Editorial staff
Reporter
2 minute read
1 Aug 2022
5:32 am

SA’s income gap is a ticking timebomb, which could blow at any minute

Editorial staff

The ANC’s plan to tax the rich to pay for a Basic Income Grant does make some sense.

Commuters are pictured at Bree Taxi rank in Johannesburg on 29 June 2020. Picture: Tracy Lee Stark.

The old saying “the rich get richer and the poor get poorer” must have been authored by someone in the latter category – but in early 21st century economics, the words ring true. As the world goes through an unprecedented explosion in consumerism, the reality is that, despite the triple crises of the 2008 global economic collapse, Covid and the Russian invasion of Ukraine, the uber-rich have seen their fortunes balloon by the day. ALSO READ: SA economy well on its way to ‘technical recession’ And that phenomenon – aided and abetted by capitalism-friendly governments around the world – has been...