Saturday, October 11, 2008

Our govt is prepared for the RECESSION!!

"Singapore's dollar reached a one-year low after the city-state became the first economy in Asia to slip into a recession." - Reuters....
"When your neighbor lose his job it is a recession,
when you lose your job it is a depression" - Heard it somewhere.
Yes, it is official - we are in recession. The first in Asia. You might be a bit worried that our govt may not be well prepared for the recession because MM Lee said we were in a Golden Period not too long ago....then when the subprime crisis hit, he said that this might be the first time that US will enter recession while Asia continues to grow. Don't worry our govt is well prepared for the recession and has taken pre-emptive actions to make sure things will be all right.............
............knowing the recession is just around the corner, Singapore Power hiked tariffs by the largest amount ever - despite oil falling by almost 50% from the peak, our public transport operators have also prepared for the recession by changing the fare structure so that most commuters pay more. SingTel has also prepared for the recession by hiking fixed line charges - citing rising cost of copper wires as the reason ( copper like all other commodities have fallen sharply). See....Singapore Inc is well prepared for this is prepared for its GLCs not to lose its profits by speeding up these hikes ahead of the recession.
The Singapore govt runs this country with a single focus : GDP growth. The size of our GDP helps to justify the pay packets of top civil servants and ministers. You might think given this focus it is a bit strange we are first in Asia to get into recession. There is a logical explanation for all this - we have an export led economy with relatively small domestic demand. We are probably a leading indicator for the global demand falls, Singapore economy slows fast. The worrying thing is many Singaporeans were having financial problems long before this recession. This recession is just going to make things a lot worse for the bottom 30% of the population. People were unable to save up during the good times because there were continuous hikes in GST, HDB prices, public transport, conservancy fees, medical fees, etc etc. What will happen in this recession? Guess with all those hikes, our GLC monopolies will be able sail through this recession with for Singaporeans, you will probably have to queue up at the MP's office with the other 200 people for 4 hours to collect that $30 utilities voucher


Anonymous said...

My take is that our reserves are not in recession.

We will be dirt-poor while our reserves grow fatter and fatter.

Singapore could be hit by a tsunami, earthquake, financial meltdown all at once, and our reserves still won't be activated to help the poor.

I think our reserves will only be used to help GLCs and ministers.

PAP forever!

Anonymous said...

love this post - it is true - with recession, more people will be fried but PAP minsters salary (and CEO of all stsat board, utility, public trassport) will grow from strength to strength

so happy for them....

Anonymous said...

This is one of the best satirical posts I read.

Yes. Singapore Inc comes fully prepared for the hike. You pleasant, you die your business, gahmen's salary increment and luxury life is more importantly than pleasant's life.

Keep it up Lucky Tan !

I am so lucky to read your site.

Anonymous said...

I still remember our beloved Dea Leader MM Lee proclaimed not too long ago:
Singapore is in its golden period!!,7668

Anybody wanna know how this golden period will manifest for singaporean?
It's a golden period for the Rich PAP ministers who are loaded like the investment bankers in Wall Street!!!!

Sgcynic said...

Fully agree with the post. We must have faith and believe in our leaders. They are the highest paid in the world and are in the best position to weather this crisis.

Anonymous said...

US is technically in recession, and the oil price (US drivers will know) has been dropping back to the $2 regime per gallon since Lehman Bros crashed.

Singaporean drivers leh?
Oil price always UP UP AWAY!!! HAHAHAHA!! Electricity tariiff UP UP AWAY!
All bank deposits in US and UK kena increase their insurance: from 100K to 250K.
Singaporean bank deposit insurance leh?
maintain at 20K?! What the fuck?!
More Good PAP Years!

Sgcynic said...

Only with PAP as our government can we have stability. We always know what to expect. There are really no shockers for us.

Anonymous said...

The PAP will definitely extend the waiting time to collect that $30 utility rebate from your dear MP.

They think this can deter people from coming. I see more people becoming desperate. Hope this anger can turn into wonderful surprises for our dear PAP :-)

Anonymous said...

My blood have been sucked dry by Singapore Inc. I still have a little left and is waiting to be squeeze further till the last drop.

Thanks to Pay and Pay.

Anonymous said...

Its more like we are paying the losses of GLCs that invested heavily in this crisis.