Csj: A middle way for singapore’s economy

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DR CHEE SOON JUAN: A MIDDLE WAY FOR SINGAPORE’S ECONOMY

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10 Dec 2014 - 3:56pm








I refer to Mr Sanjay Perera’s letter, “We will always need clarity, integrity in leadership” (Dec 5).

Referring to my op-ed A New Vision for Singapore in the Wall Street Journal, he wrote that the economic growth model the Singapore Democratic Party (SDP) advocates is contradictory because the party believes in growth at all costs while decrying Singapore’s present model.

He has misunderstood our stand. We do not believe in gross domestic product growth at all costs. In fact, we have stated in our alternative population policy, Building A People, that economic growth at all costs harms society.

While the market economy is important to encourage enterprise, the state must also intervene judiciously to ameliorate the extremes of wealth disparity, which we now witness here.

Between the extremes of collectivised farming where everyone is equally poor and the unregulated free market where the concentration of wealth in the hands of a few have wreaked economic havoc for the many, there is a middle way.

The SDP has advocated several policy initiatives that would take Singapore on this middle way. For example, we must encourage a risk-taking spirit among Singaporeans and a questioning — even dissenting — mind, which can only occur in a free, democratic society.

At the same time, we have laid out concrete proposals in our health-care, housing and soon-to-be-launched economic policies to narrow income inequality. These papers are published on our website http://yoursdp.org

These proposals include, but are not limited to:

• Abolishing the Minimum Sum Scheme and returning Singaporeans their Central Provident Fund (CPF) savings. This will afford retirees financial security.
• Removing land cost from public flats. This will make them affordable and will not deplete CPF savings for retirement.
• Doing away with the Goods and Services Tax for basic foodstuff, medical treatment and drugs as well as school supplies.







Mr Perera also wrote: “Part of the contradiction that unhinges his piece is his claim about not letting market norms decide how society is run.”

In my piece, I made the distinction between a market economy and a market society. I shall not repeat it here, save to reiterate that the monetisation of social values, as is done with many of the People’s Action Party’s policies, is harmful to our society.

Mr Perera wondered whether we are “willing to advocate higher taxes, especially on the wealthy, as part of measures to ensure equity”.

There are ways to alleviate poverty and close the income gap here without having to raise taxes, such as re-prioritising our national budget and introducing the measures mentioned above, although raising taxes on the wealthiest 1 per cent should not be ruled out.

Dr Chee Soon Juan
*Letter first appeared on TODAY Voices, (9 Dec)


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