It will make more sense if we deport all low income earning foreigners and pay all true blue Singaporeans more.That will gradually narrow the gap.
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Professor Lim Chong Yah: Singapore’s income gap approaching dangerous levels
- Thread starter aurvandil
- Start date
In the case of Singapore. The poor live in highly subsidised housing.
There is COE. Up to a point, even the rich will want to take MRT because it is more convenient.
The COE paid by those who buy cars already benefit those who don't.
Very naive. As long as you have higher wages for labour, there will be inflation. the poor will suffer even more.
A better solution is therefore for citizens to upgrade and allow foreigners from poor countries to do the low wage jobs. It is smarter to subsidise the upgrading rather than wages.
Why not direct the poor to upgrade and not get stuck being poor? Then its a win win win win win.
Then not only will there be severe inflation and lowering of services, it will also result in loss of competitiveness, investment and then employment.
Actually, it is not difficult to pay our local Singaporeans more at the lower income levels. The money stays in the country. The way GDP is grown today is by default inflationary anyway, so I see no problems paying them more. Also, since our FAP does not give real cash but benefits in kind, there are more ways of skinning a cat, like the contribution into the CPF blackhole. You know, they can make a Housing account that if transferred is non-revokable, except for housing purchases. Inflation is a worldwide problem so not an issue. Service industry is by default inflationary. Look at our ministers and their ever growing salaries and bonuses.
You just showed me you have never learnt economics before.
We grow in nominal per capita GDP in any currency and you say its inflationary? Since its inflationary, why you complain about minister's pay? Why not you increase your maid's pay?
It will cause inflation. You complained about higher prices right?
Wow, what a weird statement.
We grow in nominal per capita GDP in any currency and you say its inflationary? Since its inflationary, why you complain about minister's pay? Why not you increase your maid's pay?
These benefits don't cost money?
How about higher inflation? Is that a problem?
Kinana said:
WOW. We have guy who is well-schooled in micro-economics (only?) but the real world is definitely. Look at CSJ's excellent article on SDP's website, one of the rare gem when he takes off his mantle as a liberal warrior. He argued quite the opposite and quoted from well-known economists to supported his case. You should read.
Well. Your statements on this subject should deserve an appearance in the thread "Best quotes.." so that these can be judged in the future as events developed.
Maybe you can enlighten me with your "loads of opportunities" I'm struggling make ends meet...
Jobs are everywhere. I have frens who have no qualifications getting jobs easily.
If they work hard, don't over spend, upgrade themselves, they will prosper. I see it again and again all the time.
I even have a friend with only pri sch education, cannot speak and write English and making 3000 to 5000 per month doing MLM. Why? Because she bothers to work hard and upgrade herself.
Where have you been my friend?
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Since you have internet access and a computer, you're already half way there. Use the tools you have to make some money instead of just mucking around on the net.
This shows that a FUCKTARD like u know shit about economics in S'pore. U talk like u are some fucking FT or foreigner never spend any time in S'pore. In a heavily govt. control and directed economy like singapore, 90% of the inflation is caused by the govt.'s need to generate profits and make money for itself, as well as from inefficiencies inherent in all oligopolies and monopoly setups.
In 1980, the most expensive HDB property u can buy was a 2 storey maisonette, sold for $125K. Today, the most expensive BTOs are something like $700K. The increase in price here is solely caused by the govt. There are no other significant inflationary inputs. The cost of land is the same for them as they obtained it years ago thru expropriation. Labour is almost the same. In those days the cheap labour was from Thailand, now its from Bangladesh. Building materials have gone up, maybe 100%, but still does not account for this sort of price increase. The HDB is still using poor quality materials. The financing costs is still low, the money they borrowed from CPF is still at a low rate. The major reason for this price increase is "govt. induced inflation" aka greed.
In 1980, a Toyota Corolla in the US cost about USD$4000, in S'pore about $30,000 (after all the taxes). Today, a Toyota Corolla cost about USD$15,000 in the US, (an increase of about $11000), but in SIngapore its around the low $110,000, an increase of $80000. This is before COE. Why? Because alot of it is new govt. taxes, new policies like COE, etc.
Everywhere in SIngapore, every month there is MRT ticket increase, water price increase, electricity increase, malls increase their rents (many malls owned by GLCs), hawker stall rents and coffee shop rents increase (all owned by govt.), etc. I can guarantee you that even before low wage FTs were allowed to come into Singapore, the inflation was no where as bad as this. The large and fast influx of FTs coming in, with the failure to build adequate infrastruture, housing etc. means these FTs are competing for housing, food, etc. This is where your inflation comes in. The 2 fold evils of govt. greed and large numbers of newcomers is what is causing our inflation.
In SIngapore, if you send home all the low wage FTs, and attract higher end industries that pay singaporean higher wages, you will not get inflation. Instead, u will get deflation. Many flats will be empty hence forcing the rents to lower, hawkers and food sellers compete and have to lower prices because their FT customers have gone home, etc. U better go back to school if u don't understand this, u fucking retard
Just increase your wages is good enough...........and don't forget the bonus too. The rest should just go eat shit
kingrant said:
It is not so simple just raising the income at the bottom.
The high Gini index is defined by the area above an accumulative income curve (Lorentz curve) but below a straight line representing 100% income equality (i.e. everybody earning the same amount) against the total area that is below the straight line. A good look of this will tell us that a broad range of incomes including of the middle incomes suffers "inequality".
Prof Lim is right in that you not only need to raise the income of the bottom, which the govt has already started to do for some professions, but also the middle income, which the government has not decided to do. Although the govt has started adjusting the Ministerial salaries and indicated it need also to do it for the top civil servants, the public sector adjustment is still very uncertain although the govt has control over a large part of it. The private sector will be even more difficult.
Kinana said:
Why all of a sudden mention Chen Show Mao? So you have not read Chee Soon Juan's article. It is definitely a balanced, researched and well-argued effort unlike some of the liberal utterings we have come to associate him with. And it is unlike the unsubstantiated hot air uttered by you in this forum.
In case you do not know, income inequality was a key topic of discussion at this year's World Economic Forum that led some to ponder on a new model of Capitalism. It was a concern of several world leaders troubled by the "Occupy" and Arab Spring movement in the last one year.
Based on our govt's past records of following world trends, they will change to follow suit. At least this much we can give them credit for, as a follower that is, but don't expect them to be ahead of the learning curve. Friend, it is time to learn to sing a different song. By the way, our PM was personally at WEF. Incidentally there is a thread started by me on that event.
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