The acknowledgement yesterday by Minister in The Presidency Jeff Radebe that the state needed to intervene more decisively to kick-start our faltering economy was timely and necessary. The downgrading of our sovereign debt by the ratings agencies, and President Jacob Zuma playing musical chairs in the finance ministry, triggering the collapse of the rand, has added to the sense of economic drift that has gripped the country.If the downward spiral isn't checked - and quickly - our entire democratic project will be wrecked. It's as simple as that.There is little we can do about the rout in commodity prices brought about by economic slowdown in China, or the rapid strengthening of the dollar as the US economy starts firing on all cylinders. Such seismic shifts in the global economy are likely to keep the rand under pressure.But there is much that we can do to reignite the economy, which is growing at a paltry 1% or so - a far cry from the 5% the National Development Plan cites as necessary to create enough jobs to put South Africa on a sustainable growth path.Radebe, flanked by Finance Minister Pravin Gordhan, said yesterday that the cabinet had resolved to seek urgently a consensus among business, labour and the government to create business confidence and promote growth.In addition, stronger fiscal measures would be announced by Gordhan when he presents his Budget next month.Details were not disclosed but Gordhan is likely to continue with efforts to curb growing state debt and turn around our loss-making parastatals. The public-sector wage bill, which is reaching dangerous levels, has to be tackled.At the same time, the government must fast-track major capital and infrastructure projects, involving the private sector as much as possible.Efforts to incentivise employers to hire more young people, and the fostering of entrepreneurship, must be redoubled...