Chinese Nationalist Party (KMT) Chairman Lien Chan (
One of the seven policies is to make those under the labor insurance program eligible to put half of their pensions in a deposit account at an interest rate of 18 percent, a type of preferential treatment already enjoyed by soldiers, school teachers and government employees.
This reminds one of the old tricks the KMT government used to employ to keep the support of soldiers, teachers and government employees.
The old KMT interest-rate plan led to a heavy financial burden on the government and therefore the program was discontinued for those who retired after 1995. Now Lien, failing to learn from his past failures, is repeating the mistake. It is very worrisome.
Lien's new proposal can be criticized on several counts.
First, feasibility. If laborers can save half of their retirement pensions in deposit accounts at a preferential interest rate of 18 percent, the government will have to pay huge amounts of interest. Over 20 years, the interest payments would total more than NT$2 trillion.
The Cabinet recently proposed a five-year, NT$500 billion project for 10 major construction projects. This is a constructive investment that can expand the country's economic foundation and boost the nation's competitive edge. But the opposition parties criticized it for leaving debt to posterity.
If Lien is able to implement his campaign promise, his policy will leave huge debts to posterity and empty out state coffers.
It will crowd out other meaningful bills crucial to people's livelihoods.
Second, fairness. Why is Lien favoring laborers exclusively? He is cheating voters by making unworkable promises simply to win laborers' votes. Should non-labor organizations be entitled to such guarantees as well? Where will the money come from? Implementing this policy would increase the nation's tax burden. If taxpayers' money is used to subsidize laborers, that would run counter to the principle of fairness and justice.
Third, efficiency. Lien's policy of benefitting laborers by means of deposit accounts is extremely inefficient. Using the nation's financial resources to take care of specific organizations is not a constructive investment.
The government should start with the basics to guarantee retirees' livelihoods and welfare. A thorough solution is to emulate the retirement systems of advanced countries.
Fourth, credibility. Without detailing how to pay the interest stemming from his plan, Lien has tried to engage in election gimmicks to attract laborers' votes.
Lien has always distorted the truth to attack the ruling Democratic Progressive Party. Recently he even criticized the government by saying that the US$90 billion increase in the nation's foreign exchange reserves during President Chen Shui-bian's (
More ridiculously, Lien's running mate, PFP Chairman James Soong (
Their ignorant comments are preposterous, reflecting the fact that Lien and Soong oppose the government simply for the sake of opposition.
I believe the public knows how to gauge politicians' words and deeds. They will not support candidates who make irresponsible campaign promises. People will be able to see politicians' true colors by the lies they tell.
Peter Lin is director of the Graduate Institute of Operation and Management at Kao Yuan Institute of Technology.
Translated by Jackie Lin
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