What's going here is neither irresponsible or with the sole purpose of stimulating the economy like they claimed. After taking the working class' money for AGES and lining their pockets with cash and rich people without so much of helping the working class; this is a little something that the ruling drop for the working and lower class people. Their purpose? To sweeten and calm the working / lower class so their "sheeps" doesn't revolt or run away. Facing with the possibility that the working / lower class will revolt like in Egypy or Libya or Tunisia; they have to drop a tiny amount of sweetness to sweeten the people's heart. Look at Egypt's President's negotiation before he was runned down. Look at Saudi Arabia announcing 120 bln to "improve its citizens' lives". Or how Malaysia "implements" a higher pay increase for professionals in their attempt to stop the brain drain. Or how US extending tax cuts to the rich but ohhh ... wait, they haven't "forgotten" the working class. The working class get a "Social Security taxes deduction of 2% for a year" whilst the rich gets tax deduction for 2 years extension. It's ALL a SHAM to 'tame' their people so that the people will let the ruling class continue to rule for the next few years; i mean suck from you for the next few years more. WAKE UP ... NOTHING IS FREE, at least NOT in USA. The $250 or $500 that they gave the public a few years ago was then imposed a tax the very next year. Ohh .. and your very minimal savings interest income .. for 2010, they take 50% of it (at least at my income level).
didn't know you're hknese ..lol .. free money .. who don't like it? @ralph .. true but i don't think anyone care now during such eco. ppl just have to save on their own for retirements.
A large and sometimes biggest chunk of municipal operating costs is often the retired worker. Many cities throughout the world had already realized this, with various plans to increase the age of retirement while decreasing retirement benefit, often at extreme political anger and social disruption (eg Wisconsin) to make up for shortfalls. HK is actually in a quite enviable position of being able to shelter more funds than it anticipates the need for. While giving away the money may be politically popular; it sets a disastrous fiscal precedent. Rainy days are inevitable and HK is not going to be immune. They should have saved the money as originally planned.
Somehow the money is good for HK citizens to spend but the hk dollar is losing value. Good and bad to some.
^ I got told by my boss today that if you are overseas HK permanent resident, you just need to send the Gov. your bank details or something via email probably. Of course actual procedure is yet ot be published but she said it is the most likelihood thing to happen for us lot instead of just going back to HK to claim the cheque
