I thought it was supposed to be win-win? But the last few years it has been win-lose in the employer-employee nexus. It is unsustainable. How to deal with this?
Be the stronger wildebeest until the rules of the safari change again. When too many get predated on, the game will change. Even in Tel Aviv, Israel, hundreds of thousands have taken to the streets to protest against the rising cost of living. What's new? That's the life of the price taker, which is Singapore. We can't change the environment and we can't withdraw from the world.
Our system is just prone to frequent aperiodic crises. If you can survive the bottoms, half the battle is won.
Much of the wealth in the last few years were not created but transferred, and in some unfathomable ways will eventually disappear. Just think about riches built on a foundation of sand. That's essentially the quality of wealth achieved from transfers. If governments make the transfers, it is peaceful, otherwise it would likely be violent in the hands of the masses.
In a relative world, our government can buy time by transferring wealth to the masses at a rate that is slower and less than our competitors. If we can do that, we already won. No need for newfangled ideas.
What I am most unhappy with this government is selling the long to buy the short, while talking from the opposite end. We responded by driving the birthrates down. As far as I can tell, Aaron don't get it and so he has been more wholehearted supporting this government.