In his live propaganda broadcast, Lee Hsien Loong made a special mention that he needs the election to make “difficult decisions”:
“After the election, the new government can focus on the national agenda – which includes handling the coronavirus pandemic, the economy and jobs – and the difficult decisions it will have to make and to carry.”
He did not explain further, for obvious reasons.
By now, it is no news that the ruling party PAP is planning a series of tax raises to fill up the government pockets, where Lee Hsien Loong had raided S$100 billion from.
There will be no return of CPF funds to the elderly. The current CPF payment rate of 37.5% is already among the highest in the world, and it will rise to no less than 50% – as seen in the 1970s after the oil crisis.
CPF interest rates may depress further below 2.5%, as the Singapore government has printed too much money to fund the S$92 billion bailout for state-owned companies.
To Singaporeans, this only mean more poverty among elderly retirees who can’t get their money. The younger adults will see a lower take-home pay, and there will be hardly any savings.
Lee Hsien Loong has previously pushed for a 9% GST, and that was before the coronavirus recession. A further increase to 10% GST will not be a surprise.
Public transport fare raise
Since 2015, Transport Minister Khaw Boon Wan has repeated pushed for fare raises. It has now jumped beyond 20% compared to the last election. A single fare trip of S$5 is on the way, as SMRT and SBS Transit demand higher profit each year.
Singaporeans will pay and pay harder this round, and expect no return. Poverty is coming harder with Lee Hsien Loong’s “difficult decisions”.
Your life will be difficult, not his.