TR EMERITUS

Written by Our Correspondent As expected, Finance Minister Tharman Shamugaratnam in Parliament heaped generous praises on the PAP government for taking "forceful" measures to counter the impact of recession. Mr Tharman claimed that various schemes and significant direct assistance were introduced to help Singaporeans through the crisis, including dipping into past reserves to finance the Resilience Package. "These slew of measures kept confidence up and helped Singapore avoid a worst crisis, and its economy to contract less than other economies," he said. Some of the schemes such as Job Credit Scheme applied to PRs as well and so it is difficult to gauge their real impact on Singapore citizens. While they may have help saved the jobs of some Singaporeans, many of their pay cuts have not yet been restored despite repeated exhortations by NTUC to do so. Singaporeans still have to compete directly with low cost foreign workers for jobs which can otherwise be taken up by them. Despite widespread unhappiness, frustration and anger on the ground, the PAP continues to insist that foreigners are "essential" for Singapore. Senior Minister Goh Chok Tong said lately that the number of foreign workers may actually increase in the next few years though the rate of intake may "slow down." Mr Tharman also boasted about Singapore's "low" unemployment rate compared to other advanced economies: "Singapore also avoided a 'jobless economy', compared to other advanced economies. Jobless rate here hit 5 per cent at the peak of the economic downturn but it has fallen back to 3 per cent," he added. The unemployment rate figures used by the Manpower Ministry lump both Singaporea citizens and PRs under the same category - "residents". As such, the exact unemployment rate for Singapore citizens remain a mystery. In fact, it may be higher than the official 3 per cent since PRs are included. Given the fact that the government is so lax with its immigration criteria that foreigners usually take only a few months to become PRs, the higher employment rate among foreigners may artificially increase the overall employment rate to paint an overly rosy picture of the reality on the ground. Furthermore, the figure did not take into account the underemployment rate in Singapore which includes Singaporeans who have given up looking for a job and those on contract jobs. Even for those who have stable jobs, their income have hardly increased while inflation had sky-rocketed over the past two years, especially that of public housing. Until the government reveals the figures for Singapore citizens, Singaporeans should take Mr Tharman's budget speech with a heavy dose of salt.  Read More →

OPINION If you were to ask 10 elderly Singaporeans in the streets randomly who the Prime Minister of Singapore is, chances are quite a number will answer "Lau Lee" in reference to Singapore's octogenarian leader Lee Kuan Yew. Lee was the first Prime Minister of Singapore from 1959 to 1990 and though he had stepped down officially as the head of the government, many still believe he is the one who wields the power. The lingering public perception that he is the real leader of Singapore and not his son Prime Minister Lee Hsien Loong is hardly surprising given the fact that he has never quite really faded away from the limelight since officially relinquishing his post in 1990. Though he is no longer the Prime Minister, Lee remains in the cabinet first as a Senior Minister and now as the Minister Mentor, the only position of its kind in the entire world and quite a costly one too at a staggering $3 million dollars a year. The state media continues to give extensive publicity to him every two to three days with his speeches making the headlines most of the time. Even an occasional travel overseas in his personal capacity will be published as in his trip to the United States last year to receive an award from the U.S-ASEAN Business Council which was not even mentioned by the international media. For example, Lee's speech to his Tanjong Pagar residents last Thursday was published in three articles in the Straits Times the very next day with one of them appearing on the front page with his photo showing him in the pink of his health. In contrast, only a short article appeared a few days earlier on Prime Minister Lee celebrating Chinese New Year with Singaporeans at the River Hongbao. The usual protocol should be the Prime Minister to make major announcements regarding policy changes to the people and not his ministers. In the United States, it is the President Barack Obama who gives the State of Union address and not the Vice President. In Australia, it is the Prime Minister Kevin Ruud's overseas trips which are extensively covered by the local media and not his deputy. And in the United Kingdom, it is the Prime Minister Gordon Brown who is in charge of the nation and not his subordinates. In the event that PM Lee is unable to perform his duties due to ill health or other reasons, it should be his deputy Teo Chee Hean who fill his shoes and not the Minister Mentor. By his own admission, the elder Lee told a Japanese audience last year that he is not doing "much work" except "forecasting", but it now appears that he is overshadowing his son with his frequent exhortations (faux pauses included) to Singaporeans. Lee's frequent "flip-flops" are a constant source of embarrassment for his son. In his National Day Rally last year, PM Lee assured Singaporeans that they will remain a "priority" for his administration. Three months later, his father stunned the entire nation by making disparaging remarks about Singaporeans in an interview with the National Geographic magazine. One day he is telling Singaporeans that the inflow of foreigners will slow down. Another day, he is asking Singaporeans to "bear" with the increased competition brought about by foreigners. In December, he told Singaporeans that it is their "problem" if they do not have the "spurs" stuck in their "hide" and now he is promising them that the government will give "priority" to citizens. What is going on? Who can we trust? Which Lee is really in charge of the Singapore government? PM Lee or his father MM Lee? There cannot be two suns under the same sky. The Prime Minister should be leading the country and not being led around the nose by his father. Not only are they confusing Singaporeans, foreigners will be misled as well into thinking that there is no clear leadership within the Singapore government. For the sake of the country, the elder Lee should either completely step back and let his son run the show or cut short the "wayang" and re-assume his position as Prime Minister again.  Read More →

Written by Our Correspondent For the second time within a month, Prime Minister Lee Hsien Loong tried to deflect public anger over sky-rocketing HDB flat prices by reiterating that his administration cannot control property prices. 'We can try to influence it, but whether it goes up or goes down depends on sentiment, depends on what happens in the region and the world...," he was quoted as saying in the Straits Times. He also tried to shift the blame to Singaporeans "speculating" in HDB flats which has caused the rise in the prices: "Property is for people to buy to live in, not for speculating," he added. He urged Singaporeans to treasure their homes and not use them as an easy means to make a quick buck or settle a debt. "Please take good care of it. It's for you to live in, it's for you as an investment, it's for you for your old age. Don't think of selling prematurely to make a quick buck," he advised. It is disingenuous of PM Lee to claim that the government has absolutely no control of the prices of HDB flats since HDB enjoys a monopoly in the public housing market - Singaporeans have no choice but to purchase new flats from them. HDB can easily control the prices by increasing or decreasing the supply of new or BTO flats to be released into the market. The astronomical prices today are largely caused by the lack of foresight of the government to increase the number of new flats to meet expected increase in the population fueled by immigration. According to figures from the Ministry of Home Affairs, there are nearly 100,000 immigrants including both new citizens and PRs in the year 2008 alone, but only 3,183 new flats were built in 2008: [Source: HDB Financial Report 2008/2009] Not surprisingly, there is a direct correlation between the increase in the number of foreigners in Singapore and the rise in prices of HDB resale flats: [Source: Kojakbt, 3in1kopitiam moderator] It doesn’t take a statistician to come to the conclusion that the number of flats built were grossly inadequate to meet the demand of a rapidly increasing population. The decrease in the number of new flats built by HDB coincides with the sky-rocketing prices of resale flats as Singaporeans needing a roof over their heads are forced to purchase a more expensive flat in the resale market thereby contributing to the overall price inflation: If the government has no control over the prices, why then is HDB building so many new flats now to meet the increased demand? As the highest paid Prime Minister in the world, such a reply is unacceptable. Singaporeans expect solutions to the problem they are facing right now and not lame excuses to cover up mistakes.   Related articles: >> Why HDB is unable to reveal break down costs of new flats now >> HDB blames Singaporeans for not selecting flats when given the chance >> Singaporeans worried about retirement after depleting CPF to pay for over-priced HDB flats >> Mah Bow Tan acknowledged that rising HDB flat prices has sparked “fresh concerns” >> PM Lee: Govt does not have control over prices of resale flats” >> COVs of resale flats shooting through the roof >> HDB resale price index hit record high in 2009 >> Singaporean wants PRs to live in rented flats instead of buying resale flats >> Singaporeans wants PRs to be banned from selling HDB flats at a profit >> Shanmugam: Singaporeans likely culprits for driving up HDB flat prices >> Mah Bow Tan: HDB flats remain affordable >> Means testing for PRs to buy resale flats >> Immigration and public housing: should the govt or people plan ahead? >> Grace Fu: hard to predict demand for housing >> Indonesian PR bought 4-room flat at $653,000 >> Mah Bow Tan asks home buyers to be realistic >> PAP MP blames young couples who cannot get a flat for not planning ahead >> Home affordability: HDB versus the public >> Demand vs supply: so many applicants, so few flats >> Number of applicants exceed number of flats >> HDB to increase supply of flats >> Mah: don’t compare with prices in the past >> ERA: 40 per cent of HDB flat buyers are PRs  Read More →