Why our millionaire ministers don’t deserve their salaries

Singapore’s trade-reliant economy will see a slowdown in the next 12 months, according to a survey of economists by the Monetary Authority of Singapore. All 23 respondents cited intensifying trade friction as a risk to growth.

Economists … project that gross domestic product (GDP) growth could ease to 2.6% from an estimated 3.3% for 2018.

https://sg.finance.yahoo.com/news/singapore-economy-five-things-watch-2019-014107270.html

Look at where that will place us in the 2019 sweep stakes: around where the better developed countries will be.

For that we pay the best global rates for ministers? Even the constructive, nation-building media don’t deny that S’pore’s ministers top the global league for ministers but say they deserve their salaries.

Really?

They would say that, wouldn’t they?

 

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor

 

 

 

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17 Responses to “Why our millionaire ministers don’t deserve their salaries”

  • PAPShouldPutInMoreEffort:

    Only trublu sgs really know if these super jlbs deserve their mil$ salaries.
    Why not take an independent poll?

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  • Spore Too Much:

    Spore is behaving like a Spoil Child. When somebody lends you a toy to play with and later want to take back the toy, Spore start throwing tantrum as if the toy belongs to Spore.

    Johor airspace belongs to Johor. They can decide what to do with it. Spore should be grateful to Johor for allowing her to use the airspace for more than 40 years. They are not obligated to care for our air safety.

    So do not act like a big bully.

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  • LIONS:

    The PROBLEM here is POLITICAL MONOPOLY or maybe shud be spelt monopoLEE?
    As with any form of monopoly,it is bad for *consumers*.
    This has been proven GE after GE except for 2011 when the PAPig$ lost a GRC.

    Then in 2015,the arrogance continues.

    Sgs need to be extra wary of POLITICAL monopoLEE or they will be made to PAY MORE N MORE,ministers’ salaries included.

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  • be it global or local:

    //Economists … project that gross domestic product (GDP) growth could ease to 2.6% from an estimated 3.3% for 2018.//

    very funny hor. have you ever heard of negative growth being reported even though we can sense that the economy (be it global or local) is ‘not so good’ ?

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  • kind of 'expensive' mindset:

    //Why our millionaire ministers don’t deserve their salaries//

    simply because they have changed the very meaning of serving the public (a noble calling) to one of getting a very highly paid (secured by ownself-check-n-rub-ownself) job.

    and in sinkie land context, we are not talking about one or two persons, we are talking about the whole behemoth garment institution of many people with all the civil servants with that kind of ‘expensive’ mindset.

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  • Rabble-rouser:

    Ha-ha-ha-ha-ha! CI’s articles & clueless writing (rantings of a madman?) never failed to amuse me.
    For those who get it, GDP is a poor economic measurement of a country’s economic workings. There are a lot of issues concerning the GDP growth metrics. The GDP calculations involving inputs & outputs can be gamed to show growth but on the ground, people don’t feel that their life is getting better. In fact, their lifestyle is getting worse!
    * A nation can induce GDP (input) growth through population influx policies & through rampant immigration. Australia & Canada have been doing it for years, not to mention a certain city state;
    * Another method of inducing GDP growth was by creating very liquid monetary conditions which invokes asset bubbles in real estate & create rent-seeking opportunities to raise rents & raise the cost of living due to expensive real estate;
    * Govts consistently raising essential cost of living & triggering high inflation (through taxation, passing on cost) to influence nominal GDP inflating the GDP growth value;
    In addition, S’pore’s Economy under their govt is in fact not even a trade-reliant economy. One, S’pore has got no natural resources to sell;
    Two, S’pore has got no manufacturing based economy nor Global Corporations with proprietary intellectual properties & manufacturing economies of scale.
    In truth, S’pore is an Arbitrage Economy exploiting our neighbours resources while setting high prices for them through an Artificial Economy where the govt controls & set prices. Good examples are the hordes of foreign workers working in the Construction, Govt Civil Engineering projects & Maritime works like Ship repair & rig building. Pay 3rd world wages but bid in 1st world prices against competition who don’t have such unfair labour practices.
    It is also a very specialised Economy existing on exploiting tax inefficiencies & on global trade using specialised tax accounting to deprive resources sellers & overseas manufacturing entities from their share of profits. A good example is the Apple iPhone. The basic cost of manufacturing the iPhone in Asia is only in the two-digits; but the product sells for 4-digits in the marketplace. Most of the iPhone profits were housed in Ireland where Apple literally pays no tax there.
    S’pore’s Airport & Seaport logistical advantages were an empty boast.
    - Cont’d –

    LIONS: Singapore’s trade-reliant economy will see a slowdown in the next 12 months

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  • Rabble-rouser:

    The busy scene hides the hollow nature of S’pore’s logistical links – short-term stopover, connecting flight hub, transshipment activities, bulk consolidation, etc. But the govt is pouring billions into Infrastructural Spending in building multiple Airport Terminals, a giant shopping complex called Jewels @ Changi; relocating the seaport to Tuas West. All for creating GDP growth but will they justify the huge amount of capital poured into them when the revenue generating part is so uncertain. Certain economic analyst might think that these may never recover the amounts of capital invested (Ultimately White Elephants).
    Local stockmarket research analyst promote S’pore Post a while back as a strong beneficiary of the online retail phenomena. But Inspite of Amazon coming onto the retail scene, the presence of TaoBao (AliBaba) have not seen any substantial retail growth. The truth is that S’porean consumers are literally tapped out – from high housing costs, repressed wages (from 3rd world imports competition) & a high cost inflationary eco-system which makes life very hard. In addition to online retailing, S’pore has a surfeit of Shopping Malls (brick ‘n Mortar) north, south, east & west all within a small island. Some malls were already a partial ghost town with shop spaces permanently vacant. Yet more malls were being built despite the emerging truth that S’pore is already overshopped, consumer purchasing power weak & even tourists “shake heads” after seeing the retail price tags here.

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  • MarBowling:

    Our ministers and top guns REALLY think they are World Class and therefore SHOULD command $millions salary. Which is why nowadays, countries like USA, China, UK, Timbuktu, etc DARE NOT invite any of our Sinkaporean Minister to GIVE ADVICE or speech. Think it’s because of the huge price tag our Ministers demand for giving World Class Advice and Speech! Sinkaporean should be thankful that we don’t just have 1 but a Cabinet full of World Class Ministers to SERVE us. We are damn Lucky isn’t it!

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  • rent seek and tax lor:

    //But the govt is pouring billions into Infrastructural Spending in building multiple Airport Terminals, a giant shopping complex called Jewels @ Changi; relocating the seaport to Tuas West. All for creating GDP growth but will they justify the huge amount of capital poured into them when the revenue generating part is so uncertain.//

    exactly. heavy infrastructure, tougher ROI (longer period also ?) if global economy turns sideway (aka downturn). how leh. rent seek and tax lor in some other way ? clue, like 30% increase in water ?

    resulting consequences, higher costs lor while the white monkey idiots and gang get compensated beyond basic (more than enough discretionary needs) for growing the economy – gdp mostly due to heavier consumption (their heavy spendings on infrastructures ?) and it may not be the average sinkies spending (kacang puteh) for their own important needs ? – the expense of the average daft sinkies

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  • oxygen:

    @ Rabble-rouser

    GOOD POINTS below. Lim HK once said this – we can’t be a first world economy paying 3rd world wages. It has no indigenous domestic economic base, so MOST OF THE GDP GROWTH BENEFITS flow to foreign investors and some to government in taxes.

    Rabble-rouser: Ha-ha-ha-ha-ha! CI’s articles & clueless writing (rantings of a madman?) never failed to amuse me.
    For those who get it, GDP is a poor economic measurement of a country’s economic workings. There are a lot of issues concerning the GDP growth metrics. The GDP calculations involving inputs & outputs can be gamed to show growth but on the ground, people.. lifestyle is getting worse!
    * A nation can induce GDP (input) growth through population influx policies & through rampant immigration.
    * Another method of inducing GDP growth was by creating very liquid monetary conditions which invokes asset bubbles in real estate & create rent-seeking opportunities to raise rents &cost of living due to expensive real estate;

    In addition…S’pore has got no manufacturing based economy nor Global Corporations with proprietary intellectual properties & manufacturing economies of scale.
    In truth, S’pore is an Arbitrage Economy… Good examples are the hordes of foreign workers working in the Construction,.. Ship repair & rig building etc Pay 3rd world wages but bid in 1st world prices against competition who don’t have such unfair labour practices.

    It is also a very specialised Economy existing on exploiting tax inefficiencies & on global trade using specialised tax accounting to deprive resources sellers & overseas manufacturing entities from their share of profits..

    So boast of GDP growth metrics and statistic is a fiacking empty boast and bluff for peasants’ consumption. Nearly 70% of the peasants are TOO STUPID TO EVEN BEGIN TO DISCOVER THEY ARE STUPID TO IMPOSSIBILITY. GDP growth relying on foreign population influx of cheap labor/consumption and infrastructure are toxic input to create mirage of economic advancement. Even China, with access of cheap US dollar loan from World Bank and bond market can’t sustain their white elephants.

    https://www.scmp.com/economy/china-economy/article/2180688/can-china-walk-out-economic-difficulties-relying-its-old

    For Sinkieland, it can fund white elephants with tax money, capital transfers (CPF delayed withdrawal) & taxes, HDB land sale, more GST
    to generate small GDP growth during construction.

    SO MORE FAKE GDP GROWTH MEANS MORE & NORE TAXES, MORE DELAYED CPF WITHDRAWAL, HIGHER HEALTH CARE COSTS FOR PEASANTS until all becomes broke!!

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  • Rabble-rouser:

    @ oxygen:
    Fallen civil service star Phillip Yeo in his book called his fellow Civil Servants Eunuchs.
    Excerpts:
    “In every organisation, there are three types of people: the emperors at the top, the workers at the bottom, and the eunuchs in the middle.
    The ruler says, “I want my pyramid,” and the workers are the people who build it. The eunuchs are the ones who shuffle papers. They don’t do any real work. Their objectives are to keep the emperor happy. How to do that? Keep the emperor entertained or distract him with other preoccupations. Eunuchs destroy empires. It was true in China and also in the West. The Ottoman Empire was brought down by eunuchs too.”
    But in this case, the Eunuchs are people who can say intelligent things but are powerless to go against what they say. For many, they are held hostage by the weight of their pay packets & bonus incentives to go against the grain.
    It points to a nation wedded to past ideology, old ways of doing things & a concentration of power right at the top. Another way of saying it is, it is like the doomed vessel, the Titanic heading towards an iceberg with the navigational equipment fixed on course. None of the onboard officers can alter their course to avert the impending disaster. But all the officers have a life vest whereas the passengers have none.

    oxygen: Lim HK once said this – we can’t be a first world economy paying 3rd world wages.

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  • Rabble-rouser:

    @ oxygen:
    The Egyptian Pyramids were built using slave labour & forced volunteers. They were the legacy of an ancient repressive regime displaced by climate change (famines, desertfication), shifting powers & rising empires beyond their borders & their own people deserting the regime.
    In Central America, a number of the remaining Ancient Monolithical Structures were used for ritual human sacrifices to appease their gods for many centuries. Yet their civilization ended, invaded by a more potent force, the Spanish Conquistadors.
    Empire building is an ancient behaviour that has not been eradicated inspite of the progression of human society, liberal development of human rights & the power of science & technology overcoming ancient beliefs & practice.
    Why are we still stuck in the past?

    oxygen:For Sinkieland, it can fund white elephants with tax money, capital transfers (CPF delayed withdrawal) & taxes, HDB land sale, more GST
    to generate small GDP growth during construction.

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  • Rabble-rouser:

    You know, the Ancient Pyramids were an everlasting icon of a long lost empire made extinct through climate change, shift in power centres & abandonment by it’s people for greener pastures.
    The battle for 38 Oxley Road is like the Ancient Pyramids. One faction want to retain this symbol as a constant reminder & for people’s reinforcement for the historical need to maintain a Dynasty.
    The other faction wants to destroy it, wiping it off so that the nation can start from a fresh base, new leaders build their own legacy without using past accomplishments (like building of past Pyramids) & dead leader’s halo as a mandate to rule.
    The Central American Monoliths which were used for human life sacrifices are like the White Elephants of today being built using human sacrifices of blood, sweat & tears (pension, tax monies, borrowings from foreign capital markets, etc). The Spanish Conquistadors of today are technological innovations & business disruptors – a superior force that could wipe out an ancient order based on outmoded beliefs & reliant on past practices which were successful in the past but rendered obsolete by superior technologies.

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  • NoMoreTricks:

    Building another mrt stn to service the BayFront cuz the Founders Memorial will be located there. A design competition is now on. (Designers all over the world are invited-seems odd).
    I dont care how many more mrt stns they build to accomodate visitors but the teachers damn well not be planning on taking our young children ,kindergarten upwards,there to bow at the statues..treating them like Gods!(Like they did when lky passed on).
    Parents beware.

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  • Haigen-diaz:

    @ Rabble-rouser

    Bro, We would be a much stronger country if we worried less about our founders and more about our neighbors. Their invasive presence on our public park is too celebratory and insensitive to those who were, and still are, subject to political discrimination and abuse. Singaporeans have to face uncomfortable truths and a loss of innocence.
    However, as time progresses and new role models come into place, ideals change. People begin to realize that some ideals are not really “ideal,” they are just a reflection of the unpleasant past.
    At least the Pyramids withstands the passage of time, 4,500 years! And still bring in tourist dollars for its’ citizens. Ours?, crumble under the passage of time, 10 years? (Just like the ideas they represent), be chipped away, rotten, and pooped on by birds. Who cares.

    Rabble-rouser: You know, the Ancient Pyramids were an everlasting icon of a long lost empire made extinct through climate change, shift in power centres & abandonment by it’s people for greener pastures.

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  • Rabble-rouser:

    @ Haigen-diaz:
    Absolute & dictatorial powers especially those who inherited them & not earned through merit (not Meritocracy) – it causes a loss of focus & direction. Instead there is arrogance, hubris & lack of engagement.
    The present day regime are trapped in the GDP growth game because their spoils are dependent on triggering it. Those people have lost sight of the basic rudiments of governing over their people. The 1st generation leaders got it right by supplying AFFORDABLE Public Housing; attracting Inward Manufacturing Investments to create jobs, focus on improving education & using English as the main language. But those ideas actually came from an enlightened Dutch Post-War Reconstruction Economist Dr Albert Winsemius who even convinced fellow Dutch Multinational, Phillips BV to locate in Toa Payoh, site of the earliest JTC factories.
    The process then became inextricably political as political opportunists exploit people’s eternal gratitude to consolidate their positions. You can see the ones casted aside were govt people with strong union background, your Ong Teng Cheong, Devan Nair & Lim Chee Onn (who was Minister without Portfolio – a meaningless appointment). The ones who came up were invariably tone deaf (Ivory Tower, blind followers) to people’s (citizenry) aspirations except their own political career (Meritocracy?)
    The book, “From Third World to First” tells us the political fixation on retaining that 1st World image AT-ALL-COST without due consideration to the people’s welfare & prosperity. The people became collateral damage to that ideology to be 1st world. Subsequent govts became wedded to maintaining this:
    * Using Arbitrage strategies which impoverished & annoys our neighbours;
    * Arrogance & hubris in world affairs which caused a small nation to act like a big one causing bigger nations to act against us (TPPA, OBOR); &
    * Spending huge amounts of capital to built 1st world grandiose monuments creating an impressive facade but rendered the people to a highest cost of living eco-system.

    Rabble-rouser: extinct through climate change, shift in power centres & abandonment by it’s people for greener pastures.

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  • Haigen-diaz:

    @ Rabble-rouser
    You nailed it right and proper!
    This is no longer an economy that makes things. In my experience, in order for growth (or even stability) to occur, two things must happen – first, the majority of investment must result in real value creation, with value in this sense meaning increasing capacity to produce useful and necessary commodities, and secondly (and in my view most importantly) the fruits of production must be broadly shared, so as to support demand. The word that keeps coming to mind is unsustainable. Not many expected this trade war on all fronts to begin, but it has. Our economy has become weak because it is no longer driven by consumer demand.
    In the world of GDP, the consumer is always king. If the higher wages never materialize, the economy is going to stall. Alternatively, the effects of inflation combined with wage stagnation are finally effecting the consumer. Disposable income has increased slightly but discretionary income is falling faster due to inflation and/or deferred consumption. Either way, individuals are borrowing from savings in order to compensate for a net decrease in their standard of living. Neither scenario is particularly good for sustained growth. The way to wealth today is to invest in debt and harvest the debtors.

    Rabble-rouser: The present day regime are trapped in the GDP growth game because their spoils are dependent on triggering it. Those people have lost sight of the basic rudiments of governing over their people. Spending huge amounts of capital to built 1st world grandiose monuments creating an impressive facade but rendered the people to a highest cost of living eco-system.

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