It is just spin. The PAP have ruled for decades. For sometime, sinkapore was doing well. Then, the seeds of regression were planted. These leaders started to put their personal interest ahead of the country's; they claimed that they were the best and thus should earn million dollar salaries. If the government could, why not everyone. So everyone wanted higher pay even though they have not earned it. Mediocrity replace meritocracy. Yet the PAP spin that meritocracy was the game when it was paper qualifications that decide one's destiny. Capabilities didn't matter if you don't have the paper.
We pay these supposedly 'elites' hundreds of millions, what do they provide in return? Huge losses in foreign investment; the quantum will never be known as long as the PAP remains in power. In bread and butter issues, the PAP can no longer hide the problem. High housing cost, less retirement savings, expensive health care, unreliable and expensive public transit, high inflation, displacement of local workers in favour of foreigners.
LHL and the PAP can spin all they want but the heartlanders are experiencing the pain from the policies put in place by the PAP.