You are right and it is conceivable if our leaders make such major errors they will have to leave. But our great leaders with their foresight to avoid such errors, they deserve big bonuses for saving the country!
Erm, they just ran Singapore into the dumps of recession, dude. Even in the private sector, as CEOs, the board would be asking for their pink slips already- and not giving them even higher wages for such a bad performance.
Already the AIG CEO who eventually caused his company to beg the US federal government to rescue them in September, was forced out in June 2008 for bad performance.
LKY has been able to avoid performance assessments because he controls everything. So he won't be sacked, and neither will his government. They won't even suffer wage cuts. Instead they will continue to get golden parachutes and high wages for severe underperformance.
And such a stance only and slowly chips away at the social stability and cohesion. As long as such a policy is maintained, more locals will migrate, and more foreigners who come in, will come in to make quick bucks and then leave with their money too.