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7/01/2012

The fallacy of supporting the old



The rationale for having more babies or more foreigners is to fit a retard economic formula that a country would need so many young heads to support an old head. It sounded logical and was logical before. And many people have been listening to this song for so long, and like all unthinking Sinkies, just keeping crooning this song without knowing that it is obsolete, or at least in present Sinkieland context.

The number of young workers needed to support an oldie is based on the assumption that the oldies would be jobless, retired, poor, penniless, and in most instances, retiring at 55 or 60. See the point? Most of these factors are no longer applicable here but with the blind leading the blind, it is still believe to be so. The whole economic and demographic structure of our society has been changed effective now. The old structure and its relevance may last for at most another 10 years and be history.

What is our new status? Oldies will work until they die, maybe 70 or 80 years. So really, don’t even need for minimum sum or CPF savings as they no longer retire. They work till the last day of their lives. There could be some exceptions.

They may be poor but not penniless. With the huge minimum sum set aside for their retirements, many will be financially richer than when they were alive. At 70 or 80, other than the huge medical and hospital bills, they are no longer able to squander their money with earthly desires and wild parties. Exceptions again for those who love mei meis or want to be emperors in Batam and Bintang. But with the delay and small payouts under the CPFLife schemes, there is no way they could empty their savings overnight.

And don’t forget, many of the oldies are filthy rich and could even offer to give to charities. Some have wealth that would last for generations after they were gone.

The formula for X number of young workers to support an oldie is irrelevant in modern Sinkieland. Wake up and stop talking cock. Most oldies will be financially independent and economically active for their whole life. No longer retiring at 55 or 60.

It is unbelieveable that this kind of obsolete logic and belief are being thumped to the people. The people maybe unthinking, but super talents cannot be unthinking. Otherwise the case of the blind leading the blind will become a reality.

The premises and assumptions for the old formula have changed.

17 comments:

Veritas said...

In Singapore, its the old who support the young. Married couple stays parent's home when they cannot afford a home, borrowed monies from parents when they could not meet the ends...etc. When parents died, the children inherit their HDBs.

They problem of aging population nad low fertility is that it hit the elites hard. PAP's property ponzi cannot continue as no one is going to take over the house when Ah Lao cash out. On the contrary, property will crash which is the good thing transferring economic power from the idle landed rentier, to workers.

A lower stream of workers joining work force every year is good for the country. Managers has to think hard to improve productivity and play fewer office politics. It was the black death who decimate 1/3 of Europe that has raise the standards of living for the remaining populations.

Not only land is more abundant, but those Feudal lord who are short of workers, actually cave in to their demands for lower rent and fewer obligations. Unfortunately, PAP hates whatever that is progressive. To support its rentier system, it can only resort to lies and more atrocious, population growth to infinity.

Anonymous said...

i'm astonished at the number of topics you come up with day after day. once again thank for debunking another of the big myths and lies invented and perpetuated by the PAP.

Anonymous said...

[Veritas said... In Singapore, its the old who support the young.. ]
I am a 60-year-old retiree. Just on last Friday, I "dragged" my 25yo son to 3 banks to close his Credit Card and Ready Credit accts. Cost me $14,000 !

jjgg said...

RB ..just wondering..how much money remain unclaimed in cpf..how much money transferred to government's consolidated funds on expiry of claim..let's open another can of worms...what a beautiful Sunday morning....

agongkia said...

One can only be happier if one can stop thinking that CPF is his money.CPF,to me, is a tax and the main purpose is to ensure that one have something to settle the hospital bills after he is gone.

Knowing clearly that the next generation will not have enough money,or even refuse , to help their parent to foot the high medication fees,it is natural to hold back, raise the minimum sum and make one work till the day they kick the bucket.

Encouraging more babies is to ensure that if your eldest dun take care of you,you still have the second,the third...so that you would not be a burden to society.

Chua Chin Leng aka redbean said...

I just posted an interesting article on the danger this world and the financial system may be heading. Like Veritas said, the rentier system must go bust. It is unsustainable. A $50k HDB flat becomes $1m, $1m property becomes $30m, $5m becomes $100m.

How could this go on? No honest working Ah Beng or Ahmad or Muthu can ever think of buying a decent property just be working alone.

The madness must come to an end soon.

And thanks Anon 9:32.

Chua Chin Leng aka redbean said...

Hi jjgg, by increasing the minimum sum, the govt has bought itself at least 30 years extra time out to gamble big time, and hoping that it will strike jackpot during this period to give a generous payout.

If it keeps losing, then either inflation could solve the problem or they would not be here to answer them. Remember, it is now long term investment, a 100 years or a thousand years.

patriot said...

Hahaha...

Singaporeans are beginning to see
darkness descending on them.
If oni they had been more prescient
30 years earlier whence signs of false prosperity was showing.

Almost all got blinded by materialism which was, is and will be the downfall of all dynasty and kingdom.

Any Leadership that guides their flocks towards the materialistic highway will not last long.

patriot

Veritas said...

The whole intelligentsia and elite class sold their soul to PAP.

For the middle class, there are much hurdles to our political awakening. Our parents are mostly either semi or totally illiterate peasants ever fearful of white terror, who inculcate cowardice to children. At least 2 generations of Singaporeans were educated into ignorance. Textbooks, especially history, geography and economics were rigged.

For me, it was until around 30s before my diligence in accumulation of information finally allow me to connect all the dots.

If you want me to pin-point our lack of conscience and problem, I attribute it to the failure of entire elite and intellectual class.

Veritas said...

Generally when revolution was lead by the elite class, it would be the least violent. The resulting society will be able to achieve much great prosperity. A good example is the New Deal of USA by President Roosevelt. FDR was from the most prominent family in USA. Another example was the almost zero violent, fall of USSR, which is in fact a coup d'etat of Brahmins.

If the leaders of revolution are from middle class, there will be much more blood-shed, example the French Revolutions.

If leaders of revolutions has a large percentage of peasants (together with higher classes), it will almost ended up in complete disaster. Examples are Khmer Rouge, Bolshevik, Mao's China...etc.

If no one revolts against an unfair society, it will be a society whereby the elites are completely wicked and peasants are completely stupid and cowed. This is the greatest tragedy one can ever imagine. Good example are India whereby it has lots of fucking idiot wicked Brahmins who exploited thousands of years the Dalits.

The dissenting elites give a lot of weight against the status quo. The bullshit of Prof Lim Chong Yah, Tommy Koh, Ho Kwon Ping, are nothing but self-preservation of elites who are succint that hurting the poor hurt themselves eventually. Though there is very little "socialism" in the dissent, it changes dramatically the tone of PAP.

If our elites are able to have more social conscience, we will be a great nation.

If the social movement is awaken by bloggers like us, it could lead to violent and upheaval.

Anonymous said...

By law, the children have to look after their parents.

So more children means government don't have to look after its citizens in their old age.

Imagine if Reuben's generation don't make babies.
Then government has to look after all of them.

Sidebar:
Suggest National Day award to the young man who cried "The emperor has no clothes".

Anonymous said...

You another unthinking Sinkie. After this generation has passed, the new old will be looking after themselves. No need children or the govt. They have their minimum sums like RB said, and their properties to tie them through the last days.

Don't expect that govt to look after the oldies except the desperados which are getting lesser.

Veritas said...

////
You another unthinking Sinkie. After this generation has passed, the new old will be looking after themselves. No need children or the govt. They have their minimum sums like RB said, and their properties to tie them through the last days.

Don't expect that govt to look after the oldies except the desperados which are getting lesser.
////

Very true. Asset inflation is the pension that keep the old folks kicking. Many of them support themselves now by collecting rents from FT tenants. Remember under the old PAP, almost every adult basically couple owns a house. Although these unproductive old folks are ignorant and most are semi literate or illiterate, sub-consciously, many of them knows that they must support PAP to perpetuate the FT policy.

They are feeding on their young children as well, when asset inflation hit those late comers.

Anonymous said...

obviously there was something wrong in the pple my parents mixed with - few if any were ignorant, semi or illiterate, as veritas claims. neither were they voting PAP. this includes the man who ran the fish stall at the wet market and hawkers.

contrary to popular opinion, and the claims made by the PAP, quite a lot of opposition votes came from older pple.

Veritas said...

////
obviously there was something wrong in the pple my parents mixed with - few if any were ignorant, semi or illiterate, as veritas claims. neither were they voting PAP. this includes the man who ran the fish stall at the wet market and hawkers.

contrary to popular opinion, and the claims made by the PAP, quite a lot of opposition votes came from older pple.
////

I am much advance in age.

Chua Chin Leng aka redbean said...

Veritas,

In a way the asset inflation scheme is to make the young feed the old without knowing it. They just have to buy the properties from the old at 10,20 or 30 times the old paid for them.

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