PM Lee’s May Day Rally speech confirms economic growth may be close to … kosong

I refer to “Hard work needed to sustain growth amid mixed outlook: PM Lee”. CNA

Singaporeans should be very worried because PM Lee is still pontificating and propagating propaganda by stating the obvious and throwing in lots of self praise in what is supposed to be a rally speech.

The fact that PAP has been forcing citizens to share in the pain by increasing every conceivable cost – GST hike akan datang – should make us all sit up every night.

PM Lee cited SkillsFuture and Adapt and Grow as initiatives that offer concrete help to workers. However, there is no evidence of this from any independent sources except PAP mouthpieces.

PM Lee compared our currently lower 2.2 per cent unemployment rate with the 5 per cent or higher rate in other developed countries. But since our ministers’ pay is many times higher than their counterparts in bigger countries, aren’t they expected to deliver better results? What is there to trumpet when a better performance is to be expected?

We should also bear in mind that the “2.2 per cent unemployment rate” is suspect because there are thousands of phantom workers in Singapore.

PM Lee also referred to the need for a “tripartite effort” and lectured businesses to transform, adapt, adopt new technologies, etc as if businesses do not want to be profitable.

“Tripartism” is a PAP classroom concept where employees, businesses and the government work in perfect harmony. But the reality is the PAP government is involved in business and in cahoots with employers. As a result, workers have been screwed and will always be screwed. ‘Tripartite’ is therefore more like ‘tripantat’. šŸ™‚

The takeaway from PM Lee’s speech: easy ways to grow our economy have maxed out and we are close to zero growth. Without causing alarm, PM Lee said: “While Singapore’s economy can no longer grow at 5-7 per cent, it can still achieve 2-3 per cent growth by improving its productivity.”

PM Lee’s projection of of 2-3 percent growth is conditional upon productivity growth, ie if productivity grow is stagnant, so will economic growth. Since our “productivity rate flatlined at near zero between 2011 and the third quarter of 2016″ (ST article), doesn’t this mean our economic growth will be er … kosong? šŸ˜¦

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2 Responses to PM Lee’s May Day Rally speech confirms economic growth may be close to … kosong

  1. Sinkie says:

    The “2.2% unemployment” is together with the 2M foreigners here. If just citizens it should be about 4%.
    Last year govt reported residents (citizens + PRs) unemployment to be 3.5%. But now govt seems to be scared to report updated figure.

    Productivity should be zero or negative over next few years. Therefore the only way to grow GDP will be to continue to import more foreigners + govt projects.

    Govt projects will include infrastructure, MRT, HDB, roads, highways, tunnels, bridges, hospitals, nursing homes. But it will also include many white elephants (e.g. redundant buildings, boh-liao surveys/ministerial studies, over-expensive tunnels/highways, etc). All these govt projects will only benefit civil service (more tasks & activities), GLCs, Temasek, banks, and many China construction & transport companies.

    Most ordinary Sinkies won’t benefit. This is the reason why many young Sinkies aim to get local or Ivy League 2nd upper honours degrees to get into civil service.

  2. DavidLKSee says:

    SIMPLY PUT, the clueless/hopeless/useless PAP Million-dollar Govt is FULL OF FORM* but SHORT ON SUBSTANCE** !!!

    *FORM = “talk-cock sing-song & blabbering bullshit” (in English); “wayang” (in Malay); “chor hee” (in Hokkien).

    **SUBSTANCE = ability to DELIVER “million-dollar solutions” to numerous national problems ( and thereby improve the lives of the people) — so as to JUSTIFY their world-infamous obscenely-humongous multi-million dollar pay packages.

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