Posted on 04/04/2015 6:23:17 PM PDT by SeekAndFind
Lee Kuan Yew, the first prime minister of Singapore, died last week at age 91. Almost every obituary has remarked on the radical transition his leadership heralded. As John Fund wrote at National Review:
"By embracing free trade, capital formation, vigorous meritocratic education, low taxes, and a reliable judicial system, Lee raised the per capita income of his country from $500 a year to some $52,000 a year today. That’s 50 percent higher than that of Britain, the colonial power that ruled Singapore for 150 years. Its average annual growth rate has averaged 7 percent since the 1970s."
Part of the reason for Singapore’s remarkable climb up the international income ladder is bread and butter capitalism. The Fraser Institute’s Freedom of the World report lists Singapore as the second freest economy in the world — right behind Hong Kong. As Frasier scholars have demonstrated year after year, economic growth and free markets go hand and hand.
But Singapore has done something even more remarkable than its economic accomplishments. It has built an alternative to the European style welfare state. Think of all the reasons why people turn to government in other developed countries: retirement income, housing, education, medical care etc. In Singapore people are required to save to take care of these needs themselves.
At times the forced saving rate has been as high as 50% of income. Today, employees under 50 years of age must set aside 20% of their wages and employers must contribute another 16%. These funds go into accounts where they grow through time until specific needs arise. For example, one of the uses for these savings is housing. About 90% of Singapore households are home owners – the highest rate of home ownership in the world.
(Excerpt) Read more at forbes.com ...
TO SUM UP THE SINGAPORE SYSTEM:
The philosophy of Singapore is as follows:
* Each generation should pay its own way. One generation should not bankrupt future generations by selfishly living beyond its means.
* Each family should pay its own way.
* Each individual should pay his own way.
* Only after passing through these three filters should anyone turn to the government for help.
I like the custom of flogging graffiti “artists”.
Flogging is too good for them.
I agree...but a good public flogging does serve as an effective deterrent.
Here’s a better way instead of forcing
everyone to save for this and save for
that:
Let people do it themselves.
Being forced to save your own money is better
than forcing your expenses onto your neighbor,
but it’s still coercion.
I wouldn’t mind it if they actually taught
economics in school, but here in the USA
that is tantamount to being racist.
And all starting with escorting all the commie filth to the border!
Yes, flogging is too good.
Well it looks like they were doing excellent, but now seem to be heading to the welfare trap starting with giving free pre-school to the poor and some stuff to the elderly. Singapore will be like us in 10 years IF they go in the direction they are now.
A free country would also be a good alternative to a welfare state
There are some really beautiful women in Singapore. Beautiful country too.
The government gives people the tools to do that. It makes self-reliance a lot easier when you’re not left on your own to figure it out.
That’s why Singapore is enviable. People are not dependent on the state for everything and they have a good quality of life.
And no debt. Lee Kwan Yew was an impressive leader.
Some things have to be compulsory, because if its left up to human nature, people won’t provide for their own future.
That’s the way it has to be with any sensible retirement, family care and health care scheme.
People will be a lot better off in the long run if they are compelled to set aside money for future needs.
Hmmmm. People would be a lot better off if they understood the value of responsible behavior.
How about the freedom we're supposed to have here? How do you square that against the word "compelled?"
They have a great subway system and very low crime.
BTTT for the welfare state
“Some things have to be compulsory....”
Define “some things.” Buying vegetables
or a health club membership? “It’s good
for you!” Health insurance. “It’s good
for you, and for the health-care system!”
“Some things” is a very subjective standard
which has no possible end point, except
totalitarianism.
What you are talking about is total government
control, whether you know it or not. Government’s
ONLY role is to restrain chaos, not what to
decide on what are “good things” for society
and it is NOT enforce these “good things” on
individuals in society.
It’s not my job to make sure everyone is
provided for. Learning to take care of
yourself is a process, and learning that
someone else will take care of you
if you don’t take care of yourself
is ALSO a process. This latter
process is where we are today.
It’s total socialism and because of
eGOP, which is the majority of the party
now, and so we are now a totally socialist
country.
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