myth 123

Myth 123 Plight of the big earners The CPI has gone up over the years. It was reported that the lower income group suffered the most as the rise in cost of living in the lower sector was the highest. It grew by another 2% as against 1% for the top 20% of the population. Look at these numbers and see how serious they are. 2% of a $10k annual income is $400 a year. 1% of a $5 million income is $50k! For the lower income group, their problem is so easy to solve. I think the govt handout will more than cover the $400 and with excess to spare. It is the higher income group that bears the brunt of higher cost of living. Prices of top end housing are running away. Soon they will not be able to afford them. You should pity them for having to queue over night just to get one of those units. And the cars are not cheap, about $300k each and drinking petrol like nobody business. And when oil price shoots to the sky, it will burn a hole in the pockets of their $5000 suit. Poor buggers. And now with the 7% GST, all their dining and wining will cost more. They might have to make do with a $200 bottle instead of a $2000 one. These are the people who are going to find it hard to keep up with the cost of living. And it is only right and proper that their income be raised accordingly so that their lifestyle is not compromised or they be forced to downgrade and live a lesser life. The poor should not envy the high income earners. They need the big increments and bonuses or they will be in trouble. They have more expensive problems befitting their lifestyles.


Anonymous said...

bear the brunt :

Definition Meaning: People who bear the brunt of something endure the worst of something bad.

> It is the higher income group that bears the brunt of higher cost of living. <

Not true, my dear economically-challenged journalist.

It is the poor and the weakest members of society who are most affected.

Prices rise because of the devaluation of the purchasing power of the medium of exchange—i.e. inflation of money supply, by the banking sector and the (de facto) central bank—the MAS.

How do you explain the price of a kopi susu at 90¢ when I used to pay 10¢ as a kid?

Chua Chin Leng aka redbean said...

common matilah,

the poor can make do with 3 in one coffee. but it is not easy for the rich to downgrade from blue mountain to kopi O. it is a shocking experience for them to do that and they will probably suffer a mental breakdown.

the poor can buy pirated vcds. but the rich must watch phantom of the opera at $300 a ticket. without that the withdrawal symptom may make them do unthinkable things : )