Why our million-dollar ministers deserve to get the Nobel Prize for Economics

Over 8,600 business ceased and filed to cease operations in April alone, including many in the food-and-beverage business.

The above numbers do not include companies that massively scale back operations without closing down, for example, SIA and SPH.

Nevertheless, there were only 11,350 retrenchments in Singapore for the entire first six months of 2020.

This means that there was less than one retrenchment for every company that closed down in Singapore. (Remember that the number of company that closed down was only for April but the number of retrenchments was for the entire first six months of 2020.)

This is surely an economic miracle that is unmatched by anybody around the world.

All of us need to appreciate the good work by done our government ministers. Not only do they deserve their million dollar salary, but they also deserve the Nobel Prize for Economics, which gave out 9 million Swedish Krona or 1.360 million Singapore dollars. (Okay, some of the ministers may earn more than the Nobel Prize for Economics.)

What do you think? Is this not an economic miracle in Singapore?

 

 

Diana Gupta

 

 

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23 Responses to “Why our million-dollar ministers deserve to get the Nobel Prize for Economics”

  • Harder Truths:

    They will be still getting their million dollar salaries when the citizens are fighting each other for second-hand garbage, Nobel prize or not.

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  • Asd:

    I think to prop it up and to solve is totally different thing so what is so good about spending national reserve on foreign trash

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  • Misunderstanding:

    “This means that there was less than one retrenchment for every company that closed down in Singapore.”

    The author doesn’t know that “retrenchment” has a special meaning. When a company closes down, its employees are not counted as retrenched. They lose their jobs, but that is not retrenchment.

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  • Ahpoh:

    How is stupid being say in 50 or more languages?

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  • Taleban:

    Over 8,600 business ceased and filed to cease operations in April alone, including many in the food-and-beverage business.

    Nevertheless, there were only 11,350 retrenchments in Singapore for the entire first six months of 2020.

    The figures does not add up.
    This means most of the 8600 businesses are one man operation.
    Someone is not giving the correct figures.

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  • believe it or not:

    take everything they say with a pinch of salt.
    use your brain and think first.

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  • Ahpoh:

    All are being retrenched from two jobs?

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  • Harder Truths:

    According to OECD figures below there were about 121,800 jobs less in 2020 than in 2019, which indirectly translates to jobs lost.

    https://tradingeconomics.com/singapore/employment-change

    Yes, that sounds about right.

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  • Sarcasm at its best:

    Not a single word of insult. Only words of praises …

    Yet the silence of mockery is deafening …

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  • bornloser:

    I guess you are talking about Masterchef contest?

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  • The Dishonourable Son:

    Old fart Lee KAYU it is proven beyond a shadow of doubt that your choice of a successor in your son is a momimantal failure.
    He does not have the IRON in him to propel the country forward.His only TALENT seems to FIX the opposition or anyone that have opposed ideas to him.He does not believe in family connections fixing members of his own family.That specks volumes about the mans character.NOTHING AND NO ONE STEPS IN HIS WAY IN ACHIEVING ABSOLUTE POWER.EVEN THE PEOPLE.
    SINGAPORE’S future is very bleak with such a leader.He cares more about foreign trash than his own citizens.His election campaign was more jobs.With Singaporeans losing jobs left right and centre who is he creating jobs for, for foreigners?
    He is TRULY A DISHONOURABLE SON.

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  • uselesstankl:

    WIS IS A ” SCAM ”

    WORKFARE IS THE ” SCAM ” OF THE CENTURY !!!

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  • oxygen:

    OUT THERE THERE MUST BE a growing pile of”zombie” business waiting to fold any moment.

    Once the lifeline financial support from $95 billion of national reserves digging is exhausted, the sign at door will display this overnight – WE ARE CLOSED FOR BUSINESS, thank you for your support.

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  • NotMyProblem:

    believe it or not:
    take everything they say with a pinch of salt.
    use your brain and think first.

    PAP’s figures were always plucked from the air, went through the colon and fart out.

    It is for people with brain to believe it or not. Before 2015, there were 30% voters able to do it. Between 2015 and 2020, there was an increase of 9% voters.

    Hopefully by 2025, we have another 5% voters able to use their brains. That would be the days when PAP could be forced to speak the truths.

    Remember this; How much you can believe in PAP depends on the number of Oppositions in Parliament. If only 10% Opposition, you can only believe 10% of what PAP said. You still need the Oppositions to ensure that the 10% you believe in are true too.

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  • wickednation:

    Number one pride, SIA, hit big time. World wide job losses amounted to more than 65million – no small number.

    Do your maths on the repercussions on world’s economy and trade, in which Singapore is most reliant.

    It has happened before but it got worst when the plague returns.

    Plague does not happen without JUST reasons.

    It will come again and deaths of all form shall visit on the….wi****.

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  • Cotton Chan:

    Someone is pulling “cotton” over our eyes!

    Ask yourself who controls the narrative!

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  • Soccerbetting2:

    Reported on Straits Times :Quote -”Johor Menteri Besar says border with Singapore should reopen or 100,000 Malaysians may lose jobs
    Since border movements were curtailed in March, businesses in Johor have been suffering, with some seeing up to a 70 per cent decline.
    Since border movements were curtailed in March, businesses in Johor have been suffering, with some seeing up to a 70 per cent decline.PHOTO: ST FILE
    PUBLISHED3 HOURS AGO
    FACEBOOKWHATSAPPTWITTER
    PONTIAN (THE STAR/ASIA NEWS NETWORK) – The two land border crossings with Singapore should be reopened as soon as possible, as the Johor state government is not capable of finding employment for 100,000 Malaysians who may lose their jobs due to the prolonged closure, said Menteri Besar Hasni Mohammad.

    Datuk Hasni said that the current unemployment rate in the state was already at a record high of 18 per cent with 35,000 people jobless.

    “The time has come for the Federal Government to find a way to balance the people’s lives and their livelihoods, as we do not want the scale to tip only towards lives due to the Covid-19 pandemic,” he said…..”Unquote .

    Response : Johor is very interested to open the borders.However,what benefits does it serve to Singapore to open economy border with Malaysia ? Singaporeans now cross over to Malaysia now need to pay think S$1550 to Malaysia Authorities for some stay in period at their hotels. Waste time some more .And Malaysia become super rich with their S$1550 charges .

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  • Crony Pappy for Nobel?:

    Do you qualify for nothing when you’re one of the top crony-capitalists in the world hypocritically inhibiting the sheeples’ economic aspirations, stifling their individual entrepreneurial spirits and predating over their compelled life savings?

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  • PAP mandate strong:

    8600 biz ceases.

    Okay so many are dropouts and how many are not ?
    We should also have such stats.

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  • Homeless Cat:

    I do not believe the numbers. Something about it is off.

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  • Flabbergasted:

    Ahpoh:
    How is stupid being say in 50 or more languages?

    no need 50 languages, just hindi enough!

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  • Ahpoh:

    Cotton made from wool.cotton wool…

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  • 154media:

    that is because most of singapore economy is run by local rubbish enterprises that open and close shop and fly by night..every year many fly by night businesses open..and close shop fast..

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