gnf_ireland
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One means of easing the impact of this would be to base the revenue calculation based on the average revenue collected over the last 3-5 years, and ignore the next year projected values. This would have the effect that the budget is not based on future growth, but on actual tax intake PLUS the averaging nature of it would go some way into leveling the cyclical nature our current model.
Absolutely - we need to move away from the concept of election budgets and short term thinking. No government can get away from this while they are always looking at getting reelected.Maybe the Fiscal Advisory Council should have a lot more power. Can you imagine if they advised the government for each budget what the government could spend? By all means let politicians be politicians and let them decide how it is spent, but if they were constrained on the amount it could be a lot better.
Maybe scrap the annual Budget circus and implement, say, 3 year budgets?
We have learned nothing - as a government or as a population. All you need to do is try book a restaurant in Dublin on a weekend night at short notice and the boom is definitely back !! Spend Spend Spend appears to be both the government and populations approach to living...We don't seem to have learned from the past, a lot of our tax take was property related and now its Corporation tax.
I still like the idea of averaging out revenues so we can at least handle minor blips and changes to accounting rules that may offer one off boosts.Maybe scrap the annual Budget circus and implement, say, 3 year budgets?
One means of easing the impact of this would be to base the revenue calculation based on the average revenue collected over the last 3-5 years, and ignore the next year projected values.
Maybe the Fiscal Advisory Council should have a lot more power.
As things stand he's the only Minister who cannot be appointed from the Seaned (The Taoiseach, Tánaiste and Minister for Finance must be members of the Dáil).Come to think of it, why not change the Constitution so that the Minister for Finance would have to be an external professional with no political affiliation?
Ok, call them the fiscal management council for that matter.Any 'Advisory Council' that is granted the power to decide what the budget deficit or surplus should be would no longer be advisory - instead they would be the (unelected) government.
based on agree long term economic policies (can be determined by direct democracy if required), the amount of fiscal space the government has to work with.
The government can decide how this money is spent and what policies are implemented.
In principle, this is no different to the current budgetary rules within the EU, except that I am proposing we are not allowed to continue to run a long term deficit and needs to balance itself over a period of 3-5 years.
All of this excludes capital expenditure obviously
Perhaps im reading budget 2019 incorrectly, but my reading is that (excluding capital expenditure) we would be running a surplus?
http://budget.gov.ie/Budgets/2019/2019.aspx
Economic and Fiscal Outlook page 22.
The Italians are doing this for political rather than economic reasons.And they are only doing this because they believe these economic policies are bad for the economy.
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