He also said rises in unemployment will ease up this year. Of course, left hanging in the air was the self-evident corollary: that’s because by that stage we’ll have 500,000 people unemployed…just about everyone who could have lost their job will have done. And not only that, we’ll have to completely re-invent the economy in order to find brand new jobs for every single one of those people because they ain’t going back to doing what they were doing during the fake boom.
Still, the CEO’s of the likes of Coillte and the ESB earn €400,000+pa, Gardai are on an average €60k, professional fees and services have hardly budged in price, average house prices are 10x average salaries, we have the highest personal indebtedness in the world (probably), our national debt is spiralling, the Unions are on de facto strike, NAMA hasn’t even started sucking up our money yet, the banks are zombies which is killing wealth creation…
And yet I have to listen to these ****s on the radio in the morning and 6-1 in the evening saying we’ve turned a corner? I’m pretty close to not giving a toss any more it’s just so unbearable.
Right. Not too sure about January because the weather was a factor. Here is the outturn.
Over January 2009
Income down €700m
Expenditure only down €200m
Relative position down €450m
VAT and Income tax alone down €450m between them.
We are asked to assume that expenditure would have been the same as outturn but that income should have been higher in January 2010 . I still cannot see how they would have clawed in more than €200m extra and then the relative position…the GAP between income and expenditure would still have been €200m worse than it was in January 2009.
I thought the cutbacks in 2009 were supposed to CLOSE the gap between income and expenditure rather than widen it. It ain’t working.
If we do not see an improvement by this time next month we are looking at yet another emergency budget in April/May This time they will have to tackle the public service pensioners too !!
January weather was not a factor on yesterday’s figures - can we at least nail that lie on the head.
January VAT is not collected until March and January Income Tax will not be paid until February at the earliest and all the other taxes from activity in January does not get collected for months and into next year in some cases.
The budget singularly failed to narrow the income / expenditure gap in absolute terms and even more so in relative terms. Emergency budget cannot wait till May then can it unless some very nasty surprise makes it into the Finance Act in March or thereabouts ??
I do not think we will see a budget per se. I reckon if by the March figures the deterioration has not halted the government will just announce further spending cuts in April. Most likely cuts to capital spending, social welfare and public service pensions. Reversing the social welfare and public service pensions exemption in the budget leaves them a few hundred million they can get in plus say another 10% cut in child benefit from say July 2010 will bring in circa €125million. Other cuts to ODA etc could bring in another few million.
Hello default and IMF, thats one thing guaranteed on the outcome of these figures. We are already €880 odd milion off our budget projections, unemployment rose in January. Tax take despite the income and pension levies is way down. February and March will be an absolute calamity. We are borrowing €500 million a week to stay afloat. How much will it cost to service the debt in 2010. There’s a shortfall already there of €25 billion, thats before NAMA and the bank recapitalisation.
Its all over, its only a matter of time before the IMF Fat Lady sings. We are effectively bankrupt. The Greeks have nothing on us.
2010 could well be a pivotal moment in our history. McWilliams was right, we are our way to becoming the Uruguay of Europe, riches to rags. We fucking blew it. Thanks Cowen you incompetent buffoon.