South Africa Run Out of Tax Payers

[Arch Dornan]

South Africa has run out of taxpayers

The government is now eyeing savings to get more money, warns economist Dawie Roodt.

mybroadband.co.za

How fucked are you @Scottty ?

They're going to loot your pension like a commie bandit.

 

[gral]

I'd have thought they would have had already pillaged the pension funds by now. Brazil did that in the late 1950's(breaking the pension system as it stood then), and one of the most desired posts for a politician here is the Administration Council of a pension fund of a big State-owned enterprise.

Amateurs.

 

[Arch Dornan]

I'd have thought they would have had already pillaged the pension funds by now. Brazil did that in the late 1950's(breaking the pension system as it stood then), and one of the most desired posts for a politician here is the Administration Council of a pension fund of a big State-owned enterprise.

Amateurs.

How bad did that go?

 

[gral]

How bad did that go?

Not as bad as it could have been, actually. Pensions and social security system got completely changed 10 years later, and the fact that we were in a population boom then(between 1940 and 1980, Brazilian population grew from 41 to 121 million people) helped cushion most of the impact.

 

[Arch Dornan]

Not as bad as it could have been, actually. Pensions and social security system got completely changed 10 years later, and the fact that we were in a population boom then(between 1940 and 1980, Brazilian population grew from 41 to 121 million people) helped cushion most of the impact.

Where do you think the same attempt in South Africa will do?

 

[gral]

Where do you think the same attempt in South Africa will do?

Don't know enough to really comment on it. Is South Africa in the early stages of a population boom like most of Africa is? If so, the only ones who are fucked are the ones who are paying those pensions today(I recommend leaving the country with your money while you still can if you're one of those) - they may even change completely the pension system to help cover the fact they converted the money into numbered accounts. If not, things don't look good, to say the least.

 

[Scottty]

South Africa has run out of taxpayers

The government is now eyeing savings to get more money, warns economist Dawie Roodt.

mybroadband.co.za

How fucked are you @Scottty ?

They're going to loot your pension like a commie bandit.

Not my pension, at least so far. There are different systems for different people. But yes, it's worrying.

@gral comparisons with Brazil need to take the important differences between countries into account:

IQ: Intelligence quotient by country

A global comparison of intelligence in relation to temperature, income and education expenditures.

www.worlddata.info

 

[Floridaman]

I'd have thought they would have had already pillaged the pension funds by now. Brazil did that in the late 1950's(breaking the pension system as it stood then), and one of the most desired posts for a politician here is the Administration Council of a pension fund of a big State-owned enterprise.

Amateurs.

Nope the negotiations to end apartheid meant both sides were basically prohibited from doing anything for quite a few years. Remember the bureaucrats didn’t change, and we saw 4 years of what happens when a politician tries to do something the bureaucrats don’t want to do.
This meant the national party couldn’t loot on the way out, and the The ANC was limited in what they could do.

 

[Charun]

Wait, 3 million South Africans account for 97% of the country’s personal income tax? In a country with a population of nearly 59 million people?

Hmmm... lets look up the number of white south africans: 2020 estimate is 4,679,770 (7.8% of South Africa's population).

 

[gral]

Nope the negotiations to end apartheid meant both sides were basically prohibited from doing anything for quite a few years. Remember the bureaucrats didn’t change, and we saw 4 years of what happens when a politician tries to do something the bureaucrats don’t want to do.
This meant the national party couldn’t loot on the way out, and the The ANC was limited in what they could do.

THAT makes more sense.