Good Budget? I don't think so.

U

UptheDeise

Registered User
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272
Quite a lot of people are saying that this budget was necessary, good and proper to get our economy back on track.

I beg to differ.

We will probably borrow €24 billion this year. Next year we will have €4 billion in cuts, so we need to borrow €20 billion plus €5 billion to service our debt. That's €25 billion in total. Add on the rising unemployment costs, less PRSI and VAT, plus more doled out on benefits and entitlements, how much more we will have to borrow in 2010 is anyone's guest.

Thoughts please.
 
Did you listen to The Last Word with Matt Cooper this evening? He had a panel in a Dublin hotel. Excellent programme.

What a lot of speakers were amazed at and frustrated with was that there was no mention in the budget speech of the huge amount of capital that will almost certainly have to be poured into the banks again next year. Their point was that this would more than totally wipe out the gains to the Government in the budget and yet, he made no reference to it.
 
According to the Irish Times Anglo Irish Bank alone reckon they will need 6 Billion to keep going - it defies belief !
It's no wonder Brian Lenihan didn't mention this yesterday , he probably didn't want to see riots on the streets !
 

So you're saying that you disagree with Begg's plan to borrow even more than the 25bn to "spread out the pain"?
 
Lenihan made it clear on the radio, he felt he could not raise taxes without getting spending under control. Hence I think the focus in 12 months time will be on increasing the tax take significantly
 
Mpsox said:
Lenihan made it clear on the radio, he felt he could not raise taxes without getting spending under control. Hence I think the focus in 12 months time will be on increasing the tax take significantly
Click to expand...
WHy the 12 month wait?
 

So you're saying there should have beeen more cuts?
 
Round 1. Raise taxes
Round 2. Cut salaries/Social Welfare.
Rouind 3. Introduce Property Tax/Water Charges/University Fees/Reduce Allowances.?
 
Complainer said:
WHy the 12 month wait?
Click to expand...
Didn't the last 2 budgets (in same year) attempt to raise the tax intake by the addition of new levies, increasing old levies and the raising of VAT?

We appear to me to be at point 3 on the Grizzly scale.

Is the gist of this thread that we shouldn't have done anything because the amount that we have saved is so much less than we are borrowing? That instead we should borrow more?
 
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