17 Dec '11, 8am

A new economic model is needed #sgelection #sgelections #sgpolitics #sgpresident

A new economic model is needed #sgelection #sgelections #sgpolitics #sgpresident

The irony is, Singpore richest people are getting wealthier, including our top civil servants. Imagine, 11 per cent of our citizens are millionaires. There is a mad rush with investing in more properties to grow the wealth even faster. The same is taking place in the upper income, middle income and even the lower income. We are all sucked in involuntarily because of the rising property market and the need to have a roof over our heads. If everyone is so preoccupied with putting so much money aside in getting a HDB flat, condominium or landed property – what monies are left after paying off morgages, buying a car, living expenses, income tax and other expenses. There is hardly any money left for a proper retirement or health care. The government borrows heavily from our C.P.F. to invest, at the same time paying pittance (not like before) in terms of interest on the reserve ...

Full article: http://yawningbread.wordpress.com/2011/09/23/no-way-out-o...

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