Budget 2012

3.6bn in cuts/tax may become 4bn. - I’m thinkin’ about it - Noonan.


Makes sense - it won’t massively change the economic impact, but it will improve perception and thus bond rates.

Are we on schedule ?


I hate to be the jerk, but Budget 2012 perhaps? Unless I’ve gone back in time again.

Isn’t the deficit standing about at 19 billion rather than the 17 billion predicted back then on that post?

2011 - 19 billion (-4billion)
2012 - 15 billion (-3billion)
2013 - 12 billion (-3billion)
2014 - 9 billion (-3billion)

etc etc

Good spot-you pedantic jerk!

Interesting figures from the revenue commissioners. 2.1bn owed in taxes.


I wonder how these figures appear in the government accounts.
Under tax income they could be counted as invoices have been sent out. Which means we are worse off than we think we are.
Or possibly they could be excluded as this money hasn’t been recieved. Which means that we are better off (with even only 50% of it collectable) than we think we are.

Anybody any ideas?

Seems the government are looking for ‘help’ forumlating the budget

taxireland.ie/education/Fant … ompetition

There’s your answer as to when will we reach the bottom: 2014 or later

Start spinning, it’s softening up time.


Fiscal Council say Euro 4billion cuts needed:


From the report


Who’d a thought it?


The lower the growth, the greater the cuts?


€3.8 billion.

the projected growth rates are laughable, so to are the projected unemployment rates.

You know, I think I’m going to go against the grain here.

I think we’ll actually get out of this one and heres why:

Europe is fcked.
They have to act.
The likely way they’ll act is through inflation. Inflate the debt and problems away.
Also devalue Euro.
We’re well on the way to balancing our books.
10% deficit isn’t that bad in the context of Greece, Portugal, Italy and Spain.
France is not angel either.
ECB’s mandate will be changed to growth and inflation rather than just inflation.
Immigration to fill multinational jobs will increase employment and subsequently decrease unemployment rate/ratio (number will be same).
Will create demand in major cities for accommodation which should create jobs for construction sector.

the world does need optimists but that is deluded
the can is being kicked down the road because politician do not want to deal with it. Cue 2 more years of fumbling in the dark

I hear this every day, and this view has certainly become more mainstream now that an Italian is running the ECB (I’ll give him 6 months before our inflation exceeds that of Argentina). He’s already got off to a good start by stoking inflation with his interest rate cut barely a day into the job!

But whether the fiscally responsible Germans will allow an inflation-hungry Italian continue this suicidal policy - I’m not so sure. Would it not have been easier for Germany to inflate away the cost of its reunification rather than increasing interest rates and causing the currency crisis of 1991/92. But they didn’t do it then. - why not? They instead embarked on a long period of fiscal rectitude to maintain their competitiveness. Of course they will be prepared to undo all that for Greece, Italy and Portugal XX

How will inflation help

  • attract more savings into the cash strapped banks?
  • governments/banks that need to roll over their debt at manageable rates - like investors are going to lend to them at negative real interest rates
  • the funding of Government/corporate sponsored defined benefit pension schemes? - remember the greying of the population
  • the funding Government sponsored social welfare rates?
  • international price competitiveness in a region already experiencing unemployment in the double figures
  • retain any confidence in the euro over the Zimbabwean dollar as a currency with which to trade

The idiots in Government (as the idiots before did) cut CAPITAL SPENDING - the only spending that can boost growth and decrease unemployment. The clowns increase taxes.

It is still a political circus just like when FF and the Greens were in.

Unemployment above 11% past 2015…looking like 2020 before things get anywhere near livable in Ireland.