Every other week, we are hearing about one small country after another in Europe getting into big financial mess due to overborrowing of their banks and Governments getting into the act by relaxing mortgage loan limits to their populations hence leading to a housing bubble which is moving far and beyond the reach of the ordinary citizenry through work and investments. Countries in the EU which have gone bankrupt are almost reaching double figures and the number count is sure to get higher and higher. If anything, it goes to show that a democratic system coupled with generous welfarism is a slow slide downhill to financial ruin for a country.
The key to economic progress is about balancing the budget deficit, incurring small or little foreign debt, as well as encouraging foreign direct investment or churning enough money to drive the economy every year to growth. Singapore through years and years of frugal and prudent financial policies has grown from strength to strength to be one of the highest earning per capita countries in the world today with almost zero foreign debt, and a corruption free Government with strong GLCs, safe streets, clean air and strong currency. We have one of the largest foreign reserves in the world, a world class city and enviable lifestyle - if one can afford it.
Yet, people are unhappy with many aspects of our society and some of our Government policies are seen as elitist. True, no Government can please everyone, but first and foremost, the citizens who have given so much to the Nation building of this country must be given their due recognition.
The lack of social safety net has always been a big issue with Singaporeans. Furthermore the 'no retirement' concept bandied around surely has few supporters. Many visitors who come to Singapore while impressed by the infrastructure are taken aback by the number of elderly folk doing menial and mundane jobs such as trolley stacking, toilet cleaning and taxi marshalling. Surely, these fine people in their golden years would rather be in the community centres, hawker centres or gyms enjoying the fruits of their earlier savings ?
It begs the question, has costs of living skyrocketed so fast and high that these people have no choice but to work until the last days of their lives ? Yes, some choose to work, but for many, it is a Hobson's choice, or no choice at all.
Somehow, some policies must change to help these Singaporeans. Be it through food stamps, serving with dignity in social enterprises or paying these grandfathers and grandmothers token sums to help out in kindergartens, schools and in the canteens of polytechnics. A hybrid of welfare handouts should be implemented which errs on the side of compassion and not coldly calculating civil servants checking every cent in one's bank accounts before some limited payout is made. People young and old have pride and feelings too.
They deserve our support and respect. They have earned it, although they may not be aware, but our country is moving fast forward with nary a thought of 'those left behind',
