Moody's axe will fall - unless we change course now – CHRIS HATTINGH
The probability of a credit rating downgrade from Moody’s does not necessarily equal ‘good’ news for SA’s economic prospects. It is merely the calm before the storm. It would be good news if SA had embarked on one or two of the required reforms – however, this has yet to happen. This temporary reprieve from Moody’s gives SA time to implement some of the changes required to right a seriously listing ship.
Lower tax revenue collection and a rising debt-to-GDP ratio are two critical factors SA must address in the coming weeks and months. State spending far outstrips the ‘revenue’ government collects from taxpayers. When checking your personal budget at the end of each month, you would be rightly concerned should you discover your spending is way out of proportion and that this represents a serious problem. This same principle applies to government spending: debt, whether public or private, must be paid off at some point. Massive government spending programmes, especially the National Health Insurance (NHI), no matter how much politicians and government officials turn blind eyes towards them, are only going to add to the growing problem of debt.
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Friday, 27 September 2019 CAPE TOWN EVENING EVENT – BOOK LAUNCH INVITATION – The Rule of Law and judicial contempt for liberty in South Africa – Speaker: Martin van Staden, FMF Head of Legal Policy and Research – 17:45 for 18h15 – VENUE: Friedrich Naumann Stiftung für die Freiheit South Africa, 18th Floor, Pinnacle Building, Cnr Burg and Castle Road, Cape Town – RSVP http://www.freemarketfoundation.com/View-Event?i=215
NB: The proposed draft of the National Health Insurance (NHI) Bill is open for comment.
Interested parties are invited to submit written comments on the proposed Bill.
The deadline is 11 October 2019.
More details can be found here.
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Publish date: 18 September 2019
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.