381–390 of 488 posts
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> I agree with you that the migrant workers are effectively a serf class. Sounds like the Copenhagen Interpretation of Ethics? Or 'out of sight, out of mind'?
not everyone has the same ethics or even subscribes to that
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Not for the majority of retirement savings in the US, where Social Security makes up only about 25%. In the case of 401(k)s/DC plans and private pensions/DB plans, the government allowed savings without "confiscation," i.e. immediate taxation. They gave us the benefit of deferred taxation if you wait until retirement age.
What about the people who do not make enough to save and all their money goes to inflated living expenses? When do they get to retire?
Singapore's economic policies are complicated and often misdirecting. I'll break down the misconceptions. The primary purpose of CPF is not a pension scheme. It is structured as a massive forced bond purchase scheme by citizens. Financially what happens is the 37% of citizen income buys a long term bond (till retirement age, on average decades) at rock bottom interest rates (it's pegged to the overnight rate or a min…
The CPF sounds pretty clever. It covers a major individual cost and need (retirement, medical, housing) instead of just throwing it into a tax. It makes the government money. This sounds like a win win kind of policy.
Forced savings programs aren't actually "savings" for the people on whom the programs are forced!! "Forced savings" is a euphemism for "we're taking your money and calling it savings based on the idea that we're going to invest it well, though you won't see much of any gains, and there might not be any gains to speak of".
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The CPF sounds pretty clever. It covers a major individual cost and need (retirement, medical, housing) instead of just throwing it into a tax. It makes the government money. This sounds like a win win kind of policy.
To me it sounds like a tax structured in a strange way so it doesn't obviously read as a tax. It's essentially a forced loan to the government at subpar rates. The "tax" is the delta between what the government pays out for the bonds vs what a bond of equivalent risk in the free market would have paid. The magnitude of the investment also probably makes it impractical for anyone but the very wealthy to retire before…
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This is being entirely disingenuous and is completely different to what goes on in Dubai. I have lived there and can rattle off plenty of criticisms about the country but complaining about migrant workers who clamour to work in SG is not one of them. The vast majority of Singapore migrant workforce are Malaysian citizens who live over the border in JB, you can rent a 2 bed apartment there for $300 a month and eat out…
> while commuting each day to a developed country Must be a fully automated border or something? That kind of commute would be unthinkable between e.g. Canada and the USA for most folks
Singapore has the smoothest border controls I’ve ever experienced; it takes me less than half an hour between stepping off a plane at Changi to stepping into my apartment.
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Why does the government get to decide when we retire?
You can retire whenever you want. The government decides when to start funding it. As for why - the same reason why they get to decide what side of the road you drive on and what laws you follow. They rule the patch of land you were born on, and if you don't like it you can either participate in the system (assuming it's a democracy) or leave.
The real question is why governments insist on euphemistic names ("forced savings") that imply the opposite of the reality of the programs. And why people put up with such financial repression schemes. The answer to the first question is to keep people from being too upset too suddenly, too many all at once. The answer to the latter is that the people usually don't get a say in these things.
For Singapore this program probably makes a great deal of sense since Singapore is singularly vulnerable given its location in the world. To build what they did they probably needed these sorts of policies. I suspect most Singaporeans don't mind all that much, though I don't know. We would very much mind this sort of thing here in the U.S. though!
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For curiosity's sake, what exactly do you think Republicans will do to "kill the ACA"? I doubt they're going to introduce a bill that revokes the ACA in its entirety. They killed the mandate almost a decade ago and the marketplace healthcare plans have continued to limp along, depending on the state. What's next?
It’s simple. One of the original tenants of the ACA was to provide subsidies for most people earning up to what would be the upper middle class between this and the insurance mandates, it would prevent the death spiral where only the sick would sign up for it, making the cost go up until it was almost unaffordable to anyone and unprofitable for the insurance companies making them leave the exchange. The first blow wa…
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I'll be blunt and say most Singaporeans have a very poor idea of how these policies work. Another major one - virtually all Singaporeans believe they own their houses, and it is a point of pride and financial security. Most houses are on 99 year leases, but the idea that is deeply lodged is that this is longer than you can live so this is inconsequential. While this is true if they only cared about living in it, hous…
> virtually all Singaporeans believe they own their houses, and it is a point of pride and financial security. Most houses are on 99 year leases It's not as if the US fairs any better. Here you never own your home, you have to pay property taxes your whole life (basically rent) or it will be taken from you. Eminent domain means that they can take your property from you at any time even if you've kept paying them. Sin…
I had the privilege of getting a working gig in Singapore for a small AI startup: such a well run country! There is a sense of community for helping by employing people who need jobs, the police were friendly and I felt very safe there (I like to take long walks either early in the morning or late at night and I felt very secure.) Amazing what the people and government have achieved since the end of WW2. 100% respect…
Listening to political speeches from Singapore are so refreshing compared to the juvenile garbage that we have to endure in the US from US politicians.
One party has been ruling continuously since its formation and you can't go against its ideas.
There is no real competition for ideas like we have in the US.
So, yeah, the "discussion/debates" will be high quality when it is one sided. Just like North Korea is free from low quality debates, Singapore too is free from that.
https://www.amnesty.org/en/location/asia-and-the-pacific/sou...
> In June, university students and alumni delivered letters opposing a new racial harmony bill to the Ministry of Home Affairs, arguing that it provided the government with further powers to clampdown on dissent. The authors were later investigated by the police. In the same month, police charged three activists – Annamalai Kokila Parvathi, Siti Amirah Mohamed Asrori and Mossammad Sobikun Nahar – with organizing a procession in a prohibited area under the Public Order Act. These charges came after they led a march to the Presidential Palace to deliver a letter of concern about the Gaza conflict. If found guilty, they could be fined up to SDG 10,000 (USD 7,360) or face six months’ imprisonment.
https://freedomhouse.org/country/singapore/freedom-world/202...