Updated: Jan 4
Newsflash: the sun has set in Singapore. If one desired an above average quality of life sans the financial stress, surging costs and nonsense dished out by a juvenile government, he/she should have migrated abroad over a decade ago. The local PME class is now truly dead in the water no thanks to PAP’s "awesome" foreign talent policy which commenced under former Prime Minister Goh Chok Tong's watch in the late 90s. The major issues going forward are many fold:
• Singapore's present demographics looks absolutely dismal-a rapidly greying population beset by an ever widening chasm between the rich and poor (which of course isn't helped by the G's ardent refusal to acknowledge the definition of a fundamental poverty line).
• A decent piece of property is priced way beyond reach for the average peasant on the street ( a HDB flat doesn't count -let's face it you never really own the damn place; you are merely living in it on a lease).
• Future outlook for property prices is simply atrocious no thanks to ageing owners seeking to monetize their existing assets.
• Singapore is cited as the world’s most expensive city for the fifth year running, with no meaningful respite predicted in the foreseeable future.
• Singapore's domestic economy is presently so darn soft, corporations and households are burdened with high levels of debt while rising interest rates are looming on the horizon.
• Despite reporting consistently sizeable budget surpluses ( a whopping S$9.6 billion for FY2017 fyi) , the G is still extremely fixated on implementing more taxes and increasing revenue collections -the little red dot's economy tipping over in a bad manner anyone?
• Singapore ranks as the healthiest country in Asia ( Bloomberg Global Health Index 2017), yet Singaporeans are actually quite a sick bunch. Read: high incidence of diabetes, obesity, hypertension, ischaemic heart disease and strokes. Hang on, actually the list goes on- kidney failures, various cancers ,digestive issues etc. One need only pay a little visit to our polyclinics and public hospitals to discover the truth for himself/herself. A no-brainer of a consequence: healthcare costs set to soar astronomically, and citizens will bear the brunt of it. Point in note: even insurance companies are no longer offering full riders for integrated shield plans because they are hemorrhaging money.
• CPF possibly hitting a cash crunch as emerging retirees are unable to meet the minimum sum requirement due to spotty work records (periods of unemployment). Needless to say, this would in turn affect the property market substantially. And from there, a ripple effect impacting other sectors of the economy.
While the future looks terribly uncertain for many, what's almost certain is the fact things will only get worse. Perhaps you can take comfort in the fact you are not alone on the way to the meat grinder.