Oct 13, 2012

Kenneth Jeyaretnam and Citizen-ownership Democracy

This is from Singapore's Reform Party's manifesto:

"The Reform Party believes that Singapore belongs to its people and that government should serve the people and not the other way around."

Many democratic leaders are saying similar things. The Prime Minister of Singapore says the same also. The actions could be diametrically opposed. The Reform Party has a list of top 19 items that they will do when they form a majority in Parliament. One of the top items is:

"Privatization of Temasek and GIC and distribution of equity to Singaporean citizens of more than five years standing."

The Reform Party clearly is proposing a citizen-ownership democracy, or at least a partial citizen-ownership democracy. The People's Action Party, the governing political party in Singapore, is not in favor of a citizen-ownership democracy,. Its leader says that Singaporeans are not entitled to the country's wealth.

The Reform Party and Kenneth Jeyaretnam should put a dollar value to this item, so that voters can know what to expect. If it is $100 once every five years, then voters can simply ignore it. However, if the number is very much larger, then the Reform Party should make this a top priority election issue.

Just the annual equity return is already very substantial. As estimated here,  if Singapore adopts a citizen-ownership democracy, the potential citizen income is more than $9,000 annually per citizen from babies to elderlies. 

If the Reform Party gets to implement this, poverty will be eradicated in Singapore. The fertility rate problem will also be solved. With $9,000 annually for every baby (every citizen), Singaporeans will be able to raise families without material worries.

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