The Economic Impact of Covid 19

coronavirus
#165

Making it up is exactly what they are doing.

#166

As I’ve said on other threads here - you’re in for a long sh*tyy winter of lockdowns - watch the economy slowly sink and the house prices follow soon after.

Sell sell sell!

#167

I think we need a guide to living with NEPHT. I think they have overextended and removed any remaining goodwill this time.

#168

DJT

#169

No level 5. As you are for Dublin and rest of the country joins us at level 3

Micheal most likely couldnt sell it to party TDs who in turn couldnt sell it to constituents. Duffys circus all round.

Interesting to note that lefties like Coppinger and Boyd Barrett are straight out of the traps to suggest that blood will be on the Govts hands for failing to lockdown if numbers rise. They really want the economy to tank so as to make capital from the ensuing human misery.

#170

The fiscal cost of the pandemic is becoming clearer but it could get even worse:

€42 billion in 2020 and 2021 could quickly become €47 billion or more and the momentum of economic recovery would be halted, with unemployment remaining above 14 per cent.

Almost all of this deficit is due to increased government spending. The only tax cut worth noting is the VAT reduction from 13.5 per cent to 9 per cent. No help if your pub or restaurant is closed.

When did economic stimulus become synonymous with increased government spending?

Will this largesse become permanent?

#171

In a word, yes.

They have just bought compliance and loyalty sweetened with hope .

Art/life. https://youtu.be/hS57I6swXcc

Wakey peeps.

#172

Interesting take on the future of what became a cash cow for the education sector over the past decade.

This should result in lower rents in the short term and will put financial pressure on Irish 3rd level institutions over the medium to longer term.

The linked Journal article is here

#173

I can see a number of the student developments that have sprung up being taken over by the councils to alleviate the pressures they are facing, so a bail out in effect. The Greens have signalled that Direct Provision is going to end over the next few years so this might assist them in that endeavour. Hopefully students manage to get cheaper rent out of this. Though if general rents drop considerably in the medium term they might start looking at renting in the places they got priced out of in the last 7-8 years.

Those new developments under construction in Belfield are a sight to behold. If foreign students don’t return in large numbers then they will have a serious hole in their finances.

#174

not to hijack thread, but from a property perspective, if the pharma scam doesnt succeed, property will go through the floor in ireland

The Narco state article on there explains the impact on emports, scroll down the main page

#175

MLMcD’s ascent through the ranks of SF alone is an indication that there are “higher powers” within the organisation. She was noted early on as a much easier sell than some ex-con called Patsy from the Falls Rd and fast-tracked to the top; you can see a similar trajectory with Michelle O’Neill who ticks many of the same demographic PR boxes. The question is whether the people who put both of them in place are operating out of Belfast or London


#176

Bizarre

#177

ever get the feeling that they’re trying to tell us something - its almost like theyre seeing what they can get away with and how far they can push people before they wake up. Like a grand experiment - “how much has 30 years of brainwashing achieved? Let’s see”.

Looking around Ireland, i estimate 70% of the population still believe the tv and politicians. 20% understand it and are fighting it. And 10% are mentally destroyed by their knowledge that its all a massive scam/lie/hoax

#178

Bizarre maybe, but then again not really, it’s all a bit Anna Nicole Smith.


and more recently Katy Perry

Popular culture is one giant m k ultra psych attack anytime I have a peep at it through the slits in the window blinds. It’s not Art. It’s so very much not Art.

#179

Adare Manor hotel furloughs 75% of staff.

Interesting to note also that Limerick hurlers appear to be unsponsored this year. JP McManus (who owns Adare Manor) had been funding them over the past few (very succesful) years but they dont have a sponsor emblazoned across their shirt the last two Sundays. Not clear if its related.

#180

It is.

#181

Hopefully he weathers the storm.

A lot of people very dependant on JP McManus across a number of fronts.

#182

See mc killen. Same story.

They are fighting the good fight as they know how.

#184

I stayed in Adare Manor a few years ago before they did it up. Price was c.250/night. After the refurbishment their prices are 375/night min.

My guess is covid means rich foreign guests aren’t around this year. Prices were not dropped to attract Irish guests either

#185

Michael McGrath warns of new taxes (while saying there is no such plan :smirk:) because the ECB won’t keep magic money flowing indefinitely.
https://www.irishtimes.com/news/ireland/irish-news/government-will-need-to-look-at-ways-to-find-extra-money-in-wake-of-covid-crisis-says-mcgrath-1.4408849

His job as Minister for Public Expenditure and Reform is to control public expenditure but our politicians, without exception, are pressing for more public expenditure without regard to the tax burden. Their extravagance was manageable while growth in the economy boosted revenues, especially Corporation Tax, and they “forgot” to unwind emergency taxes. This year, the ECB has supported the Euroarea economy by hoovering up its Member State’s sovereign bonds - and rightly so during the pandemic - but the central bankers have told the politicians that this won’t last.

There will come a time, perhaps as early as later next year, when our borrowing costs will be fully determined by the attitude of investors on the markets.”

You might imagine that this would be a good time for the Minister for Public Expenditure and Reform to tell us that the additional, COVID-related expenditure would have to be unwound as quickly as possible when the pandemic is over. If so, you don’t understand the first thing about Irish politics today.

“I think we will inevitably have a larger state coming out of the pandemic,” McGrath says. While some interventions have been temporary, “we have also made decisions that will result in a permanently larger public service”.

So how will you pay for this huge public service, Michael?

“We have to keep our options open. We’re certainly not saying that there won’t be revenue-raising measures in the Government’s lifetime, because I think it is inevitable there will be some.”

After the double-negative smokescreen, he gives us the bitter truth - tax increases are inevitable because he won’t unwind the COVID-related growth in State expenditure. He also knows he can’t rely on Corporation Tax (last month’s outturn was further proof that no one in Merrion Street has the faintest notion what revenue we will get from that golden goose.). Even the new carbon taxes won’t suffice, so it’s open season on the taxpayers.

While carbon tax increases are a function of policy that is written in stone, “in other cases, it would be a reflection of the fact that we are placing a priority on the provision of good public services, and that’s something that I strongly believe in”.

Every Irish politician assumes that public expenditure is a zero-sum redistribution game although our economic history provides a text-book example of how tax cuts can boost the economy. I can’t think of any serious media commentator who highlights the point. I can remember when the phrase “Celtic Tiger” was a source of pride (i.e. before Bertie became more socialist than Joe Higgins).