BRUCE WHITFIELD: R187bn on bailouts — this is what that actually looks like ...
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So how did you feel about Finance Minister Tito Mboweni’s revelation that government had spent just over R187bn on bailouts to state-owned enterprises over the past twenty years?
Did you shrug your shoulders and think: “Billion-schmillion what’s the big deal?
We’ve become complacent about big numbers. There are so many thrown around all the time. SA has a R2-trillion annual budget. So what’s a few billion here or there?
Remember being outraged at the R246m that former president Jacob Zuma spent on the development of his Nkandla estate?
Don’t you miss those days?
Nowadays that particular scandal and governments farcical firepool fantasy feels like it happened in another dimension. It doesn’t even warrant a mention when one looks at the extremes of corruption and catastrophic misspending that occur daily.
So, let’s give you a perspective on just how much taxpayers money has gone on keeping inefficient enterprises functioning, all-too-often only to be raided by politically connected individuals for their own account.
How long will it take you to count to count to a million? One number at a time, every second. Obviously; a million seconds. Counting to one million in a slow steady fashion with no bathroom breaks, meals or time for a nap would take you 11 days, 13 hours, 46 minutes, and 40 seconds. That is to count from one to 1,000,000.
Considering a billion is 1000 million, it would take you a thousand times longer to get to that number. Now picture how long it would take you to count enough R1 coins to get to R1bn.
Let me help: It will take you 31 years, 251 days, 7 hours, 46 minutes, and 40 seconds to count to a billion.
But, you say, the government has spent how much bailing out SOE’s over 20 years?
Yes, R187bn. You’d better start counting those R1 coins, because it’ll take 5,890 years to count to a high enough number to cover that bill.
Oh, and try not to get confused at any point, because you’ll have to start again.
Outraged much?
Well consider that governments interest bill alone right now is approaching R2bn a day. It would take you 63 years to count out the money just to pay one days’ interest.
Take just one SOE: the governments biggest single financial liability, Eskom, which is unable to generate enough cash, nevermind electricity, to meet its costs.
At last count, Eskom ...
Did you shrug your shoulders and think: “Billion-schmillion what’s the big deal?
We’ve become complacent about big numbers. There are so many thrown around all the time. SA has a R2-trillion annual budget. So what’s a few billion here or there?
Remember being outraged at the R246m that former president Jacob Zuma spent on the development of his Nkandla estate?
Don’t you miss those days?
Nowadays that particular scandal and governments farcical firepool fantasy feels like it happened in another dimension. It doesn’t even warrant a mention when one looks at the extremes of corruption and catastrophic misspending that occur daily.
So, let’s give you a perspective on just how much taxpayers money has gone on keeping inefficient enterprises functioning, all-too-often only to be raided by politically connected individuals for their own account.
How long will it take you to count to count to a million? One number at a time, every second. Obviously; a million seconds. Counting to one million in a slow steady fashion with no bathroom breaks, meals or time for a nap would take you 11 days, 13 hours, 46 minutes, and 40 seconds. That is to count from one to 1,000,000.
Considering a billion is 1000 million, it would take you a thousand times longer to get to that number. Now picture how long it would take you to count enough R1 coins to get to R1bn.
Let me help: It will take you 31 years, 251 days, 7 hours, 46 minutes, and 40 seconds to count to a billion.
But, you say, the government has spent how much bailing out SOE’s over 20 years?
Yes, R187bn. You’d better start counting those R1 coins, because it’ll take 5,890 years to count to a high enough number to cover that bill.
Oh, and try not to get confused at any point, because you’ll have to start again.
Outraged much?
Well consider that governments interest bill alone right now is approaching R2bn a day. It would take you 63 years to count out the money just to pay one days’ interest.
Take just one SOE: the governments biggest single financial liability, Eskom, which is unable to generate enough cash, nevermind electricity, to meet its costs.
At last count, Eskom ...