Misery Index exposes true cost of ANC governance
23 May 2024
Note to editors: Please find attached soundbite by Dr Dion George MP. See photos here, here, here and here.
In its manifesto, the ANC talks about the '30 glorious years' since the party came to power.
President Ramaphosa on his campaign trail has boasted about economic growth, yet 12 million South Africans are unemployed, 81% of households skip at least one meal a day, and 5 million children are currently starving.
Then came the infamous 2007 ANC conference, which marked a destructive turning point. Progress halted and we collectively entered a steady decline, which intensified when President Ramaphosa took office in 2017.
Poor policy decisions, rampant corruption, and a focus on centralising power have choked our once-thriving economy. Unemployment has soared, the fiscal environment has deteriorated, and the social fabric of South Africa has been frayed.
The true crisis is evident in the desperate eyes of shoppers, drivers overpaying for fuel, and the desolate homes where even necessities are unaffordable luxuries. The daily struggle for survival, ignored by those in power, reveals a country in distress.
The ANC Government obscures the true extent of the economic hardship South Africans face. The DA has therefore expanded on the original misery index, a statistical tool that tracks economic distress, to reflect the challenges of our economy.
The Misery Index cuts through the confusion. It provides a clear and visual representation of the economic pain felt by millions. It offers a tangible and easily understood gauge of the distress caused by the ANC government.
Our Misery Index includes eight standardized components—unemployment, inflation, GDP per capita, prime lending rate, the Rand’s depreciation, debt-to-GDP ratio, and fuel and electricity tariffs—each of which can theoretically deteriorate without bound. The chart attached illustrates the components of the modified misery index from 2008 to 2024.
No modern economy can hope to achieve growth in such an environment. But the ANC DOES NOT CARE!
It does not need to be this way.
A DA-Government can deliver a workable alternative. It is only the DA that can attract the necessary foreign capital, encourage domestic savings, change the model for state-owned enterprises, fix our crumbling infrastructure, enhance labour market participation, bolster corruption-busting institutions, and facilitate the expansion of both the small and large business sectors.
This is why a DA-led Government will adopt ruthless and targeted growth-focused reforms, that puts the well-being of South African households first. To rescue South Africa, we must remove this broken government and elect a party that can unlock our country’s limitless potential.
Issued by Dion George, DA Shadow Minister of Finance, 23 May 2024
