Monday, September 8, 2014

Is the US struggling with the Sri Lankan disease for a change?


As the caption headline in today’s Huffington Post showed “Unsustainable Wealth Gap Undermining the US” it is clear that the renewed vigor with which the US economy is growing does not reflect in an increase in real wages of the working Americans.      

According to this study of 2000 Harvard University Alumni, it illustrates the importance of an improvement in real wages of the workers in an economy, for an economy to be truly successful.

I took this example from the US to remind the reader that other economies also suffer from disequilibrium, and we must do our utmost to ensure that our growth prospects actually share the newly created wealth far more equitably than at present.

It is clear when one talks to the people of the Country, the huge gains of the past few years have made billionaires out of a few donkeys, who seem to have some political connection, but that has not made a person who earns Rs50K a month feel any richer, and instead is struggling to survive.

The explosion in the price of property now on course to hitting Rs 10M a perch even when converted to US dollars makes Colombo 7 land more expensive than Rodeo Drive in Beverly Hills.

The average Executive who works in Colombo, who earns Rs 100,000 and gets a car thrown in on top for his package, can now only buy some land to build on at least 30km away from his workplace in the heart of Colombo, and that amounts to a commute of a minimum of three hours a day both ways.

That is clearly unsustainable, and results in extremely low productivity, let alone a low quality of life for that family. No wonder then that he takes flight to Doha with is family as he is on a US$4000 a month package there, but which both allows him more productive work, and also the chance to save some money in the process, though still a low wage there. Worse still is if he gets a chance to migrate to Canada or Australia, never to return! Sri Lanka is the loser, and Australia the gainer of a Au$ 1M + asset gratis from SL!


It is possible to retain these people if their package is double that at present, and this can be achieved by the robber barons, sharing some of their tax free gains!            

5 comments:

Anonymous said...

Hell yeah, let's bring Ranil and the rest of the pets of INGOs so they will take money from the rich and distribute it among the rest. pooh!

Anonymous said...

Anon above the last 10 years has seen a complete breakdown in the justice system and a few robber barons rule and have stolen all the wealth.

No Govt. in the history of SL even during the Colonial times has done so much damage in such a short time.

A few more years and you will just have idiots ruling over idiots with you being a prize idiot!

Anonymous said...

I forgot to say the intelligent, able, productive and hardworking will either commit suicide or leave the shores.
We need change and anyone is better than this lot of rogues.
I am a JVP supporter but don't believe they have what it takes to create wealth, only redistribute!

Anonymous said...

@anon
Don't believe everything your grandma and dad tells at the dinner table. They have been in the opposition for 20 odd years now, they are losing the grip they had on the common "godayas". Understand their mentality.

If you have facts or figures to support your theory of "anyone is better than this lot" please bring them forward. Was economic growth higher than today under previous governments? was the growth of per capita or exports higher than today under previous governments? How long did it take previous governments to defeat a bunch of sarong clad armed separatists? Was colombo much more cleaner and tidier under previous governments? Take a walk in Colombo and see how many new high risers are been built by the private sector, was there such economic activity previously? Why is world leaders like Japan's premier and Chinese president visiting Sri Lanka all of a sudden?

Ofcourse JVPers and UNPers are more loyal to their party than to the country. So feel free to remain blind and deaf and continue to spread negativity than contributing with anyone positive.

Btw following is a list of billionaires of Sri Lanka. Feel free to use it when your future government start to take wealth from "donkeys" and "robber barons" and distribute among the rest.

Dammika Perera
Captain Family
Muzaffar Ali Yaseen (Hydramani? not sure)
Ishara Silva (indra traders)
RM Nanayakkara (I think a ship owner)
Anthony Page (cargills)
Mr Dharmadasa (nawaloka)
Mr K Balendra(John keells)
TA Selvaratnam (Don't know about this one)
Dr Sena Yaddehige (arpico)
Mr GC Wickremesinghe (I think from aitken spence)
Mr IC Nanayakkara (LOLC)
Mr AM Weerasinghe (previous owner of Royal ceramics)

Adios.

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