COVID-19: Retrenchments

[Wind30]

  On 7/17/2020 at 1:06 AM, Voodooman said:

Lockdown is bad for the economy but social distancing is enough to kill F&B and a lot of other businesses.  You don't need a lockdown, the fear of getting infected and dying is enough to keep people at home and tip the world economy into a recession. 

Domestic consumption is 35% of SG GDP but around 60-70% globally, so locals masking up won't be sufficient to keep us away from a deep recession without G's stimulus. Anyway, it is economics 101 but i am no expert. 

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Ya lah, but lockdown by far is the major hitter, I feel. I agree even without lockdown , it’s will be tough for economy.

i think the gdp numbers has nothing to do with consumption but due to halting of economic activity due to lockdown.

but if u look at Singapore, one of the major industry impacted is construction which unlike of tourism Or air travel is not directly related to covid...

[Wind30]

  On 7/17/2020 at 1:12 AM, Wt_know said:

yes ... look at Sweden ... NO LOCKDOWN ... how well is their economy

look at HK ... also no NO LOCKDOWN ... the F&B and RETAIL are suffering too

covid scare the shit out of everyone whether lockdown or not ... 

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https://www.nytimes.com/2020/07/07/business/sweden-economy-coronavirus.html
 

It is all about magnitude. If u read the above article by someone pro lockdown, u can tell the economic impact on Sweden is pretty minor, compared to Singapore.

honestly, Singapore did really badly for covid. The point is that some sectors like F&b air travel, tourism cannot be helped.

but when u have lockdown or dormitory screw up, u kill the broader economy like construction, manufacturing.... which are the LIFESAVERS.

why can’t people understand this? Just because even without lockdown economy is shit, does not mean lockdown is inconsequential. I tell u with lockdown economy is 100 times shittier. If a 40% gdp drop still can’t convince you, no point lah

[Lethalstrike]

  On 7/16/2020 at 6:02 PM, Playtime said:

Heard got a Jedi temple thingy.... perhaps scrap it... cos heard the Yoda himself didnt want it.🤣

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Can also scrap satellite based ERP 2.0 lah. This bloody system I wonder how much is needed per year for its upkeep.

Jedi temple can delay also lah, it's not going to help them in winning back Sengkang GRC anyway. 

[Wt_know]

  On 7/17/2020 at 1:20 AM, inlinesix said:

What he don't understand is that Lockdown is used to prevent a collapse of our healthcare system.

It will take us a long time to built it back.  Just look at surgical mask.

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yeah ... possibly exposed to other risk factors and magnitude that one cannot imagine

Edited July 17, 2020 by Wt_know

[Wt_know]

  On 7/17/2020 at 1:43 AM, Wind30 said:

https://www.nytimes.com/2020/07/07/business/sweden-economy-coronavirus.html
 

It is all about magnitude. If u read the above article by someone pro lockdown, u can tell the economic impact on Sweden is pretty minor, compared to Singapore.

honestly, Singapore did really badly for covid. The point is that some sectors like F&b air travel, tourism cannot be helped.

but when u have lockdown or dormitory screw up, u kill the broader economy like construction, manufacturing.... which are the LIFESAVERS.

why can’t people understand this? Just because even without lockdown economy is shit, does not mean lockdown is inconsequential. I tell u with lockdown economy is 100 times shittier. If a 40% gdp drop still can’t convince you, no point lah

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i accept the fact that with or without lockdown ... economy is going shit ... but which one fare better ... i don't know

i am pro lockdown ... but i cannot accept the screw up of dormitory ...  that fk us all

if not because of dorm ... we could have done so much better ... construction would not be standstill .... 

don't forget ... during the lockdown period ... ah gong also pump $100B hor ...

Edited July 17, 2020 by Wt_know

[bsswan]

  On 7/17/2020 at 12:13 AM, Ody_2004 said:

China for example pump alot of $$ into infrastructure construction when their economy need a helping hand.. 

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China infrastructure spending helps Chinese firms and Chinese citizens/workers.

Singapore infrastructure spending helps some Singapore firms and many international ones, and some Singapore citizens and many FW.

[inlinesix]

  On 7/17/2020 at 2:07 AM, yishunite said:

But the article u posted says different from what u said. Sweden had no lockdown but its economy suffer just as bad as denmark that had a lockdown. Meanwhile their death rate even adjusted for population is still far higher than denmark

We may be in for a sharp V like China: https://www.straitstimes.com/business/economy/singapore-non-oil-exports-jump-161-in-june-reversing-drop-in-may

Edit: But I do agree with u construction/dorm screwup is going to be far worse than we thought... and yet opposition didnt play cards right to hammer them on this so JT survived

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I don't think oppo should politicalise a pandemic outbreak.  Hammer should be smashed on the relevant person when it is over.

By the way, Lim Tean contested in Jalan Besar because he thinks that Jo Teo should not get away so easily for the screwup.

[Wind30]

  On 7/17/2020 at 2:07 AM, yishunite said:

But the article u posted says different from what u said. Sweden had no lockdown but its economy suffer just as bad as denmark that had a lockdown. Meanwhile their death rate even adjusted for population is still far higher than denmark

We may be in for a sharp V like China: https://www.straitstimes.com/business/economy/singapore-non-oil-exports-jump-161-in-june-reversing-drop-in-may

Edit: But I do agree with u construction/dorm screwup is going to be far worse than we thought... and yet opposition didnt play cards right to hammer them on this so JT survived

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I quoted an article from the opposing camp, which is what I usually do if I want to know if my assumption/understanding is right. 
If u read it carefully and read the link to imf report, there is significant differences between Sweden and rest of the world.

the conclusion should be read as if rest of the world lock down and u don’t, the benefit is not the great. The astute reader will infer if the rest of the world don’t lock down and u do, the harm will be a lot worse.

something to digest for pro lockdown people

[Windwaver]

  On 7/17/2020 at 12:18 AM, Weez911 said:

Yep. We only hear about retrenchment and unemployment after GE2020. The main chunk of the life-saving JSS was effected right before GE2020 also. Actually not that surprising but this may cost some % of their votes when smart people link it to the bungling of the covid management.

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[Windwaver]

  On 7/17/2020 at 2:08 AM, Wt_know said:

i accept the fact that with or without lockdown ... economy is going shit ... but which one fare better ... i don't know

i am pro lockdown ... but i cannot accept the screw up of dormitory ...  that fk us all

if not because of dorm ... we could have done so much better ... construction would not be standstill .... 

don't forget ... during the lockdown period ... ah gong also pump $100B hor ...

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$600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600.............

[Wt_know]

  On 7/17/2020 at 4:08 AM, Windwaver said:

$600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600.............

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no .... $23,000 per pax ... muahahahaha

[Yewheng]

  On 7/17/2020 at 12:13 AM, Ody_2004 said:

The more people tighten and not spending is even worse..

Money like River must flows.. from one to another to keep the economy alive.. u see the BKT founder crying liao as no one spend.. so if all keep their money be tougher.. like Grab no one take how? Casino no one bet mean more retrenchment...

Singapore is a spending economy.. no one spend the economy stopped..

China for example pump alot of $$ into infrastructure construction when their economy need a helping hand.. 

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Oh ya talking about infrastructure.. There is a limit on it.. Like for example.. If the area is already well built up and traffic there is okay. What is there to expend on? Expend for the sake of expending like expend 4 lanes to 5 lanes road where that area 4 lanes is enough to cater for traffic, or built another highway for the sake of building it? Maybe if say this area is not well built up and traffic is very bad.. Then yes.. Spend money upgrading on it will help. 

 

Unless there is some sort of planning way ahead that this area will want to be say commercialised and that area still not there yet. Then economic recession just nice can quickly expend it and spend and when economic recession end.. Just nice that area built up for commercial. 

 

Same goes to say building mrt.. Economy recession, if speed up building mrt due to make use of cheaper material due to recession. Then it benefit what, coz material purchased is cheaper and yet able to speed up and finish the mrt project faster. 

 

Everything that government do, cooperation do, people do.. There will always need to have a cause that would need to benefit them. If not why do it if it does not benefit them? Spend money for fun? 

 

Like remember just recently when oil price was at record low to even negative for a very short period of time. What does China do? China go stock up oil when it is cheap. Its good move what. Cause bulk purchase when oil is cheap and when oil price went up.. They still have the cheap oil to benefit the economy. 

Edited July 17, 2020 by Yewheng

[Throttle2]

The correct way to do it is to save more during good times so that you can spend during bad times.  

Thats why i am always so happy during bad times...

[Yewheng]

  On 7/17/2020 at 6:18 AM, Throttle2 said:

The correct way to do it is to save more during good times so that you can spend during bad times.  

Thats why i am always so happy during bad times...

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Coz things become cheaper.. And you will get the bargain right? 

[Throttle2]

  On 7/17/2020 at 6:19 AM, Yewheng said:

Coz things become cheaper.. And you will get the bargain right? 

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Yes......that too

[13177]

  On 7/17/2020 at 2:23 AM, inlinesix said:

I don't think oppo should politicalise a pandemic outbreak.  Hammer should be smashed on the relevant person when it is over.

By the way, Lim Tean contested in Jalan Besar because he thinks that Jo Teo should not get away so easily for the screwup.

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Jo Teo got screwup, what screwup? Lol. She is now still comfortably continue as a minister in parliament lo. 

[Windwaver]

  On 7/17/2020 at 6:19 AM, Yewheng said:

Coz things become cheaper.. And you will get the bargain right? 

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[Voodooman]

  On 7/17/2020 at 6:18 AM, Throttle2 said:

The correct way to do it is to save more during good times so that you can spend during bad times.  

Thats why i am always so happy during bad times...

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Yes for Govt. For individual, we save during good times and try to cut down further during bad times. Only G (not all) can afford to be counter cyclical, if everyone, including G, does what Yew Heng suggested, we are all screwed.