Thursday, November 15, 2012

Professor Elizabeth Warren : The middle class struggle...

Elizabeth Warren has won her election fight for a seat in the US Senate[Link].

I wrote about Elizabeth Warren's work a few years ago after I read her paper on the US healthcare system[Link]. Her findings were startling - she found that most people who were bankrupted by medical bills had insurance. These were not irresponsible people who did not buy coverage for themselves and their families. Yet, when they got sick, they fell through various cracks and ended up bankrupt.

The passionate professor who spent the last few years giving lectures to explain what she saw as the collapse of the middle class, joined the Democratic Party and defeated the incumbent Massachusetts Republican Senator Scott Brown to win a senate seat:




Watch the video very carefully and listen to her explanation of what led to the collapse of the US middle class. Her detailed analysis of family expenditure over the last 3 decades showed how family savings declined in the US and the key factor that led to the decline was the rise in housing prices.  High housing prices along with rising medical cost that consumed a larger and larger component of household income destroyed the American middleclass.

“But those who held on to their homes, I've seen their property values going up, five times, 10 times, 15 times, 20 times. This was the plan which we had from the very beginning, to give everybody a home at cost or below cost and as development takes place, everybody gets a lift, all boats rise as the tide rises.” - ex- MM Lee Kuan Yew
[Link]

 PAP leaders have seen rising home prices as a good thing implementing  "asset enhancement" as a national policy. Home prices rising 20 times without the corresponding rise in income means that middle class families find it harder to own a home today than 20 years ago. It puts young families into heavy debt and puts them at risk. Elizabeth Warren's speech was given in Jan 2008 before the financial crisis hit and took property price down destroying much of 'paper property wealth' that middle class families were supposed to have "accumulated". When property prices rises faster than median income, there is really no easy net wealth created because in order to cash out of your HDB at a profit you need another Singaporean family to get deeper into debt. You keep doing this until debt levels are no longer sustainable and the merry-go-round stops..it is pattern that has been repeated around the world.

If you look at the 5 year chart of HDB resale prices, it is no different from the bubbles we have seen in these countries.

They can try to keep it inflated by importing people, pushing up the population density and allowing foreign investors into the private residential market to trickle down the demand...but you cannot go on doing it forever and you can't do it without putting more burden and risk on the middle class.

Whatever your opinion of the SDP housing plan, the most important thing is they understand and recognize the  urgency and depth of the housing and healthcare problems and are willing to put up bold ideas  and open the discussion. The PAP govt's national conversation seem to perpetually revolves around how many foreigners we should allow into the country - where are the solutions to the problems faced by Singaporean families? 2 days ago, we saw yet another report by a govt agency, the NPTD,  justifying the need for more foreign workers[Link]...so where is the solution for the rising healthcare cost? 

A few weeks ago, a young boy had meningitis and was hospitalized for 50 days (24 days in ICU, + 3 operations to relieve pressure in the brain) . Because the parents were low income PRs, they it is likely they received 55% in subsidies under Class C. The unpaid bill came to $130K (without subsidy it would have been $290K) and in order not to bankrupt the family, KK Hospital put them on a 42 year installment.  Singaporeans households with income of above $5200, under Class C will see a bill of $101K, if granted an installment plan that is equivalent to $1000 for 8 years or $500 for 16 years.
If you still don't see the need for a universal healthcare plan that ensure everyone is covered including those with pre-existing medical conditions, be prepared to see more such cases and many in the middle class burdened by the high and rising cost of medical care. When Obama's healthcare plan comes to effect, we will be the only developed country without a healthcare scheme that ensures everyone is can afford medical care including those with pre-existing conditions.

During Elizabeth Warren's campaign, she spoke frequently about "leveling the playing field" for everyone in society. Leveling the playing field is an endless task as the rich and powerful will always try to influence the system to secure as much advantages as possible - examples include securing govt expenditure such as tax breaks, reduction of capital gains taxes, reduction of income tax for high income earners, reducing the minimum wage etc. These tax expenditures have proved costly for the American govt  who now have to cut spending on much need social programs. In the 2012 US Elections, billionaire Sheldon Adelson who made billions in the casino business spent millions donating to the campaign of several candidates to push for outcomes he wanted[Link] - fortunately Americans could see through this and every candidate he backed lost.

"I think the basic notion is right. Nobody got rich on their own. Nobody. People worked hard, they built a business, God bless, but they moved their goods on roads the rest of us helped build, they hired employees the rest of us helped educate, they plugged into a power grid the rest of us helped build," 
- Senator Elizabeth Warren[Link]

When the income gap in our society grows, we have to reduce our spending on tax cuts for the rich to level the playing field. Social mobility is in itself necessary not sufficient ...but even that is much eroded in Singapore.Less than half the PSC scholarships are given to children staying in public housing when 80% of Singapore families live in HDB [Link] - a child from a richer family is 4 times more likely to get a PSC scholarship than a child staying in a HDB flat. The education system is such that those who are able to spend more on good quality pre-school and external coaching (tuition)[1 in 2 who engage tuition teachers spend more than $500 per month] get an advantage in our education system . 

If we do not pursue a change of  policies at a fast enough pace,  the current system will erode our middle class and create an permanent underclass in our society.  The longer we take the more elusive the solutions becomes as the tradeoffs become deeper and problems become more complex.


151 comments:

Anonymous said...

When they continue to make the rich richer and the rest poorer, that is the collapse of democracy.

“Experience has shown, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny.”
― Thomas Jefferson

Anonymous said...

Much of what LKY said is actually wrong. However he says it either with confidence (i.e., bullsh*ts with bravado) or intimidates/incarcerates/exiles his opponents so as to win an argument -- silencing one's critics does not automatically make one's arguments correct.

Anonymous said...

"If we do not pursue a change of policies at a fast enough pace, the current system will erode our middle class and create an permanent underclass in our society."
Lucky Tan

It has already happened what, even well before GE 2011. And quite bad too.

But the underclass had not seriously affected the 60% support for and 93% seats won by PAP in GE 2011. Or made SDP win any seats in GE 2011, despite even having candidates like Tan Jee Say.

And did PAP do much for these underclass since GE 2011? If not, why didn't they?

Anonymous said...

Permanent underclass is a feature of any society, whether developed or 3rd world. And Singapore is no exception.

In some 3rd world countries, the underclass problem is even serious enough to cause protests and even revolts to overthrow the government. And of course forget about the government winning an election, let alone a 60% mandate with 93% seats.

Anonymous said...

Seriously need to level the playing field to have the rich paying more taxes instead of sucking more money from the mid and low income citizens. Scholarships given to the wealthy and foreigners is so wrong when they can easily afford it. There are many students in my child's JC with 8 distinctions and not able to get any scholarships while a large number of foreign students, 1 in 7 are foreign scholars!
KY is so stupid to think that property prices going up is an advantage to citizens, we have only 1 HDB flat we are staying in it doesn't matter if it is worth even 1 million, we cannot sell our house and stay in the streets!

Anonymous said...

There is no perfect society, so there will always be an underclass.

Most important is that smart people, including foreign talents, are the majority, say 60%, and they can make lots of money. Then the society will be peaceful and the government will be strong.

The not smart ones, by default will become the underclass and also the minority.

And the smartest ones among the smart majority will become the government lah.



Anonymous said...

"...we have only 1 HDB flat we are staying in it doesn't matter if it is worth even 1 million, we cannot sell our house and stay in the streets!"
Anon 15/11/12 16:28

That's why you are not smart. You can always sell and emigrate (and also take out CPF) to another country and live in a big bungalow with big garden what. And still got lots of spare cash left to retire what.

Anonymous said...

I would hesitate to live in a big bungalow with big garden in Timbuktu.

I still prefer to live in a 3 rm HDB pigeon hole here as underclass.

Anonymous said...

ANON @ 15/11/12 16:37
"You can always sell and emigrate (and also take out CPF) to another country and live in a big bungalow with big garden what. And still got lots of spare cash left to retire what."

Spoken like a true Pro Alien Traitor dressed in white.
No loyalty to country, family or friends.
Only concern is big bungalow and big garden and cash.
Why are our NS men dying for such people?
Time to abolish NS.
And vote in a government of Pro Singaporean Patriots.

Anonymous said...

There getting to be too many pro alien party's trolls in Lucky's blog here commenting. Go lick up the papies leg and put a sock in your mouth. You think so easy to migrate, other country gov not stupid like our pro alien money suckers.

Anonymous said...

Didn't you hear MP Seah say we have to give and take? Surely in Singapore it is very true. We take from the poor to give to the rich!

Anonymous said...

Thanks Lucky for the good article. Why MIW still doing so little and so slow? Are they out of touch? Too rich to see the problems or feel the people's or just ignore the problem? They only have four more years to correct the messes created by them.

Daemonic said...

"When property prices rises faster than median income, there is really no easy net wealth created because in order to cash out of your HDB at a profit you need another Singaporean family to get deeper into debt."

Hit the bull's eye. An inconvenient truth of the dismal situation we faced today is the increase in the no. of public rental units subsidized to needy families. Sadly, statistics for this figure is as usual hard to come by or difficult to verify (as needy families may not rent direct from HDB but from commercial entities like EM Services). I believe as properties gets increasingly out-of-reach, more such public rental units will increase. It is a step backwards.

I think SDP's NOM is a good attempt to tackle this issue head-on. When public housing is seen as an investment, most people view such investments (on HDB/DBSS/Executive and so on) as "sure-win" propositions. It had resulted in a wide shift in the risk spectrum of many households into the zone of profiteering. Those who are risk-loving geared themselves to the neck buying several properties at one go. Those who are normally risk averse, willingly buy much bigger and more expensive unit than what they needed. So I concur with those who argued that public housing should not become an investment! It had created a profiteering mentality in households that requires the govt to prop-up the prices at all costs or face cataclysmic consequences, leading us to this situation today.

Anonymous said...

You think so easy to migrate,...
Anon 15/11/12 17:34

Of course not easy lah, or else there won't be so many cowpeh cowbu sinkies here, tio bo?

Or, instead of PAP, the opposition would have won 60% votes already, tio bo?

Anonymous said...

We have seen how the SME bosses have been strongly advocating to have more and more cheap foreigners into Singapore so that SME bosses can take great advantage of these low cost foreigners to make higher profit for their businesses.

With higher profit from the businesses, SME bosses pay themselves higher and higher salaries,
higher and higher bonuses,
higher and higher director fees,
higher and higher benefits in kinds,
higher and higher dividends payout.

While these SME bosses have been threatening that they cannot survive without cheap foreigners, yet the SME bosses have been earning higher incomes from their higher SME profits as shown in their annual financial reports and annual income tax returns.

As SME bosses have been saying that they are having difficulties earning higher income, how come this is in contradiction to the SME bosses keep on upgrading to bigger and bigger houses and cars.

This shows that SME must be lying. If not, why don't SME bosses reveal their salaries, bonuses, director fees, benefits in kinds, dividends payout over the last 5 years.

This shows that these SME bosses are cunning, hypocrite and selfish.

Like everyone of us, SME businesses have to submit annual financial reports to ACRA every year and SME bosses have to submit income tax returns to IRAS every year.

With the financial reports filed with ACRA,
the income tax returns filed with IRAS and
the data of huge number of employment passes, S passes and work permit passes issued by MOM to huge number of cheap foreigners to come to Singapore to work for these SME,
PAP definitely know very well that SME have been making higher profits these years because of PAP's permission to grant huge number of cheap foreigners to work for these SME.

With full knowledge of the financial performance of SME and SME bosses incomes, PAP still wittingly continue to propagate the flooding of Singapore with huge number of cheap foreigners.

This is because PAP know that the flooding of Singapore with cheap foreigners lead to higher collection of tax and higher GDP growth. This in turn lead to higher salaries and bonus for themselves as their salaries and bonus are aligned with GDP growth.

With this knowledge, what can you say about PAP?

Anonymous said...

Pro Alien Traitors?

Anonymous said...

Maybe they know. Maybe they do realize it but there is nothing they can do. Maybe all they want is to be remembered as the people who led Singapore through prosperity and if a crash comes, it's the fault of the party who takes over. People have short memories and they only look at their immediate circumstances and assign blame to whoever is visible.

Anonymous said...

"With this knowledge, what can you say about PAP?"
Anon 15/11/12 22:30

I would say this is made possible because of the 60% support for the PAP to win 93% seats to become a strong government.

But not all the 60% are bosses or SME bosses what, tio bo? Maybe a minority lah.

So why PAP can still get 60% majority votes even though majority of the 60% are not bosses?

Anonymous said...

the $8/- surgery will always be etched into the minds of many people throughout the rest of their lives.

Anonymous said...

"To be or not to be, that is the question"
Hamlet's famous soliloquy by Shakespeare

How to win over the 60% from the PAP, that is the question.

Anonymous said...

"There getting to be too many pro alien party's trolls in Lucky's blog here commenting."

in the present internet environment, trolls are good as their views can be rebutted quite easily in respect to the other side of realities that most are facing.

Anonymous said...

"Of course not easy lah, or else there won't be so many cowpeh cowbu sinkies here, tio bo?"

you are damn right. other countries don't spread their legs (oops doors) so easily for cowpeh cowbu sinkies. as for our country, you should know why the floodgate (oops legs) stay open.

eremarf said...

Great post Mr Lucky. Thanks for speaking of the SDP positively, their good efforts have largely gone unrecognised by a large number of Singaporeans. (I mean, lots of great Singaporeans both inside and outside of political parties put in a lot of effort into improving society, but they don't all get recognised. And it's particularly important for political parties to get due credit for effort, because that affects the vote, which affects who we choose to put in power. And we want our 80+ elected representatives to be women and men of as high a quality as we can get.)

I also want to share with friends here something interesting I came across: http://prospect.org/article/what-would-pigou-do

Take care everyone.

Anonymous said...

When property prices rises faster than median income, there is really no easy net wealth created because in order to cash out of your HDB at a profit you need another Singaporean family to get deeper into debt. You keep doing this until debt levels are no longer sustainable and the merry-go-round stops..it is pattern that has been repeated around the world.


You are right on bozo! . it is a repeating pattern all over the world and so there is nothing anyone can do about that unless you opt out of this capitalistic world and mediate in the hills.
Yet you have missed the important people really responsible for talking up the prices and selling confidence in an inflated market. The developers are all laughing their way to the bank why?

Anonymous said...

Kuan Yew contradicted himself in that speech about HDB prices going up 5x etc.

Even as he told us how wonderful it is that our assets (homes) are increasing in price, he also said that those who sold this now horrifically pricey asset would find they could not afford another home. Don't sell, he advised.

So what exactly is the point in seeing the value of your home quintuple etc??!!

Meanwhile, a far more serious problem is brewing becos of exorbitant home prices - in about 10 to 15 yrs time, thousands of pple will be reaching retirement age without enough savings to live on because it's all gone on their home. This is presuming they will have actually paid off the mortgage.

They will also not have a job because well, no one is keen to hire an older person except as a sweeper, burger flipper and such.

What then, considering there is almost nothing in the way of social services to help this new poor?

To the troll who keeps on repeating in every blog by Lucky that 60% voted for the PAP in 2011 - aren't you embarrassed at constantly advertising your utter inability to think? But I guess you'd need a brain to realise how pointless you sound.

Rest assured that the rest of us are keenly aware of the low quality of the PAP membership. We don't need your constant repetition to remind us. Tio boh?

Lye Khuen Way said...

You know, when LKY proudly announced the 5, 10 ,15 times our HDB flats values rose, my disgust was verbalised .

Do not sell he advised.

That proved his poor understanding of the game. Of course, he can be praised too. Knowing very well that almost 90% HDB "owners" have only one properties, what profit is there to make ?

At least, he knows about the sell high, buy high and not the buy high sell low practice !

Anonymous said...

agree, this 60%/tio bo troll is getting very irritating.

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Anonymous said...

agree, this 60%/tio bo troll is getting very irritating.
Anon 16/11/12 06:15

I agree too. Although damn irritating, but 60%/tio bo troll has a point.

A strong point to tell self proclaimed thinkers like Anon 16/11/12 02:43 that to have a brain to think well is also pointless, if there is no action with outcome that can win over the 60%.

Not just think but also think how to take action, and carry out the action for the desired outcome.

Or simply put, to irritate those thinkers into action.

Anonymous said...

I find it irritating that some thinkers can only think, talk and write, but with no action that really matter for the desired outcome.

They are just as irritating as the 60%/tio bo troll.

Anonymous said...

"I find it irritating that some thinkers can only think, talk and write, but with no action that really matter for the desired outcome."

The 60% troll is correct.
60% of our friends & relatives voted for the Pro Alien Traitors.
If we can't change their minds, what hope do we have of changing the minds of faceless strangers in the internet?

Anonymous said...

Trolls are part of the Internet ecosystem. Just like foreign talents are part of Singapore ecosystem.

But trolls will only go to popular blogs and sites. So it is a testimony to those sites and bloggers.

Some sites even trolls also don't want to go. So those bloggers talk to themselves.

Anonymous said...

"Or simply put, to irritate those thinkers into action."
Anon 16/11/12 08:55

But what type of action? To hold street protests like what Chee Soon Juan did?

Or Lucky Tan to announce he has joined SDP or WP or what not P? Or form his own P?

Not easy, tio bo? So just think, talk, write or even troll lah. And some more easy what.


Anonymous said...

"I find it irritating that some thinkers can only think, talk and write, but with no action that really matter for the desired outcome."

Still better than the pips that only bullshit, lie and half truths but still get 60% of the vote. If 51% of the people can think, talk and write for themselves, the pips would have planned better.

“Dissent is the highest form of patriotism.” ― Thomas Jefferson

Anonymous said...

PAP leaders have seen rising home prices as a good thing implementing "asset enhancement"

> Is it asset enhancement or inflation? Did the quality of our homes and the surroundings improved so much that it warrants a price increased of 20 times?

Anonymous said...

Asset enhancement means the government's asset(property) is being enhanced ... not your asset.
Since government owns 90% of the assets (land ) in Singapore ... including your HDB flat.

So when government assets get enhanced i.e. property prices go up, Millionaire Ministers pay goes up.

Anonymous said...

Asset enhancements are for those smart people who can own more than 1 property. Then really enhanced, tio bo?

That's why in Singapore, you need to be smart under PAP govt.

Just be smart, don't cowpeh cowbu for no use.

Anonymous said...

Asset enhancements are for those smart people who can own more than 1 property. Then really enhanced, tio bo?

That's why in Singapore, you need to be smart under PAP govt.

Just be smart, don't cowpeh cowbu for no use.

Anonymous said...

Take action to own more property and make more money, not change PAP or opposition.

Or go with the flow. If cannot win PAP, then try to win money.

Anonymous said...

But nowadays, going with the flow means voting Opposition.
Even Emperor George has admitted that recently.

Anonymous said...

Watched the Elizabeth Warren video on YouTube. The analysis was brilliant.

What is happening in US is being repeated here. The increase in mortgage payment we know is due to the govt & they can bring it down if they want to.

But question is what happened to make cost of healthcare & education so expensive relative to the rise in income to put the squeeze on middle income families here. The huge rise in bankruptcy of middle income earners in US is quite frightening & I fear it will be repeated here if our economy stumbles.

Anonymous said...

"That's why in Singapore, you need to be smart under PAP govt.

Just be smart, don't cowpeh cowbu for no use."

that is why those cannot be smart under current party, must cowpeh cowbu and then change party and later can be smart under another party. tio bo.

Anonymous said...

no need for fear, you are expensive you gave us all a hard time by bringing in too many foreigners, why shud you stay? the solution shud be ... please GO!

Anonymous said...

"Or go with the flow. If cannot win PAP, then try to win money."

going with the flow also means that it is time to ditch the party which is slowly losing its shine, and then try to win money.

Anonymous said...

"But question is what happened to make cost of healthcare & education so expensive relative to the rise in income to put the squeeze on middle income families here."

when a country gets too developed, there are more things & ground to maintain & keep up and more tua-liats & jiak-liao-bees to feed, therefore more rent-seeking work would take place and this will naturally feed into the environment by inflating the prices of targeted areas.

Anonymous said...

Going with the flow means read Luck's blog and scold PAP and MIW.
:)

Anonymous said...

If being smart means throwing your soul into the drain, than many patriots would rather be simple.

Anonymous said...

Strange...why don't lucky,or SDP, whack the stock market or money market?

The primary reason for high property prices is due mostly to high and exorbitant salary, financial gain from speculative/gambling activities and business monopolies.

No huge wind fall, where to find the driving power to up prices?

Would SDP , or lucky, be prepared to be paid much lesser or make much lesser money? Should professionals be paid peanuts like hard working factory workers?

Maybe when people like our our ministers or MPs take much lesser pay, we can then see a more equitable housing market?

Anonymous said...

Actually nothing stops u from investing and gaining, u wudnt be wailing in envy n regrets on hindsights had u ventured out?

Anonymous said...

The love of money is the root of all evil. Or the load of money is the root of all evil

Anonymous said...

"Actually nothing stops u from investing and gaining, u wudnt be wailing in envy n regrets on hindsights had u ventured out?"

just like saying that nothing stops those on low-wage from buying hdb units of high price.

but THEN, they may not be able to afford or already being priced out since they are on low-wage as the entry barriers are high - made worst if the item involved is something basic and essential like housing.

Anonymous said...

the blind trust in PAP is the root of all evil?

Anonymous said...

The root of all evil comes from the political center of the world

milleplateaux said...

Since parents are PR, aren't the kids auto covered by Medishield? So shouldn't Medishield cover all cost?

Anonymous said...

"but THEN, they may not be able to afford or already being priced out since they are on low-wage as the entry barriers are high - made worst if the item involved is something basic and essential like housing."
Anon 17/11/12 10:14

According to DPM Tharman, low wage of $1500 can still buy a 2 rm HDB flat with "govt subsidies." Does Lucky Tan know about this?

Maybe that's why some low wage earners still vote PAP. Because they are happy and satisfied that the PAP gahmen do "take care" of them.

Anonymous said...

Maybe that's why some low wage earners still vote PAP. Because they are happy and satisfied that the PAP gahmen do "take care" of them.
Anon 17/11/12 11:47

Agree. The situation is not as bad as what Lucky Tan and like minded netizens think. That's why they are only netizens, and nothing more than what is needed to vote out PAP.

Anonymous said...

"According to DPM Tharman, low wage of $1500 can still buy a 2 rm HDB flat with "govt subsidies."
Anon 17/11/12 11:47

Correction. He said $1000 pm can already, not $1500. lagi better.

Anonymous said...

"Correction. He said $1000 pm can already, not $1500. lagi better."

1) $8/- bypass.
2) $3000/- per mth cleaner.
3) $7000/- taxi driver.

Perhaps some exceptions for showcasing here and there, but not the common average cases. It is just like a beggar striking lottery & turning into millionaires.

Anonymous said...

@ anon 17/11/12 11:51

Maybe they, the low-wage people, have been conditioned to feel very gratified for whatever little assistance / help they can get in order to survive w/o knowing that the larger picture is what that has them really screwed.

You must know very well how things work here right. Haha.

Anonymous said...

Canada has universal health care. Lucky me living in Canada.

Anonymous said...

Do you think the Pro Alien Millionaires are only interested in supporting and protecting the rich?
Is the Pro Alien Party a party for rich people only?

And that the Opposition Parties work hard to protect the interest of the middle class and the poor of Singapore?

What do you think?

Anonymous said...

Not enough middle class and poor voted for the opposition.

That's why the opposition, especially SDP, always lose.

Actually Chee Soon Juan is a good leader. Unfortunately he could not contest in GE 2011 and SDP, due to the 60%, also could not win any seats. Very sayang.

Anonymous said...

Even if opposition win a few more seats also no use lah, if PAP can still get over 90% seats.

Must win to form the government, then got use. Then SDP can implement NOM HDB flats.

Anonymous said...

Anon@11:47

If situation really not so bad, why need to control media, gerrymander, have grcs to win elections.
Anyway, with bank credit doubling over the last 4 years (if lucky's figure is right), the growth and property price rises over the few years cannot be sustained.
High end property prices have started to drop. Upper mid end property rentals are starting to come under pressure. It is just a question of time before things start to unravel.
When that happens, Singapore middle income families will be squeezed by the banks to top up with more cash. It is not going to be pretty. For the doubters, I have this to say - history always repeat itself.

Anonymous said...

history always repeat itself.

with the next wave higher than this wave, that's how property prices have climbed here and in HK over the last 50 years. So buy on dip to keep!

Anonymous said...

Anon@17:43

Ha ha ha!

You are repeating what Alan Greenspan said about the US housing mkt since world war 2. Then the crash came.

See - history is already repeating itself!

Anonymous said...

Lucky, where is the source of the following statement in yr previous article: " bank credit has expanded $460B from about $200B just 4 years ago. "

Seems a bit too high!

Anonymous said...

"with the next wave higher than this wave, that's how property prices have climbed here and in HK over the last 50 years. So buy on dip to keep!"
Anon 17/11/12 17:43

Exactly. You are brilliant. Just like stock market. It may go up (sell!)and down (buy!) in the short term but in the long term, say over 20 or 30 years, the trend is UP.

And by that time, dishwashers will be really paid $3000 pm, taxi drivers earn average $7000 pm, in future dollars!

Anonymous said...

Is this an admission of political cronyism by PM Lee?

"And eventually this fosters an entitlement mentality, instead of a sense of mutual obligation and gratitude between the helpers and the helped,"

Source:
http://www.pmo.gov.sg/content/pmosite/mediacentre/inthenews/primeminister/2012/November/pm_nation_s_successmustbemeasuredbyvaluestoo.m.html

Anonymous said...

I like her analogy of the two businesses: 1) single income with POTENTIAL for second income and 2) dual income with no room for loss of any one income.

Singapore citizens used to be milked for their political mandate by means of political indoctrination. Now the dual income household is fixed component of HDB, ERP, Singtel, etc.'s revenue structure. The government has to deleverage on whatever the activities that are consuming this fixed revenue.

For those who think that only the netizens are concerned, could it also be because the only the netizens think out of the box? Fearmongering happens on both fronts. Who do you believe?

Anonymous said...

Anon 17:52

Not really sir, the head and shoulders have passed for the western world and the unspeakable sovereign debts and soon hunger and massive homelessness are proofs, but the situation will be entirely different for the rising east. A.G. wouldn't have known he was speaking at the crest of the western wave that came into a crash as the cycle swung back to the east where it originated. History will repeat itself and we will have the rising tide for the next 50 years. Hold on, buy the dips won't go wrong.

Anonymous said...

Anon 17:57

You are Brillant.

It is population explosion, before inflation and rising everything... Where coolies were the only thing in abundance, now it is the great middle class.. everywhere. Load up and hoard the blue chips and properties won't go wrong there.

Anonymous said...

In Canada, nobody is truely left behind. In Singapore, one can afford to die, but cannot afford to be sick.

Anonymous said...

"Just like stock market. It may go up (sell!)and down (buy!) in the short term but in the long term, say over 20 or 30 years, the trend is UP."

But which specific stocks. Of course, the general market (the successful & surviving products / services with their pertinent business model) is supported by inflation, the so-called up trend.

Anonymous said...

Lucky,

Don't be surprise if it becomes 64% in the next GE. More and more PRs are coming in and more and more will be citizens in the next 4 years.

The Singaporean voices are muted.

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Anonymous said...

Don't be surprise if it becomes 64% in the next GE. More and more PRs are coming in and more and more will be citizens in the next 4 years.
Anon 18/11/12 23:35

Wow! At last there is this one Anon netizen as smart as PAP. Or maybe is he/she is already part of PAP?

Anonymous said...

Anon 19/11/12 07:57,

You're a stupid man. I've seen people like you. Believe you me, they're aplenty in this tiny overcrowded island. Individuals such as yourself don't come to much good in life, simply because you're bystander put-offs. People like you don't make life better for others. You're much like the vultures that eat up the leftovers of the hyena's meal. Go and get a degree or study some more. You're clueless. People like you are all about ego. As much as I think LT is somewhat egoic too. His ego is one that considers the welfare of his people. People who were born here in this island and calls it home. Unfortunately, I don't see any value in denegrading PAP. I see it best to pick PAP's incompetencies and flaws. There is no need for denegradation. A PAP supporter or an opposition supporter are both Singaporeans. What do we insult each other? We are Singaporeans. Now, the people of Singapore wants more alternative as Singapore is now suffering from a lingering Yes-man Cultture that is doing us in. In 10-15 years time, more and more educated Singaporeans will enter politics. And it is a natural evolution. No government can suppress it. Human beings can't pretend for too long if they are not happy with something - in particular a incompassionate system.

Anonymous said...

"Now, the people of Singapore wants more alternative...."
Anon 19/11/12 08:27

You very clever? Then become leader of the alternative lah. And win over the 60% from PAP lah. Can or not?

Anonymous said...

Clever people want to make money, not become better alternative to PAP.

That's why there will never be a better alternative to PAP, as long as under PAP, clever people can make lots of money.

Anonymous said...

"Clever people want to make money, not become better alternative to PAP."

In Singapore, the only way for clever people to make money is to become alternative to PAP.
Salaries of politicians and Ministers very attractive.
Because of lousy policies, it's much easier to make money by becoming political cronies.

Singapore General Elections like the TV game show; "Who wants to be a Millionaire"

Anonymous said...

There is nothing patriotic or Singaporean about a Pro Alien Traitor.

Anonymous said...

ya empty vessels like you make the most noise here you know

Anonymous said...

Clever people want to make money in GE 2016.
There are GRC and town council contracts worth hundreds of millions of dollars.

Anonymous said...

Even the new china premier understands what is going on in the world and how elite pip simply cannot get it. 多谈人民、少谈国家. 他强调的“人民对美好生活的向往,就是我们的奋斗目标”,

Anonymous said...

"Clever people want to make money, not become better alternative to PAP.

That's why there will never be a better alternative to PAP, as long as under PAP, clever people can make lots of money."

USELESS TAUTOLOGY.

Anonymous said...

Evil people are not clever people.

Anonymous said...

I applaud Lucky's analysis and insights. I have been championing the need to see how politics, economics as well as social welfare are intricately linked together. The sad thing is for majority of Singaporeans, they still could not understand and appreciate the dangers of allowing one party dominance to continue. Even PR China during their latest political assembly has admitted that it is time for change and renewal within the party. Sadly again, I am not seeing this happened within the PAP ranks. Singaporeans were brainwashed and sold upon the idea by the ruling PAP party that they should leave politics to the so-called elites and focus on wealth gathering. However it is the very vote, the very democratic system that PAP fear losing. And the fact that politics are indeed the invisible hand that will influence economics and social welfare for many years to come. If Singaporeans today continue to remain naive and think very little of their votes in hand, they may rue the fact that their descendants will suffer due to the PAP's economic and social policies. Even as I speak, things are already getting worse as each day passes by......sigh....

Anonymous said...

"Even as I speak, things are already getting worse as each day passes by......sigh...."
Anon 20/11/12 02:20

However, with foreign talents made into citizens, PAP 60% vote may not get worse. May even get better.

So other things get worse for some (only some) Singaporeans, never mind because they can take it, no matter what.

Don't you see everywhere in Singapore looks peaceful and prosperous, unlike some other countries? Of course, a bit crowded and a lot of queues lah but then what's the problem?

Anonymous said...

One year after GE, PAP % vote did not get worse in Hougang by election.

So how can it get worse in other places, tio bo?

So another 60% or more for PAP in GE 2016? I would say yes, with a 93% chance.

Anonymous said...

"If Singaporeans today continue to remain naive and think very little ... "

60% of your friends & relatives voted PAP. Can you not try to influence and convert some of these Pro Alien voters?
Your quota is to convert just ONE friend or relative into an Opposition voter.

Anonymous said...

The problem in Singapore is the high cost of living and high HDB prices. It all boils down to money.

So these problems can be overcome if Singaporeans can make lots of money by being smart, tio bo?

And are the majority doing that? Of course, or else they would have voted out PAP and form a better alternative to PAP.

Because it is much easier to make more money than to be better alternative to replace PAP.

Anonymous said...

"Even PR China during their latest political assembly has admitted that it is time for change and renewal within the party. Sadly again, I am not seeing this happened within the PAP ranks."
Anon 20/11/12 02:20

You do not see this happen within the PAP ranks because smart people can make lots of money, so why would they want to go into politics and join PAP, and much less opposition?

Hence it's not that PAP don't want to renew but because not enough smart people want to join PAP for reasons above.

And for the opposition, of course even lagi worse lah.

Better alternative to PAP? Where got hope?







Anonymous said...

@ PAP Internet troll: 20/11/12 09:26
" ... but because not enough smart people want to join PAP .."

You certainly make a very strong case that the ranks of PAP are filled with morons & idiots.

Anonymous said...

"You certainly make a very strong case that the ranks of PAP are filled with morons & idiots."
Anon 20/11/12 11:02

Cannot say like that.

If morons and idiots can win 60% majority votes, then what can you say about the 60% who voted for them and the opposition which lost to them?

Worse than morons and idiots? Cannot be what, tio bo?

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Anonymous said...

PAP-MIW Joke
-----------
Harry Goes To Hell

Well, one day, Harry Lee found out he wasn't immortal, because he died and went straight to Hell.
He was met by his old friend, the Devil, who reminded him of his pact. Harry tried to argue, but the Devil had much better legal skills and unfortunately the part in the contract about selling one's soul in order to rule a country was air-tight and binding.

So the Devil made Harry a concession. "Well I have to put you through Eternal Torment, but since you're an old friend and someone after my own heart, I'll allow you your choice of punishment. Come see what your political rivals are going through."

He took him to the first cell, where Chee Soon Juan was starving away, chained up, just inches away from a sumptuous banquet.
"That'll teach him for going on hunger strikes," grinned Harry, but declined this punishment.

The next cell had Chiam See Tong strapped to a table with his mouth open while a wild goose above walked around, crapping.
"Serves him right, but not for me," said Harry.

The Devil opened the door to the last cell. J B Jeyaretnam was naked, chained to a post, while a Catherine Lim in leathers was forced to perform fellatio on him.
"What kind of punishment is that?" ejaculated Harry, "But in any case, I'll take it!"

"Sure?" asked the Devil.
"Absolutely," replied the former Senior Minister of a tiny island.

"OK, in you go," ordered the Devil, as a few henchmen started to strap Harry Lee and bring him into the cell.

Looking into the cell, the Devil shouted, "Right, Catherine, we've found your replacement, you can come out now!"

http://www.talkingcock.com/html/joke...jcat=Political

Anonymous said...

"If morons and idiots can win 60% majority votes, then what can you say about the 60% who voted for them and the opposition which lost to them?"

Daft ? The morons and idiots have plenty of friendly waggy doggy kakis to ensure that the rest stay daft. here 60% magically translates to 93% seats with plenty of law passing power. Now, are you one of the daft ?

Anonymous said...

Some time ago, I posted a former KGB, Yuri Bezmenov's presentation of how to condition a society. According to Yuri, it is almost impossible to undo a conditioned society. Our government has sowed kiasuism and kiasism to be deeply rooted in the people's hearts. It is not possible to undo this in the past generations. I worry for Singaporeans. They are not bothered unless they are personally hurt.

Anonymous said...

"I worry for Singaporeans. They are not bothered unless they are personally hurt."
Anon 21/11/12 06:44

Not to worry. Majority, about 60%, are smart enough to take care not to get personally hurt.

Think Safety. Don't get hurt.

Anonymous said...

Less than half the PSC scholarships are given to children staying in public housing when 80% of Singapore families live in HDB"
Lucky Tan

But PAP can still get 60% majority votes what, even though 80% of voters live in HDB flats and getting less than half the scholarships. So these voters don't really mind lah.

And if they don't mind, why Lucky Tan bother?


Anonymous said...

A lot of HDB voters serve NS, did not get scholarship or a place in university and also lose out to cheaper foreign talents at work but still voted PAP.

Anonymous said...

Think no use.
Talk no use.
Blog no use.
Troll no use.
Public protest no use.

Action, then got use.
Take action to make more money.

Or failing which, take action to win over the 60% from the PAP.

Or failing which, emigrate to better life elsewhere.

Or failing which and also finally, remain here and suffer for money no enough.

patriot said...

For those with talent to showcase, Sin suits. This Land is not made a home for living but more for showcasing. So, those fit for window dressing will be darlings to the Landowners.

The Rest will be indoctrinated and programmed to be cyborgs to serve the Progammers aka Masters.

patriot

Anonymous said...

Depression will be a norm in Singapore in the next decade because of the fast paced lifestyle. Knowing this, the government is pumping up the young on Character and Citizen Education. Character, so that they build resilience to stay in Singapore along with Citizen Education, so that the young won't hate Singapore's leaders as much.

Padaly said...

Everything looks perfect on the surface. What lies underneath no body knows. No strikes, no protests, no physical violence and yes no beggars on the street. All appear in perfect harmony. Is that so?

If only one cares to examine deeper and delve into our concrete cementary of living souls where more than 80% of citizens are entombed, more pain, heartaches, woes will unravel. The daily struggles and coping with living imponderables are shut off in a cleverly covered veneer of perfection. It's a question of time for it to implode. Some predict it to be in 2016? I'm not sure. What do you think?

Anonymous said...

"It's a question of time for it to implode. Some predict it to be in 2016? I'm not sure. What do you think?"
Padaly 21/11/12 12:24

I think not.

You see, one year later in Hougang BE 2012, votes for PAP even unexpectedly got better, not worse, even though as expected, PAP did not win.

So at this rate, how to implode in 2016?

And don't forget what Anon 18/11/12 23:35 said about PRs become citizens and likely PAP voters and hence PAP votes may even improve!



Anonymous said...

If I were Lee Hsien Loong, I would not be worried at all. With 93% chance, I will be in power for another 10 more years, health permitting.

So why would I care what those know nothing bloggers say or who the 40% voted?

Anonymous said...

In fact Prime Minister Lee Hsien Loong did make it clear that he intends to stay in office for 10 more years.

That shows how confident he is about PAP winning again in 2016.

I share his confidence, although I do not think he do his job good enough.




Anonymous said...

Chee Soon Juan plans to run for office in 2016

Chee, who raised the money to pay his debts through public donations and proceeds from a book, said his exit from bankruptcy "means that the party is further strengthened as far as the next elections are concerned".
AFP Wednesday, Nov 21, 2012

That means come 2016, NOM HDB housing got a bit of hope lah.

What do you think?

Anonymous said...

They cannot even handle 3m people and they wanna handle 6m people? soon the cracks will be revealed and the legend built up by ah kong will be destroyed by his own party who only knows how to party.

Anonymous said...


That means come 2016, NOM HDB housing got a bit of hope lah.

What do you think?

21/11/12 16:53

90% are homeowners, what do you think?

Anonymous said...

Embarrasing Question #1

Why Mrs LKY gets gun carriage funeral?
Why President Ong Teng Cheong don't have gun carriage funeral?

Anonymous said...

The crux of the matter is that our leaders’ pay (and hence their performance) is pegged to the income of top Singaporean earners. They are more than happy to have the rich getting richer and consequently ordinary Singaporeans getting poorer and the huge income inequality.

So to solve the problems of the huge income inequality, high housing prices, high health care, high cost of living etc… , we have to first get our leaders agree to peg their pay and performance to the income of ordinary Singaporeans. Our leaders’ pay could be 10, 15 or 20 times the average wage earner.

Anonymous said...

"So to solve the problems of the huge income inequality, high housing prices, high health care, high cost of living etc… , we have to first get our leaders agree to peg their pay and performance to the income of ordinary Singaporeans."
Anon 22/11/12 09:40

Can be done. But there is only one way. Win over the 60% from the PAP in GE 2016.

In the mean time, just blog and wait lah.

Anonymous said...

"....ordinary Singaporeans getting poorer and the huge income inequality."
Anon 22/11/12 09:40

Ordinary Singaporeans should try to make more money so as to become less poor and reduce the huge income inequality.

And only they can help themselves to do it.

Not PAP govt or PM Lee.
Not SDP govt or PM Chee. (if Chee become PM in 2016 lah)


Anonymous said...

“Ordinary Singaporeans should try to make more money so as to become less poor and reduce the huge income inequality.”
Anon. 22/11/12 10:14

How to? Since our leaders’ pay and performance are pegged to the income of top Singaporean earners, they (the elites) are with the rich people.

How could ordinary people outwit the elites and the rich?

Anonymous said...

Is like saying...how to outwit the law? Tough.

Make sure that the law is not tailored against the people. Rule of law should rule over....money!

Anonymous said...

If you don't like the law, then try to win over the 60% and change the law.

Or else just follow law and make money.

Anonymous said...

If you are thinking of 60%, you are not thinking out of the box and that's why you are...boxed

Anonymous said...

“the problems of the huge income inequality, high housing prices, high health care, high cost of living etc…”


All the above-mentioned problems are created by the ruling party.

As the Chinese saying “解铃还得系铃人”,

so all these problems have to be solved by none other than our leaders.

But first things first, they will have to agree that theirs’ pays and performances should be pegged to the income of ordinary Singaporeans (say 10, 15 or 20 times of the average wage earner).

Anonymous said...

Don't just think, whether in or out of the box.

Think and take action to win over the 60%.

Chee Soon Juan has announced he will take action to win in 2016. And if not 60%, at least 50% also can lah. Will you join him?

Anonymous said...

"But first things first, they will have to agree that theirs’ pays and performances should be pegged to the income of ordinary Singaporeans (say 10, 15 or 20 times of the average wage earner)."
Anon 22/11/12 13:22

They won 60% mandate. Not you.

So why should they have to agree with you?

You should make the 60% agree with you in 2016 to make it happen.

Anonymous said...

How to win when so many want to be generals but not enough soldiers and weapons? Where got unity and strength?

And lagi worse, many are just keyboard generals and soldiers.

Anonymous said...

Please do kindly take note quite a number of PAP ministers...and up comings ones are not locally borned...or has gone thru a tenure of time of be a singaporean singapore...

So their thinking...is...worse come to worse i can always go back to my birth country and relatives as a fall back plan..meanwhile..jus squeeze as much as i can..thanks to Lee and Family...

Sad isn't it.

: (

Anonymous said...

I feel that the type of housing a scholarship applicant stay should not be relevant. If the scholarship is to identify talent and bind them to an organisation, the type of housing is a non-issue. There are bursaries that take family financial situations into consideration and we shuld have more if necessary. Awarding scholarships with type of housing as a factor seems to be confusing its purpose.

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Anonymous said...

The chart showed that US Real Estate, fuelled by low interest rates after the dotcomm bubble burst, doubled in just about 6 yrs (after 2000) and they ended up with a property bubble that burst soon after.

The HDB resale index has also doubled in about 6 yrs since 2006 fuelled also by low interest rates after the GFC. The similarity is eerie, I leave you to conclude if SG is in a property bubble... I guess many still don't think million dollar HDB flats and 99yr suburban condos that cost >$1500 psf are signs of bubble but "new normal".

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