MyNews24 is a user-generated section of The stories here come from users.

The user is Blocked on News24
Comments: 23
Article views: 1927
Latest Badges:

View all The user is Blocked on News24's badges.

SA : When the money is gone

25 February 2014, 08:42
Pravin Gordhan is delivering the budget tomorrow and you should know this :

*SA has 15 million employed people. Of which 3.1 million works for government. 90% of ALL Personal Income Tax is paid by 1.2 million people.(People earning more than R12000 per month) Out of that, 17 million people are paid Social Grants.

*Government Debt has doubled since Jacob Zuma took office. Tax income has shrunk....

* Government does not spend the money they allocate for roads, clinics, schools, infrastructure. Our budget is R1.15 Trillion. Out of this, R 685 Billion is spent on our Social Support Systems. (Grants, School Fees, Free Transport etc.). Only R23 Billion is spent on Farming.

* South Africa is a WELFARE STATE. It is the UNEMPLOYED who votes for the ANC....not the Tax paying, Middle Class. There are no businesses or mines that can be nationalised. Because that would mean the Tax System will collapse.

* We have a Sovereign Debt of R 492 Billion. ($45 Billion) From 1980 to 2014, we have had below average Economic Growth. Our projected GDP for 2015 is $510 Billion. Just to keep up with inflation...we had to be at $549 Billion by then. To DECREASE unemployment, we had to be at $ 1.09 Trillion.

*The last time we where in this bad shape was in 1985. When Chase Morgan and other banks stopped our overdrafts overnight and SA had to repay $14 Billion immediately. Which we did not have. The ZAR went into a tailspin and we had to close our Markets and stop repayments of Debt. Contrary to what you believe. Or what the ANC wants you to think. THIS started the end of Apartheid. This FORCED the NP Government to start negotiations with the ANC. Because the world would not loan us any more money or buy into our markets. The message was clear : End Apartheid. Or we will force you into bankruptcy.

*Pravin Gordhan has no other choice than to find other ways for Government to get more money. Because no-one wants 17 million people to start rioting when the cash is gone. So expect more eTolls. Expect hidden Tax (You get an 8% increase...but after Tax its more like 2% in your bank account). Expect VAT to rise.

*All the above is UNSUSTAINABLE. We have about 8 - 10 years before one of 2 things MUST happen :

1. The economy wakes up and creates millions of jobs and in turn more tax to sustain the then 22 million on Social Grants.

2. The economy is stagnant like it has been the past 5 years, the cash runs out...riots, revolution follows.
Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Carel le Roux
Murder NW

Who is going to lose his life next?

0 comments 31 views
Submitted by
What Prof Piketty doesn't know ab...

Economist Piketty has stirred up a lot of attention around the world. But he really needs to understand the radical difference between South Africa and, say, Europe. Read more...

0 comments 318 views
Submitted by
Keltria Orton
The problem with interviews and n...

What happened to paying people what they are worth? Read more...

0 comments 1255 views
Submitted by
Trudy Mhluli
The ANC is obsessed with self int...

It would be a grave mistake if the ANC allowed this week’s meeting to be engulfed by debates on the leadership race. Read more...

0 comments 457 views
Submitted by
Viva one language only

English is the only international language and is used all over the world because it is a language of convenience. Read more...

0 comments 121 views
Submitted by
Sandton Ecomobility

I don't feel safe to ride a bicycle around Sandton, I don't know about anybody else? Read more...

0 comments 103 views


E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

TV Get us in your home, on your television.

Interactive Advertising Bureau
© 2015 All rights reserved.
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.