home Economics, Featured #BudgetSpeech2017: Deputy Minister of the Markets: Mcebisi Jonas

#BudgetSpeech2017: Deputy Minister of the Markets: Mcebisi Jonas

By BO Staff Writer

Deputy Minister of Finance, Mcebisi Jonas, spent more than 20 minutes of the white-radio station Radio702, basically saying nothing. Or rather, saying that the Budget Speech tomorrow, would not differ from previous ones – pro-white monopoly capital.

The interview was a predicated on a paper the deputy minister wrote, published in the CityPress, titled ‘Moving SA out of its low-growth and high-inequality trap‘.

The white media seem to be rallying public support for the Minister of Finance, Pravin Gordhan, and his deputy, ahead of the Budget Speech in parliament tomorrow. The two were also on eNCA’s Justice Factor with Justice Malala on Monday.

In the interview, Jonas says the 1994 negotiation “has reached its limits”. He says there is large inequality and slow economic growth in the country. He further goes to say that growth is important for transformation and macro-economic landscape is also important for redistribution.

Jonas claims that when there is low growth, then there won’t be enough for redistribution of “assets” – he chooses to use this word instead of land.

When you move past the jargon, Jonas’ form of “radical” economic transformation is one where the status quo is maintained. For Jonas, neo-liberalism needs to work better, capital – white and global – needs to be appeased, and imperialism allowed.

“There is still a dominance of thinking that looks at only redistribution as a mechanism for addressing socio-economic injustice of apartheid. The reality of the matter, as we all know, the economy has not been growing. Low growth is a fundamentally core element of our situation and it is not just a visitor, it is almost the new normal that we have,” Jonas said.

Jonas says, “people undermine the importance of macro-economic management. The general narrative in the country is that macro-economic management only serves the interests of big capital. I think we need to recognise how critical macro-economic management is for redistribution because you redistribute what you don’t have.”

Jonas’ redistribution does not disturb what he refers to as “big capital”. It is at the mercy of it.


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