As described in previous blawg entries, the inflation in Malaysia is absolutely staggering, and the GDP when adjusted for inflation is, not surprisingly, doing very badly. But how does this affect household income?
Recently The Star reported on the increasing household income with the following:
The current average monthly household income of Malaysians at about RM5,000 compared to RM4,025 in 2009, is one of the initial fruits of the Government Transformation Programme (GTP) and the Economic Transformation Programme (ETP).
Political analysts on the whole are of the opinion that the GTP and ETP are not just mere slogans because the implementation report data has proven the programmes’ success in raising the household income of Malaysians.
Sounds great, right? Right? That’s gotta be good, for sure?
Time for a reality check!
To find out whether Malaysians are truly better off, and whether their income is increasing in terms of real value, I investigated the household income survey and looked at the numbers when adjusted for inflation, and when compared to money, i.e. gold. The results were again incredibly depressing. Just watch the video and see for yourself:
The middle class is getting crushed, and the working class is getting destroyed. It’s a fruit of GTP and ETP alright — it’s just that it’s a rotten lemon. Everyone is getting hurt. Except, of course, a few at the very top.
And that’s today’s Reality Check.