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Sidney Gilroy
 
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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.
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