4. On Rising Cost of Living…
Nobody likes to pay more $$$, including me.
Given a choice, I would prefer my chicken rice remains at $2 a plate (with substantial amount of both rice and chicken) and my teh-C below $1, but most of us by now should have realized that it is not a problem unique only to Singapore. If you have read the papers or listen to the news, this is a global problem.
As other countries in the world get richer, the demand for food, raw materials and energy gets higher. It is almost inevitable that prices must go up (not helped by all the recent natural disasters and political unrest in nations that are producing them).
To be fair, what can Singapore, a country with no natural resources and depending on imports, really do to go against this global trend?
The easiest way is, of course, to throw money at the problem again, with the Govt subsidizing all the additional cost increase… but for how long? It is a short term solution with long term pains.
Just look at what Social Security did to US despite being the “good-idea-at-that-time”. I certainly wouldn’t want Singapore to become a country with astronomical amount of debts that it will never be able to repay. At least US is too big to fail (for now), I shudder to think about our tiny red dot in the same predicament.
To be continued….