atans1

Forgot (ignored?) asset inflation?

In Economy, Media, Property on 30/10/2019 at 8:32 am

(Scroll down to read My Comments, if you are adverse to bullshit, from our constructive, nation-building media as they add spin to a MoF report .)

Singaporeans in their 40s better educated, earn more than past cohorts

Constructive, nation-building ST screamed

MediaCorp’s free BS sheet said

Younger Singaporeans in their 40s are more educated and better able to find jobs, they are earning and saving more, and they are on track to longer healthier lives than citizens between the ages of 50 and 79, a new report has found.

The report, released on Tuesday (Oct 22) by the Ministry of Finance (MOF), tracks how socio-economic outcomes have shifted across generations. The study tapped data from the Department of Statistics, and the Health and Manpower ministries.

The report, titled Key Socio-economic Outcomes Across Cohorts, studied a repertoire of socio-economic indicators: Educational attainment; employment and savings; residential-property ownership; health; and family support.

Younger Singaporeans fared better than those in the preceding generations across the majority of these indicators.

Read more at https://www.todayonline.com/singapore/younger-sporeans-better-able-find-jobs-earn-and-save-more-older-citizens-mof-report

My Comments

So what all this gushing to do with the price of eggs? Or rather with the standard of living when the price of assets go up a lot more than salaries?

Here are two examples.

When I started work in the late 70s, I my monthly salary was slightly more than $1000. If I had been married, we would not have been eligible for an HDB flat. If I were starting work today, my starting pay would be around $5,000. HDB’s eligiblity is now $15,000 a month (I think) for a married couple.

With $15,000 entry point the for “affordable” public housing, waz the point of faring “better than those in the preceding generations across the majority of “educational attainment; employment and savings; residential-property ownership; health; and family support”?

The rocketing costs of housing (public and private) have way exceeded the increases in salaries. A new HDB flat in the early 80s in Eunos was $30,000 or thereabouts. Now a BTO four room (actually smaller) could be between $300,000 and $500,000, depending on the locality. Have salaries increased like that? Only for PAP ministers.

And don’t get me started on car ownership. When I joined the workforce, the price of cars had just gone thru the roof (Remember COV?) but I could juz about own one on the never-never. My friend recently told me that his daughters, one a recently graduated doctor and the other an admin service officer (she’s a overseas merit scholar who graduated three yrs ago) can’t afford to own cars. They and their future husbands are saving for the deposit for HDB flats

Read Election goodies: proves the point that PAP needs to be spurred?, written before 2011 GE and remember to vote wisely.

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