“[DPM Teo] pointed out that Singapore has built up its reserves which has enabled it to draw on them during the economic crisis, without burdening future generations.”
True but they are burdened with big mortgages from almost the start of their working lives, and it’s not as though their futures are secure with wages always going up. Remember the FTs brought in to keep wages “competive”. And if 30 yrs down the road, S’pore is in economic decline, what then? Remember we may not have MightyMind to keep prices rising even in a recession. http://atans1.wordpress.com/2009/12/15/property-prices-mm-lee-is-too-modest/
[Update ^ August -- Here's why mkt forces don't operate in the work in the public housing market http://siewkumhong.blogspot.com/2010/04/market-as-deus-ex-machina-or-scapegoat.html
Meanwhile past and present generations are burdened by having to put up with less than optimal govmin spending because of the need to have budget surpluses to build up the reserves.http://atans1.wordpress.com/2009/12/26/where-gic-and-temasek-gets-their/
Truly uniquely S’porean: everyone gets screwed.
Ya foul mood.