South Africa drowning in DEBT: ‘Every child owes R67k before they even take their first breath’- DA’s Hill-Lewis on SA’s ‘R4-trillion debt

(000228.79-:E-000157.73:N-:R-SU:C-30:V)   

[Same as America. Jan]

Ahead of Wednesday’s budget speech, the DA has expressed dismay about the country’s R4-trillion debt crisis.

Finance minister Tito Mboweni is set to deliver his budget speech amid SA’s growing economic crisis since the Covid-19 pandemic took over the country more than 11 months ago.

Last year Mboweni said the country has accumulated far too much debt. He said early projections show gross national debt will be close to R4-trillion, or 81.8% of gross domestic product (GDP) by the end of the fiscal year.

Which way the windfall goes

That’s what SA wants to know as Mboweni unveils spending plans after good tax news

At the weekend, DA shadow minister of finance Geordin Hill-Lewis said years of the ANC’s spending and borrowing too much, long before the Covid-19 crisis, left the country in a sad state. He said this was the main reason there is not enough money to help those in need.

“All this debt must be paid off in years to come, and that means every South African, our children and our grandchildren, will inherit the burden of paying off this debt,” Hill-Lewis said.

“Every child born in SA today already owes R67,000 before they have taken their first breath. This number is going up as the government continues to borrow more and more.”

Hill-Lewis said the more government borrows, the more interest it will have to pay, leaving less money for basic services like education and health.

“This is a double injustice against future generations. More debt to pay off and less basic services. It is wrong to sacrifice our children’s futures. They deserve better. The ANC must get debt under control before it takes the whole country down with it. It has to stop,” he said.

On social media, Hill-Lewis’ statement drew mixed reactions, with some saying it was “fearmongering” antics while others said it was a cause for concern.

Here is a snapshot of some of the reactions.

Source: https://www.timeslive.co.za/politics/2021-02-22-every-child-owes-r67k-before-they-even-take-their-first-breath-das-hill-lewis-on-sas-r4-trillion-debt-/



Jan‘s Advertisement
Black Academic says S.Africa has a serious problem: WHITENESS! Raceballs 24:Throttled by whitene
Dr Ntando Sindane explains to Dr Sizwe Mpofu-Walsh why the black majority is in such a precarious position right now in SA


Jan‘s Advertisement
Vladimir Putin confirms Hitler & NAZIs were RIGHT: The original Bolshevik Communist Govt was JEWISH!
Speaking at Moscows Jewish Museum: Russian President Vladimir Putin said that at least 80 percent of the members of the first Soviet government were Jewish.


Jan‘s Advertisement
Video: Orania: The Afrikaner city on its way to freedom! (English subtitles)
These are good people. I was there in 2010. They‘re expanding and looking for more people to go there. Jan
%d bloggers like this:
Skip to toolbar