BUSINESS MAVERICK ANALYSIS: View from the Peninsula: Don’t let the dream be deferred

What happens to a dream deferred? Does it dry up, like a raisin in the sun? Or fester like a sore – and then run? Does it stink like rotten meat? Or crust and sugar over – like a syrupy sweet? Maybe it just sags like a heavy load.

South Africa is at the crossroads of a full-blown fiscal crisis. Failure to act to curb debt will trigger a debt default, plunging the local financial system into crisis and sending the country into the arms of the IMF, whether the ANC or anyone else likes it or not. Our children and their children will bear this burden.In the 2000s, come Budget day Finance Minister Trevor Manuel would hand out trees and succulent plums to highlight the prosperous times the country had found itself in.

In particular, Schumpeter said, the Budget is a powerful index of a society’s values, not merely in its language and numbers, but in the lived experience of its impact on people, families, workers, businesses and organisations. Don’t forget that we are still borrowing like crazy people. Since February 2020, SA’s borrowing requirement for the current year has increased by R344.2-billion to R776.9-billion.

By the end of 2020 gross debt will double to R4-trillion, climbing to R4.8-trillion by 2023. Talking in trillions divorces us from the reality – that is a difference of R800-billion.

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