Kudos to John Fairwell, author of an interesting but factually incorrect letter on Pravin Gordhan, now SA’s public enterprises minister .
Debates about public debt help a great deal when they are both factual and in the correct economic context. I’m afraid Fairwell’s letter distorts pretty much everything. He in effect blames the December holidays for creating Christmas Day. Having ignored that, Fairwell then twists the facts about our recent economic performance and the Treasury’s record under Gordhan’s stewardship. We may never know why it was necessary to do this. In any event, the distorted facts do not account for the department of public enterprises’s reform agenda.
Across the world, governments had to blow their borrowing ceilings to manage the impact on their economies. Hard economic positions made way for pragmatism. For example, the US, sometimes touted as a paragon of the free-market world, started speaking a different language. The US government had to “bail out” companies, from the financial services sector to auto manufacturers.
The “glory years” had a particular culture, as demonstrated by the media in its reporting. Tax compliance was a big part of that era. Transgressing taxpayers were hounded down diligently. Some went to hide overseas but a dogged fight was given to them. Contraband and illicit cigarette smugglers knew there was a feared taxman hot on their heels.
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