PAP vs other governments in tackling rising costs

The PAP's response to the rising cost of living is to blame it on global factors.
Will the new Cabinet actually do anything different to this end? I doubt so.

So here are examples of what other less-well paid governments around the world are doing to combat high global prices.

• Malaysia has doubled the amount spent on subsidies.
• Today, Hong Kong announced plans to up civil service pay.
• South Korea froze electricity and gas fees as well as a host of public service fees for first half of 2011.
• The Taiwanese government gave fuel subsidies to target group of consumers.
• The Kenyan government is working towards reducing prices on commodities.
• In Jordan, the monarch has announced a slew of measures to reduce prices of necessities.
• In Victoria, Australia, the new coalition government has extended free weekend travel and electricity concessions to seniors.

It is evident that most governments around the world are working to tackle rising costs. The PAP on the other hand has allowed electricity, food, transport and housing prices to continue increasing.

Their strategy of GDP-led job creation to tackle cost of living is hopelessly misdirected as Singaporean wages are being held back by the PAP's open door immigration policy.

However, there is always a silver lining. Let's not rule out another raise in GST to help the poor.

Vote on PAP's track record please

Since the PAP's message is clear, vote based on track record, I'm summarising their track record in terms of Economy, Cost of living, Eudcation, Safety and Accountability since the last GE.

Economy:
1) We were to first Asian economy to plunge into recession during the Lehman-led downturn.
2) Our productivity hasn't grown
3) GIC and Temasek conspired to lose billions in our hard earned reserves

Cost of living:
1) We've had record inflation in the past couple of years- housing, food, transport, utilities and practically everything else under the sun
2) Yet wages only grow on average of 2-3% annually
3) GSTincreased 40% from 5 to 7%

Education:
1) More and more locals being rejected for the preferred course of study at our universities
2) By their own admission, the billingual education policy has failed
3) Singaporeans are balloting against PRs and foreigners for places at primary schools

Safety:
1) Mas Selamat
2) They allowed our trains to be victim of graffiti
3) They let a cold blooded Romanian murderer escape

Accountability:
1) From National Safety Council to Singapore Land Authority to NKF, millions were misappropriated
2) YOG budget ran 3-4 times over and there was no explanation
3) Our young soliders die during training but the system remains the same

COE- Certificate of Expensive

I think the Honda Accord is a very nice car.
3 years ago, we bought ourselves a Honda Stream at 77k because the 90k Accord was a little out of our budget.

Step forward to 2011 and the same Accord is now a whopping 140k!
We could get a BMW 535 for that price in Hong Kong and still have change for a 5-star dinner!

Something has certainly gone wrong somewhere....

GDP growth but who wins?

I stopped by a local fish shop on my way back today.
Since there were no other customers, the shop owner started chatting to me.
He was grousing about how it was difficult to make ends meet these days.
I understood what he meant when he told me that his monthly rental was about $4k for a shop space of 200 sq feet or so!
And his location is a rather low traffic area under a HDB block.
For those familiar with the aquarium scene, he probably has to sell 4-5 arowanas each month just to break even. A tough ask.

Earlier, I was at Tanjong Pagar MRT for lunch. I saw at least 5-6 retail outlets permanently shuttered.
Last week, there was a report in the local media about how retailers at train stations and underground exchanges were facing difficulties.

If you've been to Central at Clarke Quay recently, the sheer amount of empty shop spaces is quite shocking.
There are probably alot more retailers, Orchard Road or heartlands, that are in the same situation.

One would think that with scenes like these, the country is in recession. But Singapore's GDP grew at an astonishing rate last year, the fastest in the world!
So why hasn't GDP growth trickled down to more parts of society?

The people benefitting from GDP growth are the landlords, who in all likelihood are the GLCs and related companies. They adroitly use the "growing" economy as an excuse to up rentals.
Tenants also have to contend with relentless hikes in utilities.

When margins are hit, retailers turn to cheaper foreign labour or reduce quality/quantity (eg. food).

So who wins in the end?