Singapore doesnt really have the debt issue, unless you are referring to depleting of national reserves.
US/Japan has debt issues. US, however, is a little special due to it's standing (major reserve currency) which affects BOP and all.
It is unlikely to have citizens spend a lot to be charged more for VAT as revenue for the government. Even if they do, the money will trickle down to help the less fortunate. With the population aging, government needs to fork out more money to help with subsidies, improvements, r&d grants, etc. This is in addition to the current support measures for COVID to attempt to keep unemployment rate at a healthy level, fair wages, adequate healthcare support, etc. In the end, it depends on the governmet's priority on what is more important -now-, paying off debt or helping the citizens.
Maybe one day when things become very dire, the governement may have to default the bonds (since no money pay interest and/or capital) and/or create a donation fund like Malaysia's Tabung Harapan.
We can only see what will happen 30 years down.
Singapore doesnt really have the debt issue, unless you are referring to depleting of national reserves.
US/Japan has debt issues. US, however, is a little special due to it's standing (major reserve currency) which affects BOP and all.
It is unlikely to have citizens spend a lot to be charged more for VAT as revenue for the government. Even if they do, the money will trickle down to help the less fortunate. With the population aging, government needs to fork out more money to help with subsidies, improvements, r&d grants, etc. This is in addition to the current support measures for COVID to attempt to keep unemployment rate at a healthy level, fair wages, adequate healthcare support, etc. In the end, it depends on the governmet's priority on what is more important -now-, paying off debt or helping the citizens.
Maybe one day when things become very dire, the governement may have to default the bonds (since no money pay interest and/or capital) and/or create a donation fund like Malaysia's Tabung Harapan.
We can only see what will happen 30 years down.