The Wealth Report 2012 reported by Knight Frank and Citi Private Bank [see: S’pore is now richest in the world (?)] have us as the world’s richest country. Basically they ranked all countries according to its GDP per capita. This is obtained by dividing the total output of a country by its population. USD $56,532 is the magical figure that propelled us to number 1.How nice if EVERYBODY was REALLY that rich right? This calculation is flawed from the start because it assumes uniformity!! The truth is millions of miles apart!! The top 15% of the population namely PAP politicians, CEOs, Managers, self-made millionaires contribute to more than 70% of the total output.
Another 65%, the supposed MIDDLE-CLASS contribute 25%. The remaining 20% of the population contribute 5%. In other words, our economy wrests in the hands of just a few. While the rest of us slogged like slaves and bring home peanuts, the rich gets richer by the day!! When will the tipping point come?
I am sorry to say this but Singaporeans are really naïve. A lot of them are saying, “Look, the PAP ministers have taken such a huge cut from their salaries. We should give them another chance.” Not only is the cut insignificant, the recent changes in the cabinet have more or less returned those cuts to parity!! It’s a case of taking money out of the left pocket and placing it in the right one after a few days!
For years, the influx of foreign workers have depressed our salaries tremendously. The situation is super bleak: EITHER you stay and continue to earn peanuts OR quit and lose all income. On the back of this hopeless scenario, how does one raise or maintain his family?!
No one problem we are facing now is independent of one another!! They are all intertwined. How come our roads and public transport system is on the brink of collapse – too many foreigners!! How come nobody wants to have babies nowadays – rising housing costs, lack of job security, etc all of which are due to too many foreigners!!
We have run out of time for the government to SLOWLY turn away the millions of foreigners who are still dying to work in our country!! We need shock therapy too!! Firstly, certain industries should be barred from hiring foreigners. Banks and casinos are two typical examples that should not hire ANY foreigners. They are already turning in record profits, so why should the government help them to trim operating costs?!
Besides controlling which industry can employ foreigners, different tax rates can be imposed on companies based on the proportion of foreigners that they employ. They more foreigners you employ, the more taxes you will have to pay. Also, toughen the law against companies “hiring” phantom workers. A mandatory jail term for the owner and directors of the company will be a great start!
Other penalties should be tied to the earning power of the company rather than just a flat fine of $5k or even $10k. For instance, you fine the managing director $5k for hiring phantom workers when his company generates revenue of $20 million annually. Will he feel the pain?! But, if you fine him 10 percent of his revenue, that is a whopping $200,000 fine!! Will there be any other dare devils from then on? I seriously doubt so!
The ruling party has run out of time to solve this immigration problem now. Trust me, when this problem has been settled, a lot of problems will disappear too. Widening income gaps will be narrowed, couples will start having children again and faith will finally return to our government. If the PAP does not have any idea or the conviction to work harder for a permanent solution, let other parties try!!
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MC Hammer
.Ref:remeritus
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