The Booms and Fear

Seah Chiang Nee posted an article in the Malaysian Star paper titled, GDP up, but no cheer heard. It is a true reflection of the sentiment on the ground. Who cares or is interested in the 15% GDP growth? Who would such a number benefits? Only those that will benefit from it will be quietly patting themselves of the good news and the goodies coming their way. The surprising reaction is that the booming economy is going to lead to more fears. The fear of high inflation and higher cost of living. The first frightening news is the arrival of another 100,000 foreign workers to meet the demand of a booming economy. What this simply means is that more people crowding the public facilities and transportation system. Higher property prices. More social problems, more competition by cheap labour. Singaporeans would likely ask, what is in it for me? Economic boom, bigger reserves, GIC and Temasek’s holding in record high. For who, benefit who? Singaporeans would be lucky to be given an angpow of a few hundred bucks. The trouble is that no sooner than the angpow is received, they will be taken back in many other ways. The public transport companies have already started to raise their fares by a whopping 40% and the people are asked to tolerate and wait for it to benefit them. This is new. In the past, they give first before taking back. Now take first then give and probably take back more later. Maybe this will answer Seah Chiang Nee’s observation on why no cheer for a booming economy.


Wally Buffet said...

Our senses are dulled. Our expected "jubilation" jaded.

Yup, all these glowing economic data are ramping up the feel good euphoric hype before August 9th.

Retirees are gritting their teeth and getting nervous twitches before the onslaught of price increases on a fixed income, if any at all for some. The kopi tiams selling diluted black liquid masquerading as coffee will surely find another excuse to raise prices. Yep, these economic "boom" is only for property developers, kopi tiam, transport companies, businesses.

The people's mood varies inversely with the upbeat economic trumpeting.

Anonymous said...


You're spot on man. The kopi sohs at the coffeeshop which i patronise regularly informed me two days ago, all kopi, tea and whatever drinks with si go up by 10cents. Really si(die) for many ah peks and ah ums who like si but not employed.

Ok, many hues and cries in Cyberspace, what matters is what can the criers do? Nothing, repeat; nothing. Will or can anyone tell me, me am wrong in saying so??

Allow me to ask; if the foreigner settlers are not here, who is going to patronise NTUC Fairprice and Sheng Siong Supermarkets?? How can the hawkers survive?

Next question: our leaders keep expanding the population to grow the consumptions to prop the economy, how far and how long can SIN with its' tiny landmass goes?

Almost everything from markets to space and facilities are saturated and further developments limited, do our leaders care???
Why should they when these are the very Singaporeans that have amassed fortunes and assets that facilitate their mobilities to live in pure luxury anywhere in the World. When anything goes wrong, their own private or hired jets are eveready to pick them and their families away anytime. And if indeed something tremendously horrid happened, none will be left to open the many closets that many suspected contain much fishes, oh i mean people find fishy.

Let me repeat again; YOU DIE, YOUR BUSINESS.


Anonymous said...

Spot on redbean! Especially on Singaporean peasants' fears of "GDP growth" as it always only lead to stagflation or worse... inflation while we lose our jobs to foreigners thanks to PAP's "growth at all cost" policy to boost GDP

Anonymous said...

The old man is now telling us that we have to stay ahead of the pack.

Yeah, stay ahead, but for whose benefit? Not those at the bottom of the food chain obviously. They have been conned again and again, with more good years that turn out exactly the opposite. Too many times cheated and they begin to realise that it is all just propaganda to support, as cannon fodder, more good years for those calling the shots.