This kind of ft middle-class is annihilating sg’s ones

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An honorable member of the Coffee Shop Has Just Posted the Following:

THIS KIND OF FT MIDDLE-CLASS IS ANNIHILATING SG’S ONES

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27 Oct 2014 - 2:01pm








The hollowing out of the local middle class in Singapore is exacerbated by the massive import of foreign middle class from China, India, the Philippines and all over the world who came in with dubious qualifications and misplaced skill sets to rob us of our livelihoods.

The domestic middle class is what drives any economy. The imported middle class on the other hand earns here and almost always repatriate up to over seventy-five percent of their earnings here back home to their countries of birth riding on the back of the strong Singapore dollar to accumulate their wealth back home.

=> 60%: Still got yummy coolie rice to eat what! *hee*hee*

This fundamentally takes the spin out of the economic multiplier effect had their earnings here be spent here, it will make for a more vibrant economy.

The extremely high cost of things here makes it foolhardy for them to spend here.

I recently spoke with a Philippine executive working here on an Employment pass. She earns about S$5K a month, remitting back S$4K to the Philippines each month and spend only S$1K here sharing a rented HDB 3-room flat with five other Filipinos. They live frugally here and look forward to the day when they can live like dukes and duchesses back home when they retire.

This is the kind of foreign middle-class recklessly allowed in by this government that is annihilating the Singapore middle class.






This basically sucks S$4K out of the Singapore economy each month and that is just one individual, imagine the 2.3 million foreign economic opportunists here and the drain on the economy.

To get a feel of this drain, just go down to the many currency remittance outlets in Chinatown on every month ends and you can witness the many long queues remitting monies back home snaking several loops around corners.

Unemployed Local Middle Class
*Comment appeared on TREmeritus: The decline of SG’s middle-class and what it means for us


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