Singapore is one of those places that I refer to as a democratic dictatorship. It gives the world the illusion of open and free electoral government. Don't worry it really is just an illusion.
Hong Kong's democracy movement has raised issues such as income inequality and an increasing cheerless economic outlook, especially for the younger generation. Not coincidentally, these are the same issues that are causing Singaporeans to despair over their future.
Despite the fact that, according to the Economic Intelligence Unit, Singapore lays claim to the dubious honor of being the most expensive city in the world, there is no minimum wage in Singapore. Is it any wonder then, that amongst comparable economies, the island-state has one of the highest levels of income inequality? Singapore has the highest proportion of millionaires in the world but nearly 5% of the workforce have an annual income of less than U.S. $5,000, according to a 2011 report by The Straits Times.
And it's not just the lower-income workers who are getting pounded. The middle-class squeeze is as prevalent as ever. Nearly 50% of Singaporeans subsist from paycheck to paycheck, saving less than 10% of their monthly incomes. An alarming 14% have no savings at all. If and when an economic whirlwind visits, many will be left unable to cope.
Working conditions have also deteriorated. For years, Singaporean workers have worked more hours than in most countries, and, perhaps unsurprisingly it has resulted in an extremely unhappy workforce.
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