Dear Mr Tharman,

I refer to your budget speech as reported by Straits Times on 23 Feb 2010.

You said that median income grew by 20% from 2005 to 2008. But during the same period, the price of private housing and HDB flats shot up by 50% and 30% respectively. So those who decided to start a family at the end of 2008 would have found that their salaries did not keep up with increases in housing prices. They became worse off than before.

So clearly, there is a cost to the government’s approach which had ended up being borne by the people. This is certainly not a “no-cost” strategy. To the extent that the government has gone for growth as much as conditions allowed it to with no due regard to the costs involved, the strategy is “grow at all costs”.


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