Saturday, March 03, 2012
Dr M Twisted Logic on Minimum Wage
Now we know why Malaysia is still caught in the middle income trap. Dr Mahathir said Malaysia m.
Earlier, the ex-premier had defended the NEP by claiming that the policy had helped to create quite a number of billionaires and millionaires. It is quite evident Mahathir's 22-year rule and his continuous interference with government affairs is bias towards the elites, rich and powerful.
It does not matter to Mahathir if more than 70% of local salary men are earning below RM3,000 a month. It does not matter if they find their consumer power being grossly eroded by rampant inflation. No wonder, more Malaysians are not able to afford to buy a home. Mahathir said it's okay as long as rich Malaysians and foreigners are able to absorb the sales. Those who cannot afford should change their lifestyle and consumption patterns. Yeah, they should start living up the trees and in the jungle.
It is a shame for him to say that the implementation of minimum wage may bankrupt Malaysia. We say that the RM100 billion wasted during his tenure for bailing out failed projects, cronies and through corruption is highly likely to bankrupt Malaysia.
His stupid project such as the crooked bridge at the Johor causeway, Proton, MAS, Perwaja, Bakun, dodgy defense procurement, Cyberjaya, Putrajaya, F1 race and others had wasted billions of federal coffers. He had preferred to waste financial resources on wasteful and mediocre projects and allowed people of resource rich states such as Trengganu, Sabah and Sarawak to remain poor and destitute.
It is hypocritical for Dr Mahathir to even suggest that minimum wage may bankrupt Malaysia. At 86-year old, Mahathir should follow Najib's foot step to ask for forgiveness over his follies, poor decisions, bad governance and leadership of this country.
I hope Barisan realize that the less they listen to Mahathir, the better this country would become.
Mahathir should donate his wealth and live the life of those earning below RM1,000 a month to understand their hardship.
With better income, the money will help to boost the local economy. Economic multiplier will act to double or triple the income stream across all sectors.
What's wrong with minimum wage if there is nothing wrong with the NEP, corruption and wastage of public funds?