Answer: The pie has grown but PAPpies are gorging themselves while ordinary S’poreans get thinner slices of a bigger pie.
In a response to a very negative analysis (sometimes sounding like something a TRELand nut would write*) https://www.breakingviews.com/considered-view/singapore-stresses-under-a-wealth-of-worries/, a Brad Bowyer responded:
As we head in to strong economic headwinds it would be good to reflect on how the pie has been shared during the PAP years.
In the 1970s a 4 room flat in Marine Parade was approx $20k to buy at a time when the median monthly wage was $300 and the PM averaged $3500 a month
In the 1990s a Marine Parade 4 room flat had roughly doubled to $40k , the median monthly wage was growing fast and at around $1200 had quadrupled and the PM averaged $70,000 a month a 20 times increase.
Today that 4 room flat equivalent is over 800k, a more than 40 times increase in 45 years, the PM get $230,000 a month a 50 times increase over the same time but the median monthly wage hovering around $4000 is only a 13 times increase in 45 years.
The PM has done well relative to the HDB pricing as his income has outstripped all increases in costs and he is nett much better off. For the average Singaporean however even though their nominal monthly income has increased in real terms their purchasing power has decreased and they are now 3 times worse of than their 1970’s bretheren in terms of an HDB housing purchase.
Where before you could pay off an HDB in a few years, have a single working parent family with several children and a reasonable life now a 2 income family would struggle to pay off their flat in their lifetimes and having even 1 child is a major challenge.
Singapore may have had economic success in the past in terms of dollars of GDP and be a great place for the top few % who take care of themselves but it has all been done at the expense of everyone else.
This trend of all the benefit only going to the few will continue unless the government changes to one that wants the best for all its people and not one that is focused on wealth for itself and only doing the minimum possible to keep its captive labor force fed and working and not much more.
As times get tougher and even those nearer the top start feeling more pain I wonder will we finally reach a tipping point where true change can finally be considered and made a reality?
*Is she seriously trying to compare a US$55,182 GDP per capita country against a US$2765 per capita one? The Philippines is growing , but a weak economy (partly due to a weal global economy) does not mean S’pore has become the Sick Man of Asia? And how come Peenoys still trying to find work here?