The real world tells a slightly different story. Economists warn of the uncertainty of United States Federal Reserve's tapering of its monetary stimulus program and potential flare ups in the euro zone. Others expect sluggishness in Indonesia and China might hit growth. Closer to home, restructuring and stricter foreign worker policies may constraint the extent Singapore can ride a recovering global economy. International Enterprise Singapore went further to downgrade its 2013 forecast for non-oil domestic exports, expecting it to fall 4 to 5%, instead of previous 0 to 1 percent growth. Amidst the gathering dark clouds, even MTI said next year's growth will be 2 to 4 percent, down from the 3.5 to 4% used this year to justify the generous bonus payouts.
What is paid out will never be returned. Bookings to learn classic French techniques of Patisserie from Le Cordon Bleu London will not be cancelled. Santa Claus, a private sector employee, may be retrenched in December, but the other guys are recession proof.