Imagine mandatory savings just sitting there, no doubt in a government managed account. Sound familiar? How long before they were filled with nothing bu IOU’s from Congress?
Lived there and loved it. They also have a very good retirement system with individual accounts. This plus the health savings accounts has made a lot of Singapore citizens I know into rich people in the 30 plus years that I have known them.
Their political system is not a perfect model, but they have managed to curb most corruption and have almost gotten to the point where there is legitimate opposing parties.