3 flawed concepts as policies
3 obviously flawed concepts are now national policies. The Longetivity Annuities/CPF Life and Mean Testing both go against the grain of thrift and private properties. They were conceived with your money in mind and to compel the people to spend them against their will. They also go against the principle of letting the people be more self reliance and be responsible for their own lives. Longetivity Annuities, now repacked as CPF Life, are based on the assumptions that people will live to 85 and more and have no money or means to look after themselves. The result is an insurance scheme that only helps those who may not need to be helped and left out those that need to be help. Mean Testing if not properly executed is better not done at all. Everyone, every individual, has his own peculiar problems. It cuts through religious, social and cultural values. You can't tell someone that his $10k income is good enough and his 10 wives and 20 children are his problem. Doing a proper mean testing requires a lot of time and resources. To oversimplify it is a waste of time and effort as all the errors and exceptions will creep in. Is the effort worth it to do a half baked job to catch a few prudent individuals who may have some money but not millions that cannot be spent away? The assumptions that people earning $4k, $5k or $6k, can afford to pay more is grossly flawed. How many people with this kind of income are able to pay a $50k hospital bill? More subsidies are provided in the budget. So? The subsidies to be collected back by the hospitals as income and even profit and the medical fees keep going up. Lack of doctors and overworked doctors! Whose fault? What kind of planning has caused us to reach such a pathetic state? We also have shortage of lawyers. Why? What is the third flawed concept? Medisave. It is a scheme that guarantees one thing. Many people will die without touching the money. Some may use a little and a small group will deplete it. Then people will laugh, 'What is $30K? What's the big deal?' Yes, it is not even near a peanut. But to many, this is a money that is their life fortune. Money that they can use to live a bit more decently and even pampered themselves a little. Alas, they are not going to touch it in their life time. Is it cruel to deprive these hard life buggers from their little nest eggs in the name of 'It is for their own good?' We will not micro manage the people's life. Is this the tooth?