SCMP: Singaporeans not as wealthy as GDP figures suggest

[Cheepo]

Thanks for the truthful reality check.

 

Statistics, especially using averages, means nothing to the man on the street. Life in Singapore is wonderful only for a minority.

[ShepherdPie]

err.... 20% go to cpf cannot touch, of course the 'money not in my hand' but still it helps to pay off property which is cheaper the HK.

 

err... actually not sure on the average how much is left in cpf..

 

Recently years of property-buying spree many has emptied their CPF for their home to fully utitise.

 

most of ppl i know emptied their CPF and keep buffer in cash.

[Porker]

aiya......scmp obviously neber heard of MCF.

 

radx and T2 alone will trash HK sup sup sui.

 

LOL!!!!!!!

 

Speaking of wealth - it is ri-farking0-diculous that a cup of red milk tea costs $3.20 (from the basement store of Parkway Parade). How much of the $3.20 goes into the rental-->developer-->financing-->government?

 

How can a cup of red milk tea made from water, a small amount of milk and a tiny pinch of tea leaves costs so much?

[Tigerwoods]

 

LOL!!!!!!!

 

Speaking of wealth - it is ri-farking0-diculous that a cup of red milk tea costs $3.20 (from the basement store of Parkway Parade). How much of the $3.20 goes into the rental-->developer-->financing-->government?

 

How can a cup of red milk tea made from water, a small amount of milk and a tiny pinch of tea leaves costs so much?

well said.

How can a cup of milk powder + Red Tea + sugar (30%) + tapioca Black ball ball (only 300ml)

COST

 

MORE THAN 1 Litre of VPower which needs to drill miles into the earth's crust and go thru refinery process ?

[Voodooman]

well said.

How can a cup of milk powder + Red Tea + sugar (30%) + tapioca Black ball ball (only 300ml)

COST

 

MORE THAN 1 Litre of VPower which needs to drill miles into the earth's crust and go thru refinery process ?

I can't understand it too. But people are happy paying 5 bucks a day for their premium starbuck coffee, so $3.20 is actually quite reasonable lah, at least you are not paying for marketing cost. Edited February 7, 2014 by Voodooman

[Baal]

well said.

How can a cup of milk powder + Red Tea + sugar (30%) + tapioca Black ball ball (only 300ml)

COST

 

MORE THAN 1 Litre of VPower which needs to drill miles into the earth's crust and go thru refinery process ?

thats why i posted on the 12 cup cakes thread, eventually, its just paying for rental.

 

Land owner decides land cost. Mall owner purchases at a brutal cost.

 

Brutal cost is pass to individual tenants.

 

Tenants, in their attempt to stay afloat will pass the cost to consumers. The tea, sugar is uber cheap. Its the rental that make the vast majority of the cost.

 

Rightfully, high GDP should mean the folks enjoy are fairing ok. But since, we all know actions can be manipulated to generate the right numbers, whats more relavant in sin is spending power. This has been extensively discussed in TRE years ago.

 

When i finish evening marketing at Giant SUntec, i come out at 830pm to smoke, i look up & its self explanatory in regards to the number of hrs sinkies work. We are also the fastest walkers on earth in a business city. This has strong correlation with pace of life & pace of work.

 

So uber fast pace of life + pace of work + longest hours = great quality of life for sinky.

 

Worklife balance ? can! Just stay rank & file & earn less than 2k. Take public or ride a motocycle.

[Throttle2]

[Throttle2]

So whats the situation today?

are Singaporeans as rich as GDP figures suggest?

Secondly, are our living standards high? (Standards refer to quality not costs)  

i know we are definitely spending more than our old folks in real terms but i am not sure that we are earning as well in real terms.

 

[Wind30]

On 2/6/2014 at 2:44 PM, Ben5266 said:

I catch no ball...

"

I now refer you to the first chart. In Singapore, personal consumption expenditure has steadily fallen over the years as a percentage of GDP and, at 35 per cent, is now barely half of what it is in Hong Kong. This is an oddity characteristic of a startup economy, not of a wealthy town like Singapore.

"

Personal consumption expenditure as a percentage of GDP...

So, GDP (Y) = Y = C + I + G + (X − M)

If personal expenditure © as a percentage of GDP is going down.. meaning our cost of living is going down! or at least not growing as fast as govt expenditure + Nett export

 

So, it should be better right?

Exactly. I am Glad out of so many replies at least one person did try to think this through. The article is crazy trying to say Higher personal consumption Is a good thing. They should use income levels as a comparison. I think Singapore has higher average income than hongkong and with the consumption numbers, it just mean Hong Kong people has a tougher life, with their crazy expensive housing, etc. 
scmp just got relegated to a trash publication in my view for arguing such a ridiculous thing...

Edited September 6, 2020 by Wind30

[Weez911]

On 2/6/2014 at 4:28 PM, KumarB said:

ouch..p@p ministars salaries are pegged to GDP.

This. 

Gini is something they pretend to be unimportant...