In Media
Recent news reports about school and university students committing suicide are proof of the growing economic hardships faced by low-income people.
Female students and even housewives are reportedly engaging in prostitution to cope with the high cost of living.
The crime rate is also on the rise, as desperate people resort to armed robbery and theft to make ends meet. Farmers and fishermen, hard-hit by the high cost of oil, have taken to the streets to draw government attention to their plight.
It's clear that a large number of Thai families are unable to cope with the high cost of living. While their income is steady, prices of food and other essential goods have gone up, with no end in sight.
The root cause of all these problems is the high price of oil. As a net oil importer, Thailand is at the mercy of oil producers. If the price of diesel rises beyond 50 baht a litre, how can people survive? Can private companies adjust the salaries of their employees continually in line with the cost of living?
The future is bleak. But many economists insist that we must follow free market mechanisms. They are against government subsidies, claiming that such interventions distort the free-market rules. Instead, people must try to economise.
My question is: How much can people tighten their belts as the cost of living continues to rise? A large number of people and manufacturers cannot stop using petrol even if it goes beyond 50 baht per litre.
"Free market mechanisms" is a nice phrase. But society cannot survive if people do not have the means to acquire basic necessities. There will be anarchy if the government fails to address this problem.
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