Search the Community

http://www.tremeritus.com/2014/02/21/we-achieved-swiss-standard-of-living-in-2000/ We achieved ‘Swiss standard of living’ in 2000? February 21st, 2014 | Author: Contributions I refer to the article “ST Editor says we’ve hit Swiss standard of living 13 years ago?” (TR Emeritus, Feb 12). “Swiss standard of living” was achieved 13 years ago? It states that “Could some well educated and informed TRE readers look into the economic data and statistics and tell us whether we really had achieved the Swiss standard of living in 2000″. So, first let me quote from the article at issue – “Big lessons from a little Swiss Alpine resort” (Sunday Times, Feb 2) – “It was not so long ago that Singapore dreamed of attaining the Swiss standard of living, not the other way round. That was in 1984. To keep things real, government leaders set their sights only on reaching the levels the Swiss enjoyed at that time, and to do so by 1999. But the Asian financial crisis got in the way, the target slipped by a year, and it was only in 2000 that we managed to hit the mark. By then, the Swiss had moved further ahead, of course”. No need to do any statistical analysis? I normally try to use statistics wherever possible or appropriate as the “reasonable basis” for my articles. However, for the subject issue it may be arguably “so simple and obvious”, that for a change – I shall not be doing any statistical analysis at all. “Basis” in deriving the conclusion? But, to get back to the basics – what is reasonable “basis”? According to the dictionary.com - “basis” is the bottom or base of anything; the part on which something stands or rests … anything upon which something is based; fundamental principle; groundwork … basic fact, amount, standard, etc., used in making computations, reaching conclusions, or the like No “basis”? So, what is the “basis” for the conclusion and statement that “it was only in 2000 that we managed to hit the mark (Swiss standard of living)? Absolutely nothing – not a single word in the entire article to even give a hint as to how this conclusion was derived? If anyone can find anything in the article – please let me know. Was it news to you too? Also, if we had achieved the Swiss standard of living in 2000, why is it that we have never been told of such a great achievement in the media? If anyone can find any mention of this before the subject article in the Sunday Times – I would be grateful if you could let me know, as I’m sure that Singaporeans may be very interested in this matter. “Swiss standard of living” in Parliament? Oh! By the way – here’s what MP Inderjit Singh said in Parliament – “We can safely say that we have failed to achieve the goal set by the then Prime Minister Goh Chok Tong, of a Swiss standard of living for most Singaporeans, except for the higher income Singaporeans including foreigners who just recently decided to make Singapore their home. So I call for a breather in this quest of growing the population and focus on improving the lives of Singaporeans and achieve that promised Swiss Standard of living for most Singaporeans first before we plan our next growth trajectory” - just in case you bring up what one of our former Prime Ministers said in 1999, about achieving the Swiss standard of living? “Standard of living” defined? Let us not forget the fundamental definition of “standard of living” is not just “GDP per capita in purchasing power parity (PPP) terms” using the 1984 data as the basis of achievement in 1999! – kind of like conveniently forgetting about 15 years of inflation and growth! - It is about “The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities, gross domestic product, inflation rate, number of vacation days per year, affordable (or free) access to quality healthcare, quality and availability of education, life expectancy, incidence of disease,cost of goods and services, infrastructure, national economic growth, economic and political stability, political and religious freedom, environmental quality, climate and safety. The standard of living is closely related to quality of life” (Source: investopedia). Uniquely Singapore! Leong Sze Hian Leong Sze Hian is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, Wharton Fellow, SEACeM Fellow and an author of 4 books. He is frequently quoted in the media. He has also been invited to speak more than 100 times in 25 countries on 5 continents. He has served as Honorary Consul of Jamaica, Chairman of the Institute of Administrative Management, and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications. He blogs at www.leongszehian.com.