Rental Economy means Singaporeans are eating old capital (吃老本) and the PAP government is a ‘Jiak Liao Bee’.

Rental Economy means Singaporeans are eating old capital (吃老本) and the PAP government is a ‘Jiak Liao Bee’. 

The PAP is at the turning point as a new book regarding her story from 1985 to 2021 described. The turning point, in fact, began in 1985 as we moved away from the hardworking model to a rental economy.  The then Economic Committee headed by Lee Hsien Loong recommended CPF  and wage cuts to stimulate the economy.

In this Singapore model of rental economy, wages and salaries are flexible and controllable items.  We know too well who heads the NTUC and inside the NTUC, there is a PAP.

So, if you are doing big business in Singapore, you know you can enjoy some ‘rental income’ from the PAP-NTUC linkage. You also know you have a ‘rental advantage’ when it comes to employment, especially foreign workers and talents.  

Of course, the rental economy also comes from our strategic location, our institutions, like banking, medical, legal, languages and even education.  

From 1985 to 2021, we are eating (吃老本) our old assets, old capitals built up by Pioneer and Merdeka Generations. Yes, we have achieved economic growth but we also lose our pioneer spirit and hardworking attitude.

This is why the current PAP government is a ‘Jiak Liao Bee’ (good for nothing) government. 

One very obvious example is Tony Tan. In the 2011 Presidential Election, Tony was booed at ‘jiak liao bee’ at the nomination centre.  His 6-year term proved his ‘good for nothing’ presidency.  You cannot expect the current president to do better than him.  So, another ‘jiak liao bee’. 

All these ‘jiao liao bee’ presidents and governments are lucky because of our rental economy.  Meritocracy has no place in a rental economy.  Doing nothing can also enjoy a high salary despite the rich-poor divide, income inequality, as there is a political system protecting the rental economy.