Just a generation ago, the 70s and 80s, which was not too long ago, the average citizens were not rich and so was the country. I am not looking at the 60s as those were the formative years of our nation, rough and tough and life was very basic.
In the 70s and 80s, though the average income was not that great, when the average white collar worker took great pride in earning a four figure salary, below $2000, life could be good. With that income, many could lead quite a decent lifestyle, own a car and a 3 or 4rm flat. Those with double income could afford landed properties, semi Ds, at worst 5rm HDB flats. And they had very little financial worry as debt to income ratio was small.
We progressed, the country progressed, bigger and better housing, better quality of life till the 90s. Today we are still progressing and people are getting richer in their income, 5 figure salaries or more, and some are getting extremely rich. But the signs of strain and pressure are showing among the average Singaporeans. Many are high in debt because of mortgages and housing loans and study loans for their children. And the axe over their heads, a big medical bill waiting to drop on them. Superficially, things are still looking very good.
The question is whether this life style and the cost of living are sustainable? Are the lives of the average people getting better or going down? The salaries are much bigger, the quality of housing are better, but people are starting to buy into smaller and smaller homes. Car ownership is getting to be extremely expensive. Quietly the govt is starting to sell the message that life without a car is good. Smaller flat is good.
Should not progress comes along with better quality of everything, that the higher income should be better, bigger housing and easier to own cars and better cars, and lesser financial worries? The growth formula for the country looks right, but the quality of life formula for the average Singaporeans is starting to look wrong.
Could the rapid growth be slower, smaller population, lower cost and better quality housing and easier car ownership be part of the growth formula instead? Can the economic growth formula be tweaked to enable the average Singaporeans to live in bigger and better housing, with smaller debt and many more be able to own their cars and with less financial worries about bring up children and making ends meet? With so much growth to show, so much wealth in display, with so much good things in the offering, why are people finding it difficult to give themselves better homes and to be able to travel in the comfort of their own cars? Aren’t these good things a part of progress and contribute to the well being of the people? Good homes and cars are the things that the people desire and aspire for. Depriving them of good homes and car ownership cannot be progress, cannot be a better thing.
Have the growth formula with unacceptable large population on limited land over extended itself and the flaws starting to show, and the benefits become marginal if not negative? What is the point of growth when the good things in life are no longer available or in smaller portion? And the mantra is still to pursue blindly for more people in the island. Can the policy makers really believe that this is the only way forward, progress and a better quality of life?
Chua Chin Leng aka redbean
* The writer blogs at http://mysingaporenews.blogspot.com/