AnonymousSep 5th, 2008 - 22:31:20

I don't see any glory for any country in amassing SWF. If anything it has a negative correlation with how much the political leaders care about its citizens. In Singapore the government taxes everybody to the hilt and diverts all the excess money to their SWF instead of redistributing it to the people. In contrast, in Hong Kong, whenever the government gets some excess tax funds, they simply redistribute it among the people such as in the form of rebates on their property tax. They also redistribute it by heavily subsidising the medical expenses of the poor. No one in Hong Kong need pay more than HK$100 = S$18 for any single treatment of any disease.
Another example is the traffic congestion taxes. In Singapore such congestion taxes are diverted to SWF, whereas in London the congestion taxes are ploughed back to subsidise the public transport fares. That is why bus fares in London are so much lower on a per kilometre basis. London could easily build up a huge SWF from all its congestion taxes, or if it simply stops all its free health services to the people.

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