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Hot Issues Of GE2011

>> Monday, May 2, 2011

These are purely my opinions of the issues raised during this Singapore General Election 2011.

1. Rising Cost Of Living
I suppose this affects the bread and butter of all Singaporeans and will naturally be an issue in any country's election. The government has no control over the rise in the price of commodities, this is a global issue, oil prices are high which will have a direct impact on all goods. The government has already strengthen the Sing dollar to curb inflation at the expense of the export industry. In fact, this issue is mainly due to the increasing affluence of a growing number of Singaporeans who have experienced an improved lifestyle brought about by the ruling party and this has manifested as a higher expectation.

No doubt there is room for improvement like doing more than a Grow & Share package, but I have yet to hear any significant ways from the opposition to address this either.

2. Availability & Affordability Of Public Housing
As I am one who is applying for BTO projects as well, this is indeed a first hand experience. The BTO scheme implemented some years ago resulted in a low supply of public housing and currently, this supply is still insufficient as can be seen by the overwhelming over subscription of current BTO projects. As it is obvious, availability is definitely a problem, I think the government should address the issue, instead of releasing a bumper amount of supply during election only.

Whereas for affordability, it is really relative. With the numerous figures thrown to justify, the loan tenor keeps striking me as shocking. It is frequently referenced to a 30 year loan. Assuming most couples try for years unsuccessfully for a BTO place until they are age 30, they will have to service the loan till they are 60 years old, year after year, without losing their jobs and practically nothing left in their CPF-OA for retirement. If prices move higher, will they be proposing a 40/45/50 year loan tenor to justify?

In addition, this links to the next issue.

3. Foreigners
Singapore has a population of 5 million people of which 3.2 million are citizens and about 0.5 million PRs. As citizens, how does one unlock the value of their HDB asset? One has to sell it, but that does not make sense, where will one stay after selling? Buying a another one does not make sense as one is selling high and buying high. Whereas PRs are different, they buy the HDB low, sell high later and move back to their home country, withdrawing all their CPF with them. This is really only a feel good paper profit that simply cannot be realized, except if you are not going to remain a citizen, or maybe move to an old folks home in Malaysia.

As the world becomes increasing mobile and connected, foreigners are going to be part and parcel of life. Even ourselves have the choice of seeking opportunities overseas and become foreigners there. However, will we be accorded the same benefits and advantages there that foreigners/PRs enjoy at the expense of citizens here?

Well, guess I am just caught up in all the emotions linked to the GE.
Vote wisely.
Cheers!

1 comments:

financialray May 11, 2011 at 8:05 PM  

actually singaporeans just sick of increasing cost of living.
More importantly the government should give incentives to encourage more babies.They seem to have given up or perhaps singaporeans feel the government solving the problem by having more immigrants. Its a vicious cycle.
With more babies, you also have higher chance of spotting the potential ministers. Its a win win.
Increase income tax rebates for parents. Extend childcare leave till 9 or 10 instead of stopping at 7. If the local population drops further in a few more years, it maybe too late as the next election draws near. Don't trust WKS when he says no further incentives needed for increasing child birth rate.He is probably taking higher orders..

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