South Africa: Mboweni Must Look At How SA Dug Itself Out of the 1932 Debt Crisis With Techniques We Can Learn From

opinion

Finance Minister Tito Mboweni's revised Budget is the last nail in the coffin of a poor majority already doomed to hell.

Finance Minister Tito Mboweni did not surprise the South African Federation of Trade Unions (SAFTU) or anyone who has come to know what he represents. He began his speech by confirming to President Cyril Ramaphosa his "path for the direction you gave us on 21 April to not merely return our economy to where it was before the coronavirus, but to forge a new economy in a new global reality".

The path Treasury has chosen instead is to return South Africa to the worst features of the old economy: austerity (now with a "Zero-Based Budgeting" gimmick), deindustrialisation, unwarranted debt and financialisation.

Mboweni spoke about two gates: One apparently leading to prosperity and the other to hell. The ruling class and the ruling elites of which Mboweni is a member of both are living in heavens on Earth while the black working class and all others in the marginalised black majority have been in hell for the past 400 years of colonial, capitalist and apartheid rule.

The Devil has, however, been increasing the temperature during the so-called democratic dispensation. The...

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.