OPINION - THE high expectations of the 2020 Budget have left pensioners reeling with shock after the announcement of a mere R80 increase.
The Democratic Liberal Congress (DLC) is concerned that the pittance increase has created a major financial setback for pensioners when food, transport, electricity and water costs are increasing above inflation.
South Africa’s recession will hit pensioners and the unemployed hardest and lead to unprecedented hardship. The DLC has always advocated for a liveable pension for pensioners, like the minimum wage.
One of the major points of the 2020 Budget speech was the “bailout” of the parastatal Eskom. Eskom does not need a bailout. It needs a complete overhaul of restructuring in its leadership. South Africa needs to invest in renewable forms of energy that will not plunge our country into mass blackouts.
Simple kitchen-table economics will tell you that in order to have more money in your pocket, you have to spend less and borrow less. The more you owe, the less you're worth. The growing deficit also does not bode well for the prospects of a booming economy.
One of the most promising parts of the Budget for 2020 was not hiking personal income tax for the masses. This was a common-sense approach. The tax cuts in the US led to a boom in the economy.
Patrick Pillay Democratic Liberal Congress
Daily News
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