CNN's/Fortunes take on Ireland

Nothing we dont know but the rest of the world is hearing the story more and more

money.cnn.com/2009/05/13/news/in … 2009051409

This was eventually decided as illegal and I don’t think he does it anymore. Technically, his driver can’t pick up in Dublin for the return trip was the deal at the time… Probably still does it and nobody enforces the rules… :unamused:

Shame, the O’Leary fawning ruins what’s a pretty decent summation of everything…

https://i2.cdn.turner.com/money/2009/05/13/news/international/tully_ireland.fortune/chart_ireland_gdp.gifThis chart scared me most.

Tax revenue seems to be returning to a more sustainable level, yet we’re still spending like drunken sailors. What’s worse, is that instead of cutting spending, we’ve decided to borrow to plug the deficit on the expectation that we’ll see boom-time tax revenues again!

Havent you heard about the ideas campaign? We’re heading straight back to 2005 with Tom Parlon leading the charge

In fairness Ireland is not alone in doing this. Just look accross the water to Gordon Brown (aka Mr. end to boom and bust).

There are a number of issues to consider though

  • What you’re actually getting for the money. Borrowing a bunch of money to build roads, rail links and other infrastructure is one thing since you get a return on that investment. Borrowing money to pay the salaries of administrators in the HSE returns nothing ever.
  • Whether the money can actually be borrowed and at what rate. The UK and the US can borrow huge sums of money on the strength of their record, we can’t.
  • Whether tax returns will return to the previous levels and how long it’ll take. A massive chunk of our tax income was temporary and is never coming back.

The only rational course for us is to borrow this year but create a 3-5 year plan that brings our expenditure in line with our income. Our current income not some pie-in-sky fanciful projection of income in 2011 which is 20% higher than it is now.

Classy guy :smiley: