30 years ago, Singapore had a good economic model, based on a lower cost of living. The price of HDB flats were affordable (at 10% of today's prices). The HDB shops and stalls were rented at inexpensive rates. It was possible for the merchants and stall holders to offer their products and food at affordable prices. The cost of living was low.
80% of the population lived in HDB estates and were able to get by on modest wages. There was less stress. People who proud to be Singaporeans and to enjoy a good quality of life.
This economic model changed after 1985. Under the "asset enhancement" strategy, the prices of property was allowed to inflate to high levels. This was supposed to create more wealth. It produced the opposite and negative effect and enslaved the future generation to a high cost of living and high debts. Life was stressful. The sever decline in birth rates occurred during these past two decades.
There is still the chance for us to get back to the good old days. But we need to have leaders that think a different way.
Tan Kin Lian
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