Are we drawing down the national reserves too fast? With President Halimah’s assent, Singapore is withdrawing another eye-popping $31 billion from its reserves to fund Covid-19 support packages, you may justifiably wonder: “Is there a limit to this?” By now, Singapore has used close to $100 billion from its reserves to fight the “deepest economic crisis since Singapore’s Independence”. That is nearly 20% of Singapore’s GDP! Does this affect you can me? Of course, because there is no free lunch. If you look abroad, global central banks are printing money like there’s no tomorrow. And so, it seems reasonable to ask, “Why can’t we do the same? Why must we deplete our own hard-earned saving?” With the zero interest rate environment, why didn’t the government simply issue a “Fortitude Bond” and raise funds? After all, there is no shortage of yield-hungry investors who desperately want to lend money to our AAA government....