by Alec Hogg
Abraham Lincoln, 16th President of the United States of America, is credited with saying “Better to remain silent and be thought a fool than to speak and to remove all doubt.”
I couldn’t help thinking about Honest Abe’s advice when reading how, after years of denial, South Africa’s third democratic President finally admitted the economy is sick – and now urges business and labour to prioritise saving jobs over “profit margins and wage hikes.” Showing an understanding of business and economics that’s, well, pretty close to zero.
This is the same man who appointed and then allowed a raft of unqualified pals to run amok at State Enterprises; who just months ago told us SA has “a good story to tell”; whose deputy wastes millions hiring a jet owned by the President’s own son and close buddies the family Gupta; and who defends a R246m “security upgrade” on his private residence.
Sometimes narcissism beggars belief.
From Biznews community member Irvine Green
If profit margins are reduced by employing unproductive people, there is less tax received… tax paid by those who are still in unproductive jobs will not be able to cover the tax on profits lost… And the spiral downwards will increase in speed.
Yesterday’s top stories:
Zimbabwe backtracks on BEE – ownership laws abandoned to attract foreigners
Kingsley’s off to find the Heart of Africa
The Brain Gain: SA expats are flocking back home
Buffett’s advice: Buy suppliers, not producers – sells Exxon, buys refinery
Medupi switches on, cost overruns focuses attention on nuclear proposal
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