The Singapore Dream was like the pot of gold at the end of
the rainbow to many older Singaporeans. To many older Singaporeans, the PMEs,
this pot is now missing. Someone has shifted it and they could not see anything
there. The only people seeing this pot of gold are the foreigners replacing
them in their high paying jobs. The Singapore Dream has to be modified to mean
the foreigner’s Singapore Dream. To the older Singaporeans, the Dream has
become a bad Dream, a nightmare in the making.
Are the young Singaporeans seeing the pot of gold at the end
of the rainbow as well? They better be. They have paid heavily to grow up,
invested heavily in themselves, with some parents selling their homes, emptying
their savings, to get them a good education. Would they be able to land a job
that makes the return on their parent’s investment worthy and economically
meaningful? Would their income be enough to pay for the little public flat that
is now the only achievable and realistic dream? Would they be able to buy that
elusive car, like the Americans needing a horse in the good old cowboy days?
And would they still have enough in their savings when the time comes for
retirement? Given the extremely high cost of living and inflation, every young
Singaporean today must need to earn an income that is equivalent to three times
their need to cover housing, medical and retirement.
The young Singaporeans are going to be the new breed of
highly in debt Singaporeans never seen or heard before. They will incur debt
for their education and another 30 year of mortgages that could be in several
hundred thousands or more. They will be indebted to the CPF, to pay a ransom to
be kept by the CPF meant for their own good and retirement. Then there is a
huge debt to bring up a family with a couple of kids.
The life of the young Singaporeans, excluding the rich
scions of old rich, ministers and top professionals, will be one of working and
working to pay and pay and at the end of it, nothing to compare with the
foreigners whose dream will be to return home to be a rich land lord or owning
their own businesses. The Singapore Dream of the young Singaporeans is to have
the blessing of working till their die, no breaks, to be able to pay for all the
debts that are predictable and designed into the system and into their lives.
Every year about 50,000 young Singaporeans will come of age
and start to hang a millstone over their neck, to start their new lives as
adults. The new citizens coming in too will have to hang the same millstone
over their necks unless they are really super talents and can afford the
expensive housing and lifestyle here. The group of highly in debt young and new
people cannot afford a major economic crisis or a personal crisis in their
lives. They will be heavily in debt and their lives will be in ruins should it
happen. Without an income is simply unacceptable with the kind of debt in their
hands. They are the new debtors of a Singapore
economic miracle formula based on high inflation, and high cost of living and
increasing debt of the young people.
Hail the new Singapore Dream, small flat, no car and a big
debt to service for a life time. This is the standard copy of the life of the
new average young Singaporeans. Are their parents worried and want this to be
the Dream of their children? Anyone can see why the Dreams of FTs and young
Singaporeans are different, one full of promises of wealth and another on the
brink of becoming a nightmare?









