UBS: Singaporeans are now poorer under PAP rule

[Watchman]

UBS: Singaporeans are now poorer under PAP rule
January 5th, 2011 | Author: Editorial


Singaporeans are becoming poorer and having less disposable income after 4 years of PAP rule,
according to the latest release of the authoritative international study ‘Prices and Earnings’
conducted by UBS. (download updated study here)
Singapore is now ranked the 11th most expensive city in the world, but Singaporeans are
only ranked a pathetic 43th and 49th in domestic wages and purchasing power respectively,
along the likes of developing countries like Turkey, Slovakia and Qatar and far below the
capitals of other Asian Tigers – Seoul, Taipei and Hong Kong.
Even the Malaysians now have a higher domestic purchasing power than Singaporeans
though their wages are lower than ours.
The mismatch between the GDP growth of the state and the relative poverty of Singaporeans
is caused largely by the PAP’s immigration and labor policies which have allowed foreigners
from all over the world to come and work in Singapore with little screening or control which
is almost unheard of in other First World countries.
A Wall Street Journal editorial last year reported that the relentless influx of foreigners has
depressed the wages of ordinary Singaporeans, increased the cost of living and led to an
overall decline in the standard of living.
Latest statistics from the Manpower Ministry showed a gradual decline of the average
monthly income of Singaporeans while inflation hit a record high of 3.8 percent in November 2010.

Prices of resale HDB flats have grown by 13.3 percent in 2010 and a shocking 51.3
percent since 2007, pricing many ordinary Singaporeans out of the open market.

Despite the statistics showing that Singaporeans have fared worse after 4 years of PAP rule,
Prime Minister Lee Hsien Loong continued to harp on Singapore’s ’spectacular’ GDP growth
last year which is artificially inflated by a ‘rebound’ from a low baseline in the previous year
and by the massive import of cheap foreign workers which boost demand in services and
decrease labor costs.

The multi-million dollar salaries of PAP ministers is pegged to GDP growth
– the higher the growth, the more money they bring home though the rest of the
population may not be enjoying the fruits from the growth.

 

[kum_lan]

what is new??

 

[redlightmeansgo]

Continue to keep the dogs in the cage and keep them hungry so they have no time to think about biting you!

 

[GoldenDragon]

UBS: Singaporeans are now poorer under PAP rule
January 5th, 2011 | Author: Editorial


Singaporeans are becoming poorer and having less disposable income after 4 years of PAP rule,
according to the latest release of the authoritative international study ‘Prices and Earnings’
conducted by UBS. (download updated study here)
Singapore is now ranked the 11th most expensive city in the world, but Singaporeans are
only ranked a pathetic 43th and 49th in domestic wages and purchasing power respectively,
along the likes of developing countries like Turkey, Slovakia and Qatar and far below the
capitals of other Asian Tigers – Seoul, Taipei and Hong Kong.
Even the Malaysians now have a higher domestic purchasing power than Singaporeans
though their wages are lower than ours.
The mismatch between the GDP growth of the state and the relative poverty of Singaporeans
is caused largely by the PAP’s immigration and labor policies which have allowed foreigners
from all over the world to come and work in Singapore with little screening or control which
is almost unheard of in other First World countries.
A Wall Street Journal editorial last year reported that the relentless influx of foreigners has
depressed the wages of ordinary Singaporeans, increased the cost of living and led to an
overall decline in the standard of living.
Latest statistics from the Manpower Ministry showed a gradual decline of the average
monthly income of Singaporeans while inflation hit a record high of 3.8 percent in November 2010.

Prices of resale HDB flats have grown by 13.3 percent in 2010 and a shocking 51.3
percent since 2007, pricing many ordinary Singaporeans out of the open market.

Despite the statistics showing that Singaporeans have fared worse after 4 years of PAP rule,
Prime Minister Lee Hsien Loong continued to harp on Singapore’s ’spectacular’ GDP growth
last year which is artificially inflated by a ‘rebound’ from a low baseline in the previous year
and by the massive import of cheap foreign workers which boost demand in services and
decrease labor costs.

The multi-million dollar salaries of PAP ministers is pegged to GDP growth
– the higher the growth, the more money they bring home though the rest of the
population may not be enjoying the fruits from the growth.

Let's see if MIW sue those responsible. If no legal action, then article is true.

 

[ginfreely]

UBS: Singaporeans are now poorer under PAP rule
January 5th, 2011 | Author: Editorial


Singaporeans are becoming poorer and having less disposable income after 4 years of PAP rule,
according to the latest release of the authoritative international study ‘Prices and Earnings’
conducted by UBS. (download updated study here)
Singapore is now ranked the 11th most expensive city in the world, but Singaporeans are
only ranked a pathetic 43th and 49th in domestic wages and purchasing power respectively,
along the likes of developing countries like Turkey, Slovakia and Qatar and far below the
capitals of other Asian Tigers – Seoul, Taipei and Hong Kong.
Even the Malaysians now have a higher domestic purchasing power than Singaporeans
though their wages are lower than ours.
The mismatch between the GDP growth of the state and the relative poverty of Singaporeans
is caused largely by the PAP’s immigration and labor policies which have allowed foreigners
from all over the world to come and work in Singapore with little screening or control which
is almost unheard of in other First World countries.
A Wall Street Journal editorial last year reported that the relentless influx of foreigners has
depressed the wages of ordinary Singaporeans, increased the cost of living and led to an
overall decline in the standard of living.
Latest statistics from the Manpower Ministry showed a gradual decline of the average
monthly income of Singaporeans while inflation hit a record high of 3.8 percent in November 2010.

Prices of resale HDB flats have grown by 13.3 percent in 2010 and a shocking 51.3
percent since 2007, pricing many ordinary Singaporeans out of the open market.

Despite the statistics showing that Singaporeans have fared worse after 4 years of PAP rule,
Prime Minister Lee Hsien Loong continued to harp on Singapore’s ’spectacular’ GDP growth
last year which is artificially inflated by a ‘rebound’ from a low baseline in the previous year
and by the massive import of cheap foreign workers which boost demand in services and
decrease labor costs.

The multi-million dollar salaries of PAP ministers is pegged to GDP growth
– the higher the growth, the more money they bring home though the rest of the
population may not be enjoying the fruits from the growth.

What happened to our target of Swiss standard or quality of life? I see only drop in quality of life in the last few years - everything from service quality to cleanliness to space.

Sadly the reverse is true for Hong Kong, especially service quality. I even think their MRT is less crowded than Spore during off peak hours. Singapore MRT is perpetually crowded nowadays - no more off peak period. During the 90s, taking MRTto work during peak hour was okay - very pleasant , now taking MRT is really tough even during off peak hour is unpleasant and affect the mood with such overcrowdedness.