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Cape Town -The launch of savings month has solicited a mixed response as commentators seemingly picked up on the paradox of being encouraged to save, while at the same time being prepared for a VAT increase.
Fin24 commentator Christopher Mark V Lowe's vitriol was tangible as he outlined the many taxes South Africans are being slapped with, and that there is nothing left to save.
Instead of increasing VAT (value-added tax), commentator Kevin Marsh provided a list of strong, albeit controversial, suggestions for SA to recover a quick R500bn.
Below is the weekly dose of top ten Fin24 user comments - selected for their wit, value-add to the topic at hand and contribution to healthy debate in a country so much in need of constructive dialogue.
Top ten user comments on:
South Africans urged to save amid Greece crisis:
1. Christopher Mark V Lowe - Save WHAT? What the Sars doesn't already take off us by way of VAT, income tax (yes, some of us do pay it) company tax, road tolls, petrol levies, plastic bag levies, transfer duty, dividend tax (on investments we're trying to make) and capital gains tax, Zuma and his bunch of lying, thieving thugs are stealing, wasting, losing and throwing away.
Push for Govt to increase VAT:
2. Roelof Matthysen - All political office-bearers (members of parliament, ministers, premiers, mayors, etc.) should be paid at the level of nurses and teachers. They chose politics to serve the nation and not to become rich. Let them serve. Do away with local governments. These should be completely depoliticised and converted into civic centres reporting to provinces. Kill the tender system, except for highly specialised services.
3. Kevin Marsh - Rather lose a million people in government employment. In 1994 we had 1.6 million in employment and now 3.1 million. USA only has 2.9 million and they are six times the size. Stop corruption. Stop Eskom buying coal and diesel from dentists. Stop bailing out SAA, SABC. Stop building houses and make people build them themselves. Make all tenders open to the public and stop BEE and AA. There we are. A quick R500bn.
Brics $100bn pool of reserves to aid with liquidity:
4. Ndabeni Diego - This bank would help prevent the harassment of weak countries that do not agree with some foreign policy decisions made by the United States and her allies. This bank has the potential to undermine the international financial institutions that have become the bane of African countries.
Gold producers: Union demands are unaffordable:
5. Jan Kuhn - So now the uneducated masses are trying to rationalise by drawing a parallel to what CEO's earn. A good CEO, keeps masses employed while keeping shareholders happy with return on investment. A good miner moves dirt and delivers physical labour. While they depend on each other, there is no comparison as there are millions of unemployed labourers but only a hand full of good CEO's.
6. Stanley Hall - It's not a question of the mine bosses keeping thousands employed or keeping shareholders happy but of the increasing wage disparity between executives and workers. Why aren't the executives happy with the same % increase as the workers? Indeed with their obscene pay packages they should be. But of course they always plead their responsibilities etc.
Over 8 000 millionaires have left SA since 2000:
7. Sarel Seemonster760 - Together with those millions we have lost their creative and business skills, potential job creation and on the negative side the new SA have gained many new millionaires with stolen tax money, no creativity, job creation opportunities and the money is drying up slowly but surely
Letter from Greece: The gates of hell on earth:
8. Attilla Thehun - Greece will return to the Drachma, the government can then print Drachmas by the billions to fill up the economic holes, and this will return liquidity to the Greek financial system. Although the Drachma will be treated like any other 3rd world currency i.e. worthless, but there is a blessing in disguise in that because it is so cheap tourists will come flocking in with their dollars and Euros, boosting the moribund economy, and Greece can then also export its way out of trouble.
Greeks defy Europe with overwhelming 'No':
9. Fanie Kuhn - Although not many people are aware of it, the Eurozone by way of exchange rates favours the strong countries and punishes the weak.
Regarding Germany, the Euro is an average of strong and weak economies, and is thus weaker than the deutschmark would be. This puts a rocket under Germany's exports (and reduces imports, thus good for the balance of payments).
Regarding Greece, the Euro is stronger than the Drachma would be, thus suffocating her exports (and encouraging her imports, thus weakening her balance of payments). This situation only gets worse by 3-5% pa, and will eventually explode.
Will Putin pay for SA's R1trn nuclear plan?
10. Pat Bam - Probably safer and cleaner, unless there's an accident in which case we have disaster area tens of kms across for many centuries. Does the benefit warrant the risk? Certainly not when the alternatives are cheaper, safer and faster to build, which wind solar and gas all are. 10 GW from renewables is not only possible, but almost inevitable. "Sunny" Germany has EIGHT times that in solar alone.
Disclaimer: All letters and comments published in MyFin24 have been independently written by members of the Fin24 community. The views are therefore their own and do not necessarily represent those of Fin24.
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