Friday, March 07, 2014

We should spend our education budget more prudently

Singapore is spending $11 billion a year on education. It is the second highest item, after defense spending of $12 billion. 

While education is important, it does not mean that we should over-spend on this item. We should ask if the money spent is producing the right type of people who are needed for the economy.

A significant portion of the budget is wasted on producing the wrong type of people. For example, we train engineering graduates who went into the finance industry. We should be more prudent and careful in our spending. 

There are other areas of need in our society, such as jobs, health care, security. 

We need a more balanced approach. I find our finance minister to be not managing the budget well.

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