Cass,
You want facts, I gave you facts but it seems that you cannot handle the truth at all. ALL PROCEEDS from LAND SALES in Singapore by the government goes into the reserves. This is plain simple facts.
You prefer to believe anything that has been thrown at you by the establishment... 70% of people benefited from this new system? Just because PTC says so? PTC makes up by who? All the public transport providers plus some academic and nice guys. But did they give you facts right upfront in the first place? Did they tell you fares for MRT trips will be increased by 3% to more than 7% right in the beginning? Sonny, you want facts? You only get half truth. Half truth are not truth.
70% of people benefited from this new system but total fare only drops by 2.5%? And this so call drop, how is it computed? You have to take their words for it! Even so, isn't it quite puzzling why if most people benefited, the drop in total fare collection could be so small? In fact, statistically, it is within the 3% standard errors from ZERO!~
If you want to believe public transport operators who claim that the MRT trains are not that crowded compared to other places.. not at CRUSH LOAD, that's your freedom to do so. I don't. I don't believe a single word because every time when they claim they will suffer XXX amount due to fare changes, they ended up making more money at the end of the financial year!
You want facts? You think this PAP government can "EARN" surplus of $6Billion consistently per year over the 50 years to accumulate $300billion of reserves without making money from selling land? It is time to wake up. Go and do a search on past budget surpluses and do your sum if you know how to add properly. Even give it a consistent 10% increment due to wonderful performance in investment of this fund. I am just afraid you won't be able to handle the truth.
I am sorry to poke at the Myth of super governance of PAP. Anybody can make obscene amount of money by using law to forcefully acquire land at dirt cheap price and then sell them at obscene profits. Any idiots could do that, it is not a mystery at all. And obviously if you put all these into the reserves, the reserves will balloon over time. Also no mystery.
Not only land sales proceeds don't go into the annual budget, last time, even the investment income is not included into the annual budget. It was left in the reserves to roll over. Now, they change the rules, up to (not necessary full of this amount) 50% of investment income will go into annual budget. Don't believe, go and read Hansard. You want facts? Make sure you can handle the truth first.
Goh Meng Seng