Only growth can pull SA out of its economic nosedive
The public wage bill is dire: for every R100 the government raises in taxes, it spends about R46 on salaries, and this is not sustainable
29 October 2019 - 18:15
As finance minister Tito Mboweni prepares to deliver his medium-term budget policy statement (MTBPS) in parliament on Wednesday, he may consider the full text of a letter left by one outgoing British chancellor to his successor, as a useful summary of our predicament: “I’m afraid there is no money”.
Our national fiscal hole is, frighteningly, even deeper than that, because there is also no room to raise taxes on already overburdened working families, and no room to raise more debt...
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