Ramaphosa advisers warn against SA basic income grant

A panel of economic advisers appointed by South African President Cyril Ramaphosa warned against implementing a basic income grant in the world’s most unequal nation, saying the multibillion dollar cost could deepen debt and hinder economic growth. As recently as September, Ramaphosa has said that a basic income grant — which would be the biggest of its kind globally if implemented — should be considered to alleviate poverty.

“What if South African fiscal policy loses credibility and the spreads in our borrowing costs rise higher and an even greater proportion of our revenues must be paid to bondholders?” South Africa, which at 3.3% of gross domestic product spends a greater proportion of its revenue on social support than most countries, is projected to spend R222 billion on social grants in the year through February. Currently those are mostly in the form of child-support stipends and pensions.

They are definitely well paid

Create jobs, grow economy and stop handing out other peoples money!

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