What has geography got to do with a rising cost of living? Quite a bit, especially on an island such as Singapore. Our size limits how much land we can spare to grow food, while our terrain restricts the energy we can harness. What this means, is that Singapore is a price-taker. Unable to produce enough food and energy, we have little choice but to accept the prevailing (and sky-high) market prices.
But even though such price hikes are out of our control, that is not to say that small countries are completely hapless in such circumstances. A responsible and competent government will always find ways to shield its citizens from bearing the brunt of high prices, something the PAP has done and will continue to do.
“We continue to monitor the situation closely…(and) if inflation were to worsen and things remain difficult, the Government will do more to help Singaporeans,” said Deputy Prime Minister (DPM) Lawrence Wong during the Shaping Arts festival on Saturday (Nov 11).
Short-term reliefs alongside long-term policies
As prices remain stubbornly high, what else can the government do to ease the cost-of-living pressure for Singaporeans? Plaster solutions such as GST cuts and spending sprees spring to mind. Unfortunately, such methods have their way of haunting future generations in insidious ways.
Therefore, what Singapore needs is a more sustainable approach to tackle inflation. One that is less reactionary, to not only solve the problems of today but also to forestall those of tomorrow.
To achieve that twin goal, the PAP has adopted a multi-pronged approach to address the rising cost of living. We have tightened monetary policy to cushion the price of imports and provided all HDB households with additional utility rebates and CDC vouchers as part of a $1.1 billion Cost-of-Living Support Package. In addition, all adult Singaporeans will receive a cash payment of up to $800 in December.
More importantly, working alongside these fiscal measures are policies that would boost our economy, create good jobs and bring forth real wage growth for a broad segment of Singaporean workers. And that, rather than artificial pricing or fiscal profligacy, is the kryptonite to inflation in the long run.
Beyond policymaking, PAP MPs have continued working with volunteers and community partners to support struggling households and vulnerable groups. “We started the MacPherson Milk Powder programme to relieve some financial pressure families face when raising young kids,” shared MP Ms Tin Pei Ling (MacPherson SMC). Other initiatives to help Singaporeans with the cost of living include food rescue programmes and pop-up supermarkets that provide residents with groceries at subsidised prices.
The cost-of-living pressure is primarily a fiscal problem as much as a social one. It speaks of a widening income gap and some of us having less of a choice than what we aspire towards. It is also why the cost of living has become such an emotionally charged issue for many Singaporeans. In such trying times, Singapore needs a government that recognises this – that is, any grievances over the cost of living are both a cry for help now and a yearning for a better future. Therefore, actions and policies must address both sets of worries.
As for why the PAP is the party of choice to lead Singapore towards a brighter future? It was only a week ago when a lengthy debate on the cost of living took place in Parliament. One where PAP MPs spoke about the need to pursue policies to help alleviate the cost-of-living pressures without burdening future generations with excessive debt. Because in this challenging environment, concrete ideas, not the nuances of meaning, are what Singaporeans need and what the PAP intends to deliver.
Picture Source: Tin Pei Ling/ Gan Siow Huang/ Desmond Lee via Facebook/ Gov.sg
