By now, PAP’s incompetence should be clear even to its own supporters.
Things are certainly not going according to plan and this has led to a huge shortage of funds.
Recall that under its 6.9 million PWP, the population is supposed to grow by about 90,000 annually? The latest increase was only … 5000.
The population increase did not materialise and was due to external factors beyond PAP’s control, plus our high cost of doing business.
The additional headcount every year is what drives our GDP growth. This unsustainable growth model has already been confirmed by PM Lee’s old man in 2011: ” We’ve grown in the last five years by just importing labour.”
Regardless of PAP’s fake economic growth, this nevertheless generates revenue and simultaneously lends support to property prices.
An additional 85000 headcount would have contributed to an increase of at least a few billion$ in revenue from income tax and GST.
PAP had counted on the additional billions to fund its costly projects to support a population of 6.9 million and beyond.
With our economy in the doldrums, PAP has no choice but to continue with raising revenue in the same manner and stop short before the next GE.
Singaporeans should be prepared for more pain ahead.