The Stop Runaway Government Borrowing and Spending Act 2012

[jxbr]

AN ACT TO COMPEL GOVERNMENTS TO MODERATE
SPENDING BY FORCING REDUCTIONS IN OVERALL
BORROWING IN PROPORTION TO TAX AND
OTHER REVENUE INCREASES

PART 1

Preliminary and General

1. • This Act may be cited as The Stop Runaway Government Borrowing and Spending Act 2012.

PART 2

Operation and Penalties

2. • (1) For every euro increase in any one of:

3. Income Tax

4. PRSI, USC and any other social insurance related levies

5. Public service salary costs

6. Other centrally levied taxes, tolls, duties, charges, excises or dues

in any year over the previous year caused by a change in rates or bands in the case of taxes or by increments, pay awards or increased staff numbers, permanent or contract, in the case of public service salary costs, total government borrowing must be reduced by an equivalent euro.

(2) All adjustments must be made in full in the year after the overrun/underrun has occurred.

3. • (1) A public representative guilty of an offence under this Act for which no penalty other than by this section is provided shall be liable to be removed from public office and to be disbarred from holding any public office for 10 years.

(2) All adjustments not made will be doubled for every year they remain unpaid.

Any chance of a sponsor from the ranks of the independents?

[nespotm]

This is real and exists in the USA …since 1990, called PAYGO…and it is totally irresponsible that something similar has not existed here.

“The PAYGO compels new spending or tax changes not to add to the federal deficit. Not to be confused with pay-as-you-go financing, which is when a government saves up money to fund a specific project. Under the PAYGO rules a new proposal must either be “budget neutral” or offset with savings derived from existing funds.[1] The goal of this is to require those in control of the budget to engage in the diligence of prioritizing expenses and exercising fiscal restraint.”

en.wikipedia.org/wiki/PAYGO

[Ctrl_P]

@nespotm

This is real and exists in the USA …since 1990, called PAYGO…and it is totally irresponsible that something similar has not existed here.

It obviously hasnt worked in the USA. Their annual deficit is now over $1 trillion. That is $1,000,000,000,000. That is every year their national debt is growing by that amount.

We already have it in Ireland. Its called the Fiscal Compact. We voted for it. And not only does it require budget measures to be deficit neutral. It actually requires us to run a budget SURPLUS every year until the national debt is below 60% of GDP.

Some hope of that!

[nespotm]

@Ctrl+P=$

@nespotm

This is real and exists in the USA …since 1990, called PAYGO…and it is totally irresponsible that something similar has not existed here.

It obviously hasnt worked in the USA. Their annual deficit is now over $1 trillion. That is $1,000,000,000,000. That is every year their national debt is growing by that amount.

We already have it in Ireland. Its called the Fiscal Compact. We voted for it. And not only does it require budget measures to be deficit neutral. It actually requires us to run a budget SURPLUS every year until the national debt is below 60% of GDP.

Some hope of that!

Do you wish to try something that is fundamently sensible and has the possibility of working and or do nothing and just wallow in the mire?

In short, we should have a ballanced budget clause so that giveaways in one area are matched to taxes in other areas (aiming to reduce both).

[evilal]

Wait for it… wait for it… Bitcoin plug coming any second now…