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SINGAPORE -- While the U.S. unemployment rate "dropped" to 7.7 percent last month -- a figure even The Washington Post acknowledged was due "...in large part because the labor force fell by 350,000..." -- here in this modern and prosperous city-state of slightly more than 5 million people, unemployment is practically nonexistent.
A taxi driver tells me, "Everyone here works." With unemployment at an astonishingly low 1.9 percent, he is nearly right.
In part, this is due to a work ethic that seems to be in the genes here. But there is something else at work that should astound...
No Entitlements