24 Jul 2014 11:40 pm
So you ignored any value added by their customers in future sales and just decided to double count??? I'll give you an example. Shell sells a barrel of oil to refiner for $50 and that refiner sells the gas for $80. There are $130 worth of revenue there, but there's only $80 in value added to the economy.Cannonpointer » 24 Jul 2014 1:23 am » wrote:
I went ahead and grabbed some quick numbers off Temasek's website and Singapore's website, producing this post in another thread:
Singapore's GDP was 287 billion US in 2013. Of that 287 billion, Temasek grossed 83.8 billion - 29% of the entire nation's gdp, posting a respectable 27.8 billion in gross profits, and netting 13,3 billion - 25% of their 53.4 billion in government expenditures that year. They also paid 1.9 billion in income taxes, generating ANOTHER 3.5% of the nation's 2013 expenditures. http://www.temasek.com.sg/investorrelat ... financials
Within fairly tight margins, it's reasonable to posit that Temasek controls ROUGHLY 29% of the means of wealth production in Singapore - unless they have some advantage - say, government muscle, for example, - which would allow them to capture far more than their rightful share of profits, with a smaller share of the means of wealth production. But THAT would be soshalizum, and we are assured by the conjobs that no such things exists in the eternal and spotless sunshine of a country where every back is straight and every shoulder is cheerfully to the wheel.
Here is a link to grab a pdf of Singapore's "Budget in Brief," http://www.mof.gov.sg/budget_2013/budget_in_brief.html which outlines how the nation's progressive tax scheme is being used to help low income workers with government-funded wage adjustments, to help retirees with cost of living adjustments, to help disadvantaged students with special programs - you get the gist. It's an American liberal progressive's dream menu, with every predictable dish in the left hand column, and the nation's flag in the right hand column: It's all on Uncle Chang.
Seriously, I found it offensive. And the conjobs are slapping us over the head with this progressive slave pit, just because it has low corporate income taxes? And all because Heritage owns their pathetic little minds? My god, these people would be funny if they were not so sad. They live in a world of make believe, where they are all economic whiz kids and self made internet millionaires. But they operate at a level of credulity that makes rupert murdoch pinch himself every day, to be sure he isn't dreaming.
You've still won this thread by the way. I'm just pointing out a potential flaw in your calculations.
And Temasek is not a toy for the government to play with. They can't bankrupt it then give it to their buddies through their own courts like Washington did with GM.