Is being “asset rich, cash poor” something to be proud of?
Clearly angry with the unflaterringly low Oxfam ranking, PAP minister bragged about “achievements” in public housing and healthcare. But this comes at great expense.
Singaporeans pay dearly for the probably the most expensive public housing in the world, and for two-thirds of total health spending while government pays only one-third, hence leaving precious little for other things in life and for retirement. Is being “asset rich, cash poor” something to be proud of? Remember we cannot “eat” our assets.
I wrote this post after reading this Straits Times article.