iswaran: Singapore at an important juncture of economic development...

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An honorable member of the Coffee Shop Has Just Posted the Following:

[QUOTE] Quote:
SINGAPORE: Minister in Prime Minister's Office S Iswaran has said Singapore is at an important juncture where its economy is undergoing a major transformation

http://www.channelnewsasia.com/news/...nt/764430.html

Saying we are at a juncture is euphemistic. The PAP has actually led our economy unsustainably to a dead end.

Yes, grow GDP very quickly but in an unsustainable way.

At some point in time, when completely out of ideas, I bet you, they will propose building more IRs.

1. They grow the economy by growing credit, in the end Singaporeans end up with mountain of debt relative to income among highest in ASIA. To sustain high asset prices would mean debt has to keep increasing. How is this sustainable?

2. Grow the Singapore economy by workforce expansion through foreign imports and immigration. In the end, Singapore became country with highest population density in the world. Infrastructure became inadequate, even medical services did not expand to catch up. How is this sustainable?

3. Build casino to grow economy. Until even the CPIB assistant director end up stealing money to feed his casino gambling habit How many broken families can our society afford? ...How is this sustainable?

4. Financialisation of our economy by deregulation to attract global financial institutions. We know such moves is similar to what Cyprus to grow banking is fraught with risk...and the financial sector enjoy the profits and rest of society will suffer the grief when payback time comes in the next crisis. Warren Buffet's partner Charlie Mungle said when real engineering disappear and financial engineering takes its place, the society is misled to false prosperity.

5. Allowing the income inequality to balloon to highest among developed countries. Loading the rich with advantages and the poor with more and more burden of living. This polarised our society and PAP's claim of wanting to build an inclusive society ultimately cannot be trusted. How can any govt claim to build an inclusive society and end up building such an extremely unequal one. They are either incompetent or liars....and it is the PAP that claim they are competent.

6. Driving the middleclass to underclass with rapid rise in cost of living and allowing the bottom to fall off. Importing the highest number of foreign workers per capita driving down the wages of ordinary Singaporeans to appease businesses' desire for profit. After that hundreds of thousands of Singaporeans fall into workfare a.k.a. poverty. So how many Singaporeans does the PAP want to put there?

7. CPF scheme. How many things wrong with this scheme? They borrow our money to fill reserves so that elites can manage it and earn high pay. Then they keep the excess returns will contraining us to low returns which is now below inflation. Then they adjust the minimum sum up to the point less than half can make it to minimum sum to take money out for retirement. How is this tolerable? It is unjust!


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