ANC echoes failed Nats policies with raid on pension funds
Budget shortfalls are result of unworkable nationalisation project
If there's one valuable takeout from the past quarter of a century in SA, it's that the grand project of nationalisation has failed. This much is clear from the perilous situation at all our troubled SOEs. Placing the state at the centre of the economy, in control of all the "levers of power", has also meant funding the various wasteful, inefficient and corrupt extensions of the state through any means possible until the country is bankrupt. We're almost at that point.
The ANC likes to think of itself as the antithesis to the apartheid government of the National Party, and in many ways it is. But when it comes to this firmly held belief in a state-dominated economy, they are birds of a feather. So when the ANC starts talking of forcing pension funds to invest in the worst-performing companies in SA - our beleaguered SOEs - it's hard not to have a bitter sense of déjà vu. ..