Let me tell you the breaking point where sinkees will finally take action.
When the depression finally hits, and cheapskate employers dismiss expensive locals for cheap foreign staff, the locals will have no money and eventually little food and no shelter. This is the point where they'll do a Thailand and storm parliament.
The reason sinkees are reluctant to defy the PAP is because they still have a roof and a job. Take away all that, when they have nothing, they'll finally do the brave thing as they have nothing else to lose!
Look at the big gathering at Hong Lim regarding the minibond issue - that's just the start of things!
You are right here, or at least i share your point of view (bearing in mind, fools seldom differ)
The progress payments, intended or coincidentally, prevents such a state from happening. Especially when it is staggered and encourages workers to work. This means that the number of people driven to such desperation is heavily minimised.
For a revolution to occur, there must be a trigger point, a critical mass and a leader. All three are either non-existent or crippled.