Thursday, July 15, 2010

Singapore Economy is Booming but Guess who is Benefiting? Duh... Foreigners!!!!

Associated Press reports that Singapore's economy expanded at a 18% annual rate in the first half of the year.

Who, however, is the main beneficiary of all this economic growth?

But of course! Foreigners!!! LOL, what is new?

SINGAPORE can expect the number of foreign workers to increase by at least 100,000 this year in response to the demands of the booming economy, said Prime Minister Lee Hsien Loong.

Speaking to the Singapore media here on Tuesday as he wrapped up a six-day visit to the United States, Mr Lee said the government had taken steps to moderate the number of foreign workers, but a rise was inevitable given the strong growth.

He added: 'It cannot be helped because with the market so tight, if we don't allow the foreign workers in, you are going to have overheating.

'But we are managing the number of foreign workers. Their levies are being calibrated to moderate the inflow.

'But even with that, I would imagine there would be more than 100,000 extra foreign workers this year. I cannot see it otherwise. We have to accept that.'

 Have Singaporeans' wages risen at an 18% annual rate this year? Are you 18% more productive than the year before?

Of course not!!!

The only way for the PAP to deliver its economic growth numbers is to do what it has been doing all along - bring in foreign capital and foreign labour. The PAP is doing exactly what it has been doing since it came to power - increase factor inputs, without increasing factor productivity.

The PAP has completely run out of ideas. When Singapore's own local labour inputs have been fully mobilised, all the government knows how to do, in order to continue to boost GDP numbers, is to bring in foreign labour inputs, rather than focus on increasing local factor productivity. This means that local incomes stay relatively stagnant, while jobs are being created for foreigners.

  1. What is the use of massive economic growth when median wages are stagnant?
  2. What is the use of massive economic growth when living standards are dropping?
  3. What is the use of massive economic growth when most of the jobs are being created for foreigners?
  4. What is the use of massive economic growth when our social (housing) and economic (transportation) infrastructure is bursting at the seams?
  5. What is the use of massive economic growth when we have a society with heightened social tensions, higher crime levels, and greater social fragility?
  6. What is the use of massive economic growth when it does not benefit ordinary Singaporeans?

The PAP will give themselves a pat on the back again and give themselves record pay rises and bonuses.

All on the back of massive economic growth numbers based on foreign factor inputs, that does not benefit ordinary Singaporeans.

So what else is new???

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