There are three pillars of political capital of PAP from the past.
1) HDB Housing which provides 80% of housing for Singaporeans
2) CPF which provides retirement financing
3) Economic Development and Growth that increase the standards of living of Singaporeans.
However, one by one, these three pillars of political capital is eroding:
1) Due to PAP's greed and persistence in building up the National Reserves to show off their "capabilities", they have started to mess around with our HDB system to inflate the prices. This screw up has cost them 1 GRC in GE2011
2) Due to their greed and means to justify their "million dollar salary", they have manipulated CPF returns to extract every juice out from it, making it their cheap funding for their global adventure via GIC and Temasek Holdings. This time bomb is fast exploding when they tried all means to delay CPF withdrawal, raising the minimum sum till more than half of Singaporeans unable to meet that amount so that these Singaporeans will not be able to withdraw anything more than that "derisory" amount of S$5000. This CPF issue will most probably cost PAP dearly in the next GE...
3) The economic growth model of importing cheap Foreign labour to inflate economic figures are causing lots of problems internally, right from Public Transport, Housing to Healthcare. This "Growth at All Cost" which will ultimately used to justify their million dollar ministerial salary will ultimately tear down the fabrics of this young Nation of ours. It also creates the vast income and wealth disparity which somehow, detrimental to our standards and quality of living. Thus, this main pillar of PAP's political capital will be collapsing fast and furious.
Although most conservative opposition supporters and members may only aim for one third of parliamentary seats for next GE, but the simultaneous collapses of PAP's three main pillars of political capital may just do more harm to PAP than we could perceive. Just be ready for the REAL CHANGE to come.... PAP's second and third generation of leaders are to be blamed for the fast erosion of their political capitals built up by their pioneers like Dr Goh Keng Swee, Lim Kin San etc. Such happenings are the basic fundamentals to the quite erosion of public trust in PAP as the ruling party.
Goh Meng Seng
*Article first appeared on https://www.facebook.com/gohmengseng.freedom/posts/10203338422434483