Up, Up & Away
Thu, Nov 27, 2008
Over the past one and the half years, since the last elections, life in our little red dot of a country has been anything but generally one of stress, anxiety and uncertainty. Our cost-of-living shot up to 7.5% in May, the highest in 26 years.
Thanks to the PAP Government for leading the way by thrusting up the GST rate by a massive 40% which netted an extra $990 million, virtually immediately after their “resounding” victory at the polls. They were also smart enough to raise their own remunerations, not much later, by another massive 15% - 20%, to help cushion the impact of the anticipated rising costs.
Then came the explanations for their inconsiderate actions, followed by attempts to pacify the bewildered populace. The blame was conveniently cast on factors beyond their control –- of course -- namely the sub-prime crisis in the West and the blooming price of fuel oil.
One smart aleck of a minister even suggested that the poor could substitute rice with tapioca or sweet potato! Harvard-trained scholars groomed in posh, aircon ivory towers can be pretty ignorant of wet market prices at the ground.
Both tapioca and sweet potatoes are often more expensive than rice. Some simple checks with hawkers, before blaring and blasting, could save loads of embarrassment.
Dow Jones said the Consumer Price Index (CPI) increased by 7.7% in May, on a month-on-month basis. The Singapore Purchasing Index (SPI) also slid for the 6th consecutive month, the lowest since December 2001, owing to a decrease in new orders and output. A survey by DP Information Group showed that Pharmaceuticals were down by 48.5%, Electricals by 30.6%, and Semiconductors by 12.6%.
Unemployment Rate Up
Factory output was down by 12.8% in May, compared to last May. It was the biggest fall in 7 years. Retrenchments went up, and the unemployment rate grew to 2%, up from 1.7% last December.
And when employers tried cutting costs in order to survive, workers’ woes escalated further when their remunerations and work benefits declined correspondingly.
Fuel oil prices jetted to a record US$144 per barrel by end-June, despite Saudi Arabia’s promise to increase production. Subsequently, pumps prices went up for the 13th time -- nearly doubling that a year ago. Grade 92-Octane petrol costs $2.203 per litre, Grade-95 at $2.236/litre, and Grade-98 at $2.31/litre.
Some 1800 owners rallied to an official suggestion to use the “cheaper” compressed natural gas (CNG), and either bought or converted their vehicles, only to find themselves facing rising CNG prices by 16% - 26% over the last four months.
SIA and SilkAir recently raised their 3rd fuel surcharge hike, to an additional US$10 for regional trips and US$60 for long haul trips. Coach fares to Malaysia now carry a surcharge of $5 - $15 per trip. Local premium bus fares are also up by 30 - 60 cts per trip, while private buses upped their fares between 10% - 20%.
More ERP Gantries
LTA meanwhile installed an additional six new ERP gentries. There are now a total of 65 gantries all over our little, very “fine” island, with more being planned to “tackle” the traffic congestions. While it is uncertain how the gantries can really solve those traffic problems, they will certainly contribute another large cache to the Government’s coffers.
Compared to that last year, the price of Cooking Oil shot up by a whopping 47.6%, Rice & Cereal by 19%, Utilities by 18.7%, Eggs & Diary products by 13.6%, Accomodation by 12.6%, Food by 9%, and Health Care by 6.1%. Education, Childcare and Kindergarten fees also flew up, some by 35% in this year alone.
Electricity bills went up by 5% in July to 25.07 cts per kilowatt. The power tariff is reviewed on a quarterly basis, and has increased by 8.83% since last July. On the average, a HDB one-room flat has to pay an additional $1.20 per month, while the 5-room flat pays an extra $5.
Higher Property Tax
Property Taxes collected by the Inland Revenue Authority of Singapore (IRAS) increased by an estimated 10% since last September. The tax is based on the potential annual rental returns of properties, as evaluated by the Authorities.
However, most homes are owner-occupied, and since there is no rental income, the homeowner is “penalized” for living in his own home! The Government, on the other hand, continues to encourage greater home ownership as a national pull.
The Straits Times Index continued to head south, with a 15% slide, the biggest first half fall in market capitalization since the Asian crisis of 1998. It translated to a massive loss of $120 billion in the market value of Singapore Listed Companies.
These do not include any gains/losses from the $30.67 billions which the Government Investment Corporation (GIC) and Temasek Holdings had “invested” in helping to rescue some American and Swiss banks, around the beginning of this year.
On the social front, more and more young adults (20 – 30 yrs old) are being bankrupted, many due to share trading misfortune. They formed 15% of those mired with credit woes during the first quarter, upped by 2% from the same period last year. On an average, each owed at least $55,000 to seven creditors.
Rich Got Richer
Though the entire scenario is not generally rosy, the rich do get richer and the poor poorer. At a recent count excluding dwelling properties, there are now about 77,000 Singaporean millionaires, an inspiring growth of 15.3% over 2007.
And out there, many bright-eyed youngsters aspire to join the band-wagon by becoming a minister someday. To each his own then. Materialism is a double-edge sword as many will find out to their peril later in life. Meantime, we do wish them well.
http://www.nsp.sg/articles.php?
NSP is just saying nothing we havent alrdy known. Who's their president by the way....they should really do more. I only know GMS is from there but he's like a chameleon.
I think these are very good points. If the party comes up with solutions too, they will do great. the opposition need a voice that challenge PAP not because they don't like PAP. that's like endearing yourself to CSJ, which will pull down your credibility. That is something similar to political suicide.
they need a voice to say things people already know, and do something about it. and addressing the issues is the way to go.
then shd recruit tan kin lian man. Profile straightaway win hands down SDA and WP combined. Guarantee u plus chop.
Originally posted by Poh Ah Pak:Up, Up & Away
Thu, Nov 27, 2008
Over the past one and the half years, since the last elections, life in our little red dot of a country has been anything but generally one of stress, anxiety and uncertainty. Our cost-of-living shot up to 7.5% in May, the highest in 26 years.
Thanks to the PAP Government for leading the way by thrusting up the GST rate by a massive 40% which netted an extra $990 million, virtually immediately after their “resounding” victory at the polls. They were also smart enough to raise their own remunerations, not much later, by another massive 15% - 20%, to help cushion the impact of the anticipated rising costs.
Then came the explanations for their inconsiderate actions, followed by attempts to pacify the bewildered populace. The blame was conveniently cast on factors beyond their control –- of course -- namely the sub-prime crisis in the West and the blooming price of fuel oil.One smart aleck of a minister even suggested that the poor could substitute rice with tapioca or sweet potato! Harvard-trained scholars groomed in posh, aircon ivory towers can be pretty ignorant of wet market prices at the ground.
Both tapioca and sweet potatoes are often more expensive than rice. Some simple checks with hawkers, before blaring and blasting, could save loads of embarrassment.
Dow Jones said the Consumer Price Index (CPI) increased by 7.7% in May, on a month-on-month basis. The Singapore Purchasing Index (SPI) also slid for the 6th consecutive month, the lowest since December 2001, owing to a decrease in new orders and output. A survey by DP Information Group showed that Pharmaceuticals were down by 48.5%, Electricals by 30.6%, and Semiconductors by 12.6%.Unemployment Rate Up
Factory output was down by 12.8% in May, compared to last May. It was the biggest fall in 7 years. Retrenchments went up, and the unemployment rate grew to 2%, up from 1.7% last December.And when employers tried cutting costs in order to survive, workers’ woes escalated further when their remunerations and work benefits declined correspondingly.
Fuel oil prices jetted to a record US$144 per barrel by end-June, despite Saudi Arabia’s promise to increase production. Subsequently, pumps prices went up for the 13th time -- nearly doubling that a year ago. Grade 92-Octane petrol costs $2.203 per litre, Grade-95 at $2.236/litre, and Grade-98 at $2.31/litre.Some 1800 owners rallied to an official suggestion to use the “cheaper” compressed natural gas (CNG), and either bought or converted their vehicles, only to find themselves facing rising CNG prices by 16% - 26% over the last four months.
SIA and SilkAir recently raised their 3rd fuel surcharge hike, to an additional US$10 for regional trips and US$60 for long haul trips. Coach fares to Malaysia now carry a surcharge of $5 - $15 per trip. Local premium bus fares are also up by 30 - 60 cts per trip, while private buses upped their fares between 10% - 20%.
More ERP Gantries
LTA meanwhile installed an additional six new ERP gentries. There are now a total of 65 gantries all over our little, very “fine” island, with more being planned to “tackle” the traffic congestions. While it is uncertain how the gantries can really solve those traffic problems, they will certainly contribute another large cache to the Government’s coffers.
Compared to that last year, the price of Cooking Oil shot up by a whopping 47.6%, Rice & Cereal by 19%, Utilities by 18.7%, Eggs & Diary products by 13.6%, Accomodation by 12.6%, Food by 9%, and Health Care by 6.1%. Education, Childcare and Kindergarten fees also flew up, some by 35% in this year alone.
Electricity bills went up by 5% in July to 25.07 cts per kilowatt. The power tariff is reviewed on a quarterly basis, and has increased by 8.83% since last July. On the average, a HDB one-room flat has to pay an additional $1.20 per month, while the 5-room flat pays an extra $5.Higher Property Tax
Property Taxes collected by the Inland Revenue Authority of Singapore (IRAS) increased by an estimated 10% since last September. The tax is based on the potential annual rental returns of properties, as evaluated by the Authorities.However, most homes are owner-occupied, and since there is no rental income, the homeowner is “penalized” for living in his own home! The Government, on the other hand, continues to encourage greater home ownership as a national pull.
The Straits Times Index continued to head south, with a 15% slide, the biggest first half fall in market capitalization since the Asian crisis of 1998. It translated to a massive loss of $120 billion in the market value of Singapore Listed Companies.These do not include any gains/losses from the $30.67 billions which the Government Investment Corporation (GIC) and Temasek Holdings had “invested” in helping to rescue some American and Swiss banks, around the beginning of this year.
On the social front, more and more young adults (20 – 30 yrs old) are being bankrupted, many due to share trading misfortune. They formed 15% of those mired with credit woes during the first quarter, upped by 2% from the same period last year. On an average, each owed at least $55,000 to seven creditors.Rich Got Richer
Though the entire scenario is not generally rosy, the rich do get richer and the poor poorer. At a recent count excluding dwelling properties, there are now about 77,000 Singaporean millionaires, an inspiring growth of 15.3% over 2007.
And out there, many bright-eyed youngsters aspire to join the band-wagon by becoming a minister someday. To each his own then. Materialism is a double-edge sword as many will find out to their peril later in life. Meantime, we do wish them well.
http://www.nsp.sg/articles.php?
Hopefully since you posted their article, you have some contacts with them.
Tell them that PAP can do much better to revive the economy. They are doing some things right but they are also doing some things wrong.
They are doing dishonorable, legally corrupt things as well.
So tell them, the opposition, to expose the legally corrupt things that PAP is doing that is not helping the economy, if not damaging it.
But then the dishonorable despot and asson might come suing them if they are too vocal... so let it be, let the PAP damage the economy and destroy the country.... as a punishment for the apathetic silliporeans (ignoraing despots persecuting dissidents and opposition) and the dogs of the despots so keen on tasting their sh!t.
please propose plan to get us out of this shit..
otherwise i'll offer them some cheese to go with their whine
I have one word which would trump and debunk this well laid out article, in spite of all it's good intensions..
Fear..