By Robert Teh
Minister of Finance, Heng Swee Keat’s proposals to promote a future economy cannot work.
This is because unless he is prepared to tackle the root cause of our lack of productivity and innovation, we will continue to be stuck in the current lack of progress in growing our competitiveness.
The root cause is none other than late Lee Kuan Yew and People’s Action Party’s top-down legal dictatorship, which has failed to work.
Instead, it has only produced our world’s highest cost of living and doing business due to legalised corruption and cronyism as well highlighted by Trump to protect the ruling establishment rather than the people it is supposed to serve.
His use of laws and majority votes in parliament to do as he wishes like paying himself and his ministers millions of salaries and the deceitful use of worse case scenarios and selective statistics/comparison serve to cover up real problems with inefficiency and compromises in the implementation of productivity and innovation.
His system of privatisation of public services like Housing Development Board, Public Utilities Board’s and SMRT’s using laws and monopoly to raise taxes and fees instead of producing productivity and innovation in running of this country.
The use of state resources from land sale profits; COE; ERP and penalty on petrol and water taxes to claim success has resulted in the public servants’ over-relying on laws and monopoly of state enterprises to raise taxes and fees.
The heavy multi-billion losses of our land sale profits and reserves in foreign countries like India and China or use of such state resources to buy votes of citizens and new citizens with estate upgrading or GST cash handout is legalised corruption and not sustainable in the long run.