DUMA GQUBULE: Treasury and Bank to blame for ailing economy, joblessness
Focus is on the wrong indicator as SA has a GDP growth problem, not a debt problem
In a 1933 radio interview John Maynard Keynes said: “You will never balance the budget through measures which reduce national income. The chancellor would simply be chasing his own tail — or cloven hoof! It is the burden of unemployment and the decline in national income which are upsetting the budget. Look after unemployment and the budget looks after itself.”
On February 18 Stats SA released its latest quarterly labour force survey, which showed SA’s dismal economic performance over the past 16 years. From the fourth quarter of 2008 to the fourth quarter of 2024 the labour force grew by almost 8.7-million people. But the economy created just 2.3-million jobs, of which only 1.5-million were in the formal sector...
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