The Show with PJ Thum S02E03: The Goh Keng Swee Dilemma

Summary

This video discusses the political and economic challenges facing Singapore, particularly under the ruling People's Action Party (PAP). It explores issues like the overdependence on foreign capital and labor, the lack of indigenous entrepreneurship, and the country's increasing cost of living and overcrowding. The host critiques the PAP's repeated failures to address these problems, highlighting its tendency to exploit cheap foreign labor and avoid necessary economic reforms. The video also touches on the unfulfilled promises from the government to improve the situation and urges viewers to take action and support New Narrative in its efforts for democratic reform.

Takeaways

• 😀 The upcoming launch of 'New Narrative Citizens Agenda' aims to address key issues facing Singapore, with a focus on the cost of living crisis.
• 😀 The POFFMA (Protection from Online Falsehoods and Manipulation Act) has not been used to fact-check claims made by New Narrative, supporting the truth of those claims.
• 😀 There is a significant issue with Singapore's arms trade, particularly regarding arms sales to Israel and their use in Gaza, which has not been addressed by the PAP government.
• 😀 A survey conducted in May and June 2024 found that the majority of Singaporeans believe life is too expensive and stressful, highlighting the ongoing cost of living crisis.
• 😀 The main political and economic question for the PAP is how to keep Singapore's economy growing while maintaining power, with a long-standing reliance on foreign capital and cheap labor.
• 😀 Dr. Goh Keng Swee predicted the problems facing Singapore's economy in 1972, emphasizing the dangers of over-reliance on foreign investment and cheap labor, which have since become critical issues.
• 😀 The PAP's historical approach to solving these problems—such as the 'Second Industrial Revolution' in the 1980s—failed, largely due to excessive control and a lack of genuine entrepreneurship.
• 😀 The shift to a neoliberal economic model from 1986 onwards led to a focus on making Singaporeans capitalists through investments in GLCs and inflating property values, but this has created a problem of 'cash poor, asset rich' citizens.
• 😀 Singapore’s economic growth has been driven by cutting costs, creating stability, and minimizing innovation, resulting in a lack of real progress in entrepreneurship and business development.
• 😀 The PAP's repeated failures to reduce dependence on foreign workers and improve productivity, despite multiple reports and strategies, highlight a systemic issue in Singapore's economic model.

Q & A

What is the New Narrative Citizens Agenda and when is it launching?

The New Narrative Citizens Agenda is a handbook designed to help Singaporeans understand the most important issues facing the country. It is launching on Friday, April 25th at 7 p.m. at the Projector, with tickets and a copy available through a link in the description.

What is the People’s Office for More Accurate Education (POFFMA)?

POFFMA is described as a free fact-checking service for the Singapore public. The show previously challenged the PAP government with certain factual statements, including one about the annual salary of Tomasic CEO Hoing, and noted that the government did not respond or attempt to POFFMA their claims.

What does the speaker mean by 'POFFMA league champion'?

The speaker refers to the 'POFFMA league champion' as an informal, humorous competition, where certain groups or individuals challenge the government’s statements and the government either fact-checks or ignores them. In 2024, the Transformative Justice Collective won the 'POFFMA league' by gathering four POFFMAs.

What significant question did PSP MP Leong Man raise about Singapore's arms sales?

PSP MP Leong Man raised two critical questions in Parliament regarding Singapore’s arms sales to Israel and their use in Gaza. Minister Vivian Balakrishnan sidestepped these questions, citing national security and international obligations but failed to provide specific answers.

What does the speaker think about the PAP government's response to foreign labor and economic growth?

The speaker argues that the PAP government is addicted to exploiting low-wage foreign labor and has repeatedly failed to reduce its dependence on it. Despite various reports calling for a reduction in foreign labor and an increase in indigenous entrepreneurship, the government continues to prioritize cheap labor to sustain economic growth.

What is the significance of Dr. Goh Keng Swee’s 1972 speech?

Dr. Goh Keng Swee’s 1972 speech foresaw the issues Singapore would face if it continued to rely on foreign capital and cheap labor. He predicted problems such as overcrowding, income inequality, and loss of control over the economy. His proposed solution was to develop indigenous entrepreneurship, but the PAP has struggled to implement this strategy.

What are the key periods in Singapore’s history under PAP leadership?

Singapore's history under the PAP can be divided into three key periods: 1965-1978 (the socialist period), 1979-1985 (the second industrial revolution), and 1986 to the present (the neoliberal period). Each period marked a shift in economic strategy and control, with the PAP emphasizing different methods of maintaining growth and power.

How did the PAP's approach to foreign investment impact Singapore's economy?

The PAP's initial strategy relied heavily on foreign investment and cheap labor, which led to rapid economic growth but also created long-term issues such as income inequality, reliance on external factors, and overcrowding. Over time, attempts to shift towards more self-sustained economic models, such as Dr. Goh’s proposals, faced resistance due to the need to maintain control over the economy.

What is the speaker’s view on Singapore’s reliance on low-wage foreign labor?

The speaker criticizes Singapore’s reliance on low-wage foreign labor, stating that it undermines efforts to improve productivity and the overall economy. They argue that the government’s addiction to cheap labor is a short-term solution that prevents meaningful long-term economic transformation.

What is the government's current stance on foreign labor and population growth?

The PAP government’s 2022 Forward SG report shifted the narrative to focus on managing foreign labor inflow and ensuring it complements the Singaporean workforce. This approach emphasizes sensitivity to xenophobia and nativism, while maintaining the influx of foreign workers for economic growth, despite earlier promises to reduce foreign labor.