Inflation and the golden goose
So according to the Straits Times, Singapore's consumer price index has increased by 5%, year on year. But presumably being the puppet voice of the PAP, they deliberately fail to mention what the VALUE of inflation is currently. 5%, 10%, 15%?
Are we going to be able to survive, what with the current state of interest rates we have here in Singapore? Let's not forget that interest rates here are technically government controlled, in some way or another. Free market economy my butt! CPF rates are 2.6% and 4%, bank interest rates are 0.125%, fix deposit rates are about 1%, & HDB loan rates are 2.6%. Bank loan rates may be variable starting at 1+% but by year 3 or 4, they're a whopping 2-3+%. What's the average salary increase? 2, 3, or 4%? Have you ever wondered, how will our money grow? Judging by how things are in this country, it's virtually impossible!
Invest in the open market; that's the only way. But do we have the gumption to do it? Especially when our esteemed government makes it oh-so-difficult? Consider the CPF caps on OUR money: we must have $20,000 in our Ordinary accounts before we can invest, 40,000 in our Special Accounts, AND there's a cap of how much we can fill OUR own CPF accounts. Prior to 1996, we used to contribute 22.5% of our salaries to our CPF, and employers equaled contribution dollar for dollar for a total contribution of 45%. What are the contribution rates today? 20% by ourselves and something like 17% by employers. To top is off, CPF conveniently fails to document contribution rates before 1996 on their website. What are they waiting for? For a whole generation of Singaporeans to die off, so that the contribution rates of 45% will be forgotten? Have the powers that be squandered our money, such that they had to divest Singapore's reserves, and force Singaporeans to keep their money with the government (via the CPF). How about taking ownership of your mistakes, PAP? You're killing the goose that lays your golden eggs.
PAP, you are killing your own people.
Are we going to be able to survive, what with the current state of interest rates we have here in Singapore? Let's not forget that interest rates here are technically government controlled, in some way or another. Free market economy my butt! CPF rates are 2.6% and 4%, bank interest rates are 0.125%, fix deposit rates are about 1%, & HDB loan rates are 2.6%. Bank loan rates may be variable starting at 1+% but by year 3 or 4, they're a whopping 2-3+%. What's the average salary increase? 2, 3, or 4%? Have you ever wondered, how will our money grow? Judging by how things are in this country, it's virtually impossible!
Invest in the open market; that's the only way. But do we have the gumption to do it? Especially when our esteemed government makes it oh-so-difficult? Consider the CPF caps on OUR money: we must have $20,000 in our Ordinary accounts before we can invest, 40,000 in our Special Accounts, AND there's a cap of how much we can fill OUR own CPF accounts. Prior to 1996, we used to contribute 22.5% of our salaries to our CPF, and employers equaled contribution dollar for dollar for a total contribution of 45%. What are the contribution rates today? 20% by ourselves and something like 17% by employers. To top is off, CPF conveniently fails to document contribution rates before 1996 on their website. What are they waiting for? For a whole generation of Singaporeans to die off, so that the contribution rates of 45% will be forgotten? Have the powers that be squandered our money, such that they had to divest Singapore's reserves, and force Singaporeans to keep their money with the government (via the CPF). How about taking ownership of your mistakes, PAP? You're killing the goose that lays your golden eggs.
PAP, you are killing your own people.