Moody’s, the last of three ratings agencies able to keep some of our financial capital inflow alive, didn’t quite mark us down as a non-investment grade, yet.
It’s apparent that most South Africans don’t realise just how badly run this country is for us to be in this predicament.
Now, President Ramaphosa boasts in Friday’s Mercury, titled “Heat on ANC after polls”, that since 1994 the ANC-led government has “doubled jobs from 8million to today’s 16.5million jobs” and that the ANC will have to focus on job growth after the elections.
Why, again, is this man our president?
Where was Ramaphosa for the last eight years and what did he accomplish in resurrecting our economy?
Since 1994, our economy has actually lost more than 6million “real” jobs where each job had actually generated wealth for the economy.
The government, municipalities and state-owned enterprises have hired so many unskilled workers that for about the past five years they have all been collapsing under the weight of their salary bills! Not one of those “8million new jobs” that Ramaphosa boasted about is actually a job that generates wealth for the economy.
That’s why our GDP is terrible - even for a developing country. And it is the reason why South Africa has so many poor people, and a dying economy to boot.
South Africa is so badly run that even badly run, corrupt Nigeria overtook us as the biggest industrialised nation in Africa, with the highest GDP. Our economy is on life support and the government still just wants to keep hiring rather than relaxing business oppression!
When has any ANC leader ever worked on legislation that would ease: business hiring-and-firing practice, labour/employee relations, flexibility of wage determination, and labour policy? Instead, the ANC is focused only on workers’ rights.
Recently, Samantha Enslin-Payne wrote an article quoting the 2018 Annual Global Competitive Report which scored South Africa 111 out of 140 countries when it comes to hiring and firing practice; 136 out of 140 countries when it comes to labour-employee relations; low scores when it comes to flexibility of wage determination and labour policies but surprisingly ranked us 25 out of 140 countries for workers’ rights!
Please, look at Venezuela. They recently were the fifth richest country with all their oil. Venezuela’s corrupt socialist leadership brought the country down so far that its people are starving and its leaders are protected by Cuban troops and Russian military advisers.
Not the way socialism was sold to its people - it was supposed to be a wonderful life for all with all sorts of freebies - not just for its leaders and the countries that want its oil. Its leaders let Venezuela down. Socialism hasn’t succeeded anywhere in the world, and won’t unless it roots out all non-sustainable socialist freebies and lets businesses flourish and do the hiring for the country.