Sunday, July 24, 2011
PM Lee: Pay the elites first
I don't care for soccer but Singapore beat Malaysia by two goals in 5 to 3 was good even if I haven't seen any photos or videos of the game yet. This compensates a little from what I saw in the front page of the Sunday Times this morning: the PM speech on transport fares. I would love to be the CEO of the public transport companies. Thank you PM for making our jobs easier. Don't be mistaken, the PM was doing them no favors. In their wealth trickle down philosophy, you pay the elites first. Even the feral American banks wait for the rain makers to bring in the money before compensating them, but here they get paid up front before they perform. Therefore ministers don't earn their spurs first, and SMRT and SBST do not need to improve ride experience before fares can be raised. They are defending fares increase based on a formula with the PTC. However common sense will trump any formula any day but it looks like they are going to ignore that.
There is not enough wealth to trickle down because they have just incredible appetites. The $200 million in profits is too small. What a huge transfer of wealth up river. Gravity doesn't exists in this space, does it?
At the end of the day, I am reminded that this is just one of a litany of examples that this government has lost its way. It has become so money minded. I imagine they are more concerned about the dividends SMRT and Comfort Delgro will pay to Temasek than the people's welfare. What they truly excel at is coming up with all sorts of ways to get money from us; and of course they always pay themselves first.
Update: What happens when you put the commuters ahead. See the Taipei experience.
Posted by PengYou at 8:37 AM