Dannyboy83 Registered User
#1

http://www.financedublin.com/debtclock.php --> This is scary, click the link.




A question for the economists:
Why wasn't the Irish debt paid off in full when we had the money?

kbannon Où est le Centre de Georges Pompidou?
#2

Surely buying off the unions, SSIAs, etc. was more important?

6 people have thanked this post
Riskymove Registered User
#3

Dannyboy83 said:


A question for the economists:
Why wasn't the Irish debt paid off in full when we had the money?


that would be against the berite/mccreevy philosophy of "spend it while you have it" and "keep everyone happy no matter what the cost"

Riskymove Registered User
#4

kbannon said:
Surely buying off the unions, SSIAs, etc. electorate was more important?


I think this was more the objective than any one sector

jimmmy Banned
#5

Riskymove said:
I think this was more the objective than any one sector


If one was from that sector, one may say that. The fact remains that sector is the highest paid in the known world.

kbannon Où est le Centre de Georges Pompidou?
#6

Riskymove said:
I think this was more the objective than any one sector
Speaking for myself, I can't think of how I was bought! I could possibly say the same for my close family and friends.

Lockstep Boondock Saint
#7

What is the current debt/GDP ratio?

Riskymove Registered User
#8

kbannon said:
Speaking for myself, I can't think of how I was bought! I could possibly say the same for my close family and friends.


SSIAs?
tax reductions?
Increased expenditure on child benefit, OAP pensions etc?
tax breaks?
financial and legislative support for many private sector areas?

obviously not everyone votes FF as a result but many obviously did and I firmly believe the intention was to throw as much money around as possible to keep everyone happy

kbannon Où est le Centre de Georges Pompidou?
#9

I wasn't bought though! I can still see a politician or a political party for who they are!

Riskymove Registered User
#10

kbannon said:
I wasn't bought though! I can still see a politician or a political party for who they are!


er...good for you

I think i can too but I still think my point is generally sound in that the bertie regime threw money at all sectors in order to try and keep them happy and stay in power

this is why they did not pay off the national debt

Dannyboy83 Registered User
#11

kickoutthejams said:
What is the current debt/GDP ratio?


I think its currently at the same level as 1996, and since we are borrowing €1 billion per 2 weeks, it will be closer to 1994 by December.

We are going back to the future!
I wonder if we could bring Sean Lemass back to fix the budget.
Honestly tho, we don't need Lemass, everyone knows what needs to be done, just Brian Clow(e)n is too spineless to do it.

We are like an African child, Fianna Fail are like the vulture and the Green party are Kevin Carter.

Don't forget that the economy is still predicted to contract again next year and interest rates are predicted to rise, so GDP is going to fall faster next year and debt is going to rise faster.
I wonder if those famine ships still float?

2 people have thanked this post
ardmacha Registered User
#12

so GDP is going to fall faster next year


Nonsense. I'll bet you the price of a house that GDP does not fall faster next year.

Nate--IRL-- Registered User
#13

ardmacha said:
Nonsense. I'll bet you the price of a house that GDP does not fall faster next year.


Would that be the real Market price or the Long Term Economic Value price?

Nate

5 people have thanked this post
#14

My God that is frightening and nothing is being done to stop the flow.

There are 3 really worrying things 1) the unions and a lot of the public sector seem oblivious/blind/don't care as to how fast our debt is rising and will do anything to stop public sector wage cuts 2) why on earth haven't the government taken some action already, the April budget clearly wasn't enough ad did nothing to address the fundamental problem they have i.e way too much is being spent on public sector wages and on welfare 3) there is no sign that the economy is going to change for the better anytime soon and i still believe that it will get worse before it gets better. House prices have not yet bottomed and jobs are still being lost

In the time it takes you to read this post the country will have become about 20k more indebted, frightening

1 person has thanked this post
Dannyboy83 Registered User
#15

€ 71,000,008,866

Another billion gone

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