20161207 Lee Kuan Yew: The horrible man and his BAD idea (2)

School textbooks and mainstream media will never tell the truth about Lee Kuan Yew as this will expose all the flaws in PAP.

LKY had wielded too much power and dissenters, be they MPs, civil servants, journalists or citizens, were too fearful to face his wrath. As a result, all had only positive things to say about him and “respected” him out of fear.

Never-mind-what-the-people-think LKY was given free rein to run the government and he had many ideas to milk citizens and our country dry.  The worst idea he had was to run OUR country as a corporation, with leaders’ pay pegged to what they could have been earning for managing a big corporation in the private sector.

It was a bad idea because almost all the ministers had never worked in the private sector, much less helmed a big corporation.  😦

lky

A country shouldn’t be run as a corporation and it would be stupid to do so.  How could a brilliant man like LKY expect economic digits to defend and die for Singapore?  Who has ever died defending a corporation?  Will PAP MPs?

Managing stat boards and government agencies as profit centres is really a bad idea because civil servants are not focused on good governance nor serving the people.

Civil servants would spend countless hours thinking of ways and means to scam citizens.  For example, LTA came up with the COE and ERP systems to ostensibly reduce road congestion.  But after 25 years of paying to drive the most expensive vehicles on costly roads, how many roads are now less congested?

LTA’s main objective is to generate revenue for the government, not relieve road congestion.  If it had wanted to, the government would have been told to discard its insane immigration policy which is the real cause.

Once the ERP money tree had been planted, all LTA had to do was take good care of it and money will just grow.  For example, LTA would review ERP rates whenever the government needed some loose change by increasing gantry rates at busier locations while reducing those at relatively ‘ulu’ locations.

In this example below, net revenue gain is $45,000 PER DAY. So easy to earn money hor?
erp

After each rate review, did LTA solve congestion problems?  The answer is ‘no’ and what’s worse, Parliament isn’t bothered.

LKY may be dead but his unspoken “what’s wrong with collecting more money” policy lives on. 😦

The biggest money tree belongs to CPF Board and that’s why an ex paper general has been appointed CEO.  Soldiers don’t question – they just take orders from their political masters.

CPF Board CEO has such an easy job – all the ex paper general has to do is hand over ALL our retirement savings to GIC and wait to be paid a fixed rate of return.

The money printing formula – peg CPF interest rates to short term instead of long term rates.

No banks would dare to fleece their customers by offering savings interest rate for, say, a 2-year fixed deposit.  But this has been happening to CPF members for decades.

Why stop at ripping off peanuts from CPF members?  Of course corporate civil servants need not be reminded to heed LKY’s “what’s wrong with collecting more money” if they wanted to be high flyers.

Along came some smarter ass with the biggest scam in the universe: offer members a ‘guaranteed’ low rate in order to pocket the difference earned from CPF investments.

cpf-returns

Since a quarter century ago, PAP has been pocketing an estimated 40% of CPF members’ returns annually. 😦

Most Singaporeans are not aware that this amount is not peanuts, ie total interest of $10.8 billion credited to CPF members last year means the government ripped off about $8 billion from returns earned using our CPF funds.

About $45 billion credited to CPF members since 2011 = About $30 billion confiscated by the government.

cpf-interest-credited
MAS

With the CPF money tree well planted, is there any incentive for proper governance?

LKY’s bad idea of course extends to the HDB where our second-highest home ownership rate has been achieved using retirement savings.  Again, no foreign leaders were foolish enough to use this approach which creates only an illusion.

But this alone wasn’t sufficient to enhance the value of our HDB assets to above 7 figure sums.  So, another  smart ass cracked his brains and came up with the idea to include a large percentage of land cost into HDB flat pricing, ie land cost could amount to more than $300,000 for bigger flats purchased directly from HDB.

The worst thing that could have happened – we paid for the land but the flat doesn’t belong to us.  And we are forced to maintain public property through the use of sinking fund as well.

Tenders for a HDB project include the construction of multi-storey car park.  The cost of car park construction is therefore included in the price of the flat.  Kena scammed again. And more than 70%? of flat buyers do not drive.

It’s understandable for corporations to price their products as high as possible: Higher prices = higher profit margins.  But HDB flats are not just any consumption product.

Despite housing being a necessity, our corporate civil servants have somehow managed to set the sky as the limit for  HDB flats.  HDB flats costing more than $1 million are increasingly common.

This is of no concern to civil servants; instead, it allows the mainstream media to cheer higher prices.

Many Singaporeans have still not understood this so I will try to explain very clearly. 🙂

Some smart ass PM came up with his ‘ass-et enhancement’ policy which means one thing – no more cheap and good.

Higher property prices translate into higher:
– stamp duties
– rental
– real estate commissions
– tax on commissions
– property tax
– GST
etc.

Higher HDB flat prices increase government revenue because PAP is Singapore Inc’s landlord.  No need for civil servants to work hard but can easily earn billions, why not?

Incompetence led to not only screw ups but civil servants requiring feedback to do their job.

From 2006 to 2010, there was a huge shortage of HDB flats – only about 30000 HDB flats were constructed.  After ‘feedback’ was given through the ballot box in 2011, 97,000 HDB flats were constructed from 2011 to 2015.

On collecting more money from public healthcare, an example would be the consultation fee at a polyclinic being increased to almost double that of a private GP.  (see image below)

Polyclinic bill – $41 to see a doctor?

It doesn’t matter if after a Great Singapore Sale “discount”, a patient pays only $11.  This is because there is obviously a profit of $30 for PAP per patient visit.  Multiply this amount by the 4 million plus visits, give or take, the government just made about $100 million every year on consultation charges alone.

Where does this amount go to?  If it goes back to MOH, this would mean our healthcare has been underfunded by $100 million on consultation charges alone.

To LKY, there is nothing wrong with collecting more money, even when citizens fall ill.  What about causing insurance premiums to spike?  LKY would have asked the same question.

There are too many instances of PAP’s unspoken ‘what’s wrong with collecting more money” policy in action.

When civil servants start behaving as if they are CEOs and top management in the private sector, citizens ultimately suffer.  This is common sense.

So far, no civil servant has the guts to tell PM Lee to discard LKY’s bad idea.

money-tree

 

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9 Responses to 20161207 Lee Kuan Yew: The horrible man and his BAD idea (2)

  1. zackerback says:

    Home ownership is the proportion of homes owned by owners, not the proportion of population owning homes. The former could be 90% but the latter could be 20%. There is nothing to shout about regarding high home ownership rate which most people thought to mean the latter.

  2. jui says:

    All working under him are yes men. Who has the balls to break their golden rice bowl?

  3. Lee Ser Guan says:

    Please explain “there is obviously a $30 profit for PAP per patient visit” for a visit to the polyclinic.

    • Phillip Ang says:

      Patient pays only $11 but full amount on polyclinic bill is $41. $41 is a cost to the government but we know the consultation charges shouldn’t be so high in the first place because private GPs are charging about $20. The subsidy of $30 doesn’t really exist.

  4. Confused says:

    “In this example below, net revenue gain is $45,000 PER DAY. So easy to earn money hor?” This is for your assumed Orchard road ERP.

    Singapore has put in place VEP to control Malaysian vehicles from overstretching our roadworks from $20/day to $35/day now and ERP to control both Malaysian and Singaporean vehicles for their own reasons to overcome congestion. The $35 would be seen as the justified right amount to deter excessive inflow from across the causeway.

    Remember when the Malaysian side announced that they would implement their version of the VEP at RM20 for every Singapore car that enter Malaysia which indeed they had, our LTA then came out and said Singapore will respond and match whatever the Malaysian side introduced. Of course the Singapore government thinks that they have every reason to do that, but honestly, where is the logic behind?

    What the Singapore is saying that Malaysia do not have the right to introduce measure that would alleviate congestion of their own? indeed, the new Malaysian VEP might have helped Singapore to reduce vehicles from wanting to travel to Malaysia because of the additional cost and it should go well with the intended goal of Singapore unless Singapore thinks otherwise because of the reduction in Singaporean going in and out, Singapore would lose out on the collection from Singaporean vehicles and there Singapore should be compensated for what they have lost? if So, where is the logic and basis? So, Which is the right cause?

    I have no statistics of daily Malaysian car units entering Singapore, but if we take 40,000@S$35/day VEP=S$1,400,000 a day and it would be a wobbling S$350 million a year. Of course, it is tempting to find excuses to hike all these rates by devising system that works that way?

    To take a look closer, Or is it because of the potential lucrative additional revenue if they are able to match the RM20 VEP by implementing the increase of another S$6.50 @80,000 units of vehicles daily which would given them a windfall of at least S$500,000/day and that work out to be at least S$125 millions a year if you take 250 days/year.

    Our smart scholars have invented system that need simple tweaking and monies will roll in unstoppable. The Chinese saying “财源滚滚来”. How not easy to make more monies?

  5. Confused says:

    “The biggest money tree belongs to CPF Board and that’s why an ex paper general has been appointed CEO. Soldiers don’t question – they just take orders from their political masters.”

    The whole CPF board loaded with all the heavy weight directors should be totally scrapped and save cpf members millions and millions year in year out to stop the bleeding.

    Just put in 1 qualified accountant in place of the whole board and pay him $20,000.00 and I believe he would do a better job.

    After all, most of the cpf monies go to to the SSGS or SGSS or whatever you call it.

  6. Phillip Ang says:

    They have always been spending too much time thinking of betterer ideas to fleece the people. And clearly not bothered even though we have been going downhill for decades.

    • Phillip Ang says:

      Hmm … maybe no need to pay $20,000 even. Job scope is collecting money from CPF members and pass it to GIC only. I think no need accountant even. Many wiling to the job for much less.

      • Confused says:

        That says so much about the uselessness of the cpf board.

        I supposed there are many more similar setups elsewhere to “suck” or leech our tax monies.

        The top 10% has been conveniently enriched more and more and fed by the 90% in one way or other.

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