Well, if you use the same logic with higher interest rates, it shouldn't matter.As we all know by now, governments never repay debt, they merely roll it over
The "When I have it I'll spend it" doctrine has always served us well in the past. Sure what could go wrong?The economy is expected to rebound strongly - in such times governments should adopt a countercyclical policy and reduce spending, not increase it.
A budget that reflects Sinn Fein’s popularity writ large
I think that should be "A budget that reflects Sinn Fein’s populism writ large".
If so I agree. I vote on the basis of selecting the prospective government that will do least harm. For the last good while that's been the Blue Shirts. Social issues are decided by the Courts, derived from EU laws and treaties, so there's no point in voting on that basis. The liberal agenda won that battle, which is a good thing in my mind.
So, it's all about economics and where and how the Government chooses to waste our money.
However the NTMA only last week said our interest on all debt has decreased by €2bn to €4.5bn and from memory we don't have and repayments until later in the decade.When you roll the debt over, your interest costs will soar leaving two options, neither very attractive,
1. reduce spending
2. increase taxation
That's almost 20 years ago, we had 4bn surpluses inflation ran up happily and the SSIA was introduced.The "When I have it I'll spend it" doctrine has always served us well in the past. Sure what could go wrong?
Yea, and they are out Charlieing Charlie.Tuesday's budget has certain similarities but unlike the early noughties we have the EU looking over our shoulders.
I actually had a conversation with Dessie O Malley in Fota about 10 years ago and I asked him if Ireland would have or accept a party like the PDs again, he simply said "No, as society didn't want the black and white policies" and he was right we seem to give "everyone in the audience a fiver " when the budget is put together.We could really do with a reincarnation of the PDs before they sold their soul to Bertie. Fine Gael, even as the party furthest to the right, are left wing economically. There's no political home for fiscal conservatives in Ireland any more.
Ok I'll dig out what was said I probably misunderstood it.We have bonds maturing every year for the next 10 years and then every two years up to 2041 and then 2045 and 2050 so rising interest rates will impact interest costs pretty quickly
See here https://www.ntma.ie/government_bonds/Outstanding-Bonds-Report-2021-10-13.pdf
€93,064,780,000 before the end of 2030. If interest rates go up to 3% or more we're screwed.We have bonds maturing every year for the next 10 years and then every two years up to 2041 and then 2045 and 2050 so rising interest rates will impact interest costs pretty quickly
See here https://www.ntma.ie/government_bonds/Outstanding-Bonds-Report-2021-10-13.pdf
My observations as an immigrant to this country is that is a highly successful and prosperous country (overall), but really badly run.I actually had a conversation with Dessie O Malley in Fota about 10 years ago and I asked him if Ireland would have or accept a party like the PDs again, he simply said "No, as society didn't want the black and white policies" and he was right we seem to give "everyone in the audience a fiver " when the budget is put together.
It achieves nothing this policy, there is so much wastage of money and brain power in this country and it has been like that for ever, we'll never change now. I'm 54 and if I get to 74 I'll guarantee that our debt will be 100% of National Income and I'll get €5 a week extra in my pension.
Our kids will be in their early 40s and living abroad, one has already started that journey, the other biting at the bit.
As a country we treat citizens disgracefully and have done forever and more so since 1921.
We have great minds but trying to start a company here is easy but the Government and its tentacles await to strangle anything that might be of use, I have so many examples of this that I helped to start, but only one really made it and that was funding from the UK.
Nothing will change
Our electoral system ( PR ) is one of the root causes of our inability to best manage.My observations as an immigrant to this country is that is a highly successful and prosperous country (overall), but really badly run.
In terms of the Budget, there was nothing in there that will properly address the housing crisis.
I think that's an excellent summary of this country.My observations as an immigrant to this country is that is a highly successful and prosperous country (overall), but really badly run.
The housing crisis is an international phenomenon. We are feeling it more than most because we are a more open economy than most. I think there's a fundamental misunderstanding of the issue in that the narrative is that it has been caused by a failure of Irish Government policy. Government policy has probably exacerbated the problem but it hasn't caused it. We are a tiny boat floating on the vast river of international capital flows, all we can do is tack our sails but we can't direct the river.In terms of the Budget, there was nothing in there that will properly address the housing crisis.
Yep, we've an excellent system for electing County Councillors but unfortunately we use it to elect them to our Parliament.Our electoral system ( PR ) is one of the root causes of our inability to best manage.
Every TD must look over their shoulder constantly less they see a rival get ahead of them on populist policies
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