runaway rate of inflation.
The rapid hike in the cost-of-living has created considerable tension amongst the people everywhere. Recently, the Hong Kong Government abolished import duty on diesel. The move was much welcomed, especially by public transport operators and the public at large. Public transportation is an essential need; it constitutes a main determinant in any cost-of-living evaluation.
At home, the PAP Government alleges that it has assisted the lower income families to tide over rising consumer prices all across the board. Many local Non-Government Organizations (NGOs) have also contributed much efforts in helping the less fortunate community. But all those assistance may not be universally equitable, in the sense that the spread may not be thorough enough -– not everyone benefit.
In view of our comparatively stronger economy, the Government should do more to alleviate the peoples’ sufferings brought about by the inflation. Whilst it may be concerned with the probable economic slowdown and its potential impact on our employment rate, the Government is not well focussed on the dangers of a prolonged inflation. It is apparently too fist-tight with its fiscal assistance.
Without liberalising its monetary policy, the Government still retains a great deal of fiscal leverage. More effective administrative measures are required to ease the problem of domestic inflation. The PAP government owes the people a responsibility of care to help all Singaporeans during these difficult times.
By Elvin Ong
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