Good economic news thread

Rightwing

barneystinson wrote: »

Yeah, it would be terrible if they honoured their commitment to the hundreds of thousands of PS workers... :rolleyes:

It will be a damn sight worse if they lead the country down the abyss again.

And make no mistake about it, there is big trouble brewing on the more important stage, how foolish this Government will be if they blow a relative position of strength at just the wrong time.

barneystinson

Rightwing wrote: »

It will be a damn sight worse if they lead the country down the abyss again.

And make no mistake about it, there is big trouble brewing on the more important stage, how foolish this Government will be if they blow a relative position of strength at just the wrong time.

Speak English, what are you talking about?

I don't see where this position of strength you talk about is, if you're talking about PS pay. They need to come up with a new deal or else the FEMPI will lapse and everything has to be restored at once. Given the improvement in the economy, the PS unions will be the ones in a strong position - "our members have done our bit, time for them to get the quid (or Euro) pro quo"...

johnnyskeleton

barneystinson wrote: »

Says the fella who's been on Boards for a month...

barneystinson wrote: »

Speak English, what are you talking about?

MOD: Attack the post not the poster.

Rightwing - if someone attacks you please use he rport post function and do not respond in thread.

Godge

http://www.rte.ie/news/business/2015/0420/695252-economy/


"The Government is on course for tax receipts about €2 billion greater than originally accounted for, according to Goodbody Economics.

In its latest report, Goodbody said the budget deficit should fall to 1.9% this year, a vast improvement on the budget day forecast of 2.7%.

It will then fall to below 1% next year."


Well, at least the government will have plenty of money to give the public servants.

Kermit.de.frog

Thankfully it's not a Labour majority government! We need tax decreases not wage increases.

Villa05

Kermit.de.frog wrote:

Thankfully it's not a Labour majority government! We need tax decreases not wage increases.

Considering tax decreases are targeted at the higher paid, we should hold off on both.

The argument is that the economy will grow if we cut taxes for the higher paid. However the economy seems to be doing fine without these tax changes.

The major reason the economy is growing is because of Mario Draghi policies. These are supposed to be short term emergency measures and we should be using the benefits to eat into our debt mountain and retain our competiveness so that we are much stronger when the economy slides again

Kermit.de.frog

I agree but it's not all Draghi. Ireland has retained it's export based policies as well.

Let's take tax for example. If a wealth tax was brought in, say as SF suggest, what executive in their right mind would come here to run any investment in Ireland? They wouldn't and that would cost jobs. Instead of getting some money from them we would get no money at all.

Tax should not be cut for the highest earners but we need to be sensible and not introduce extra tax at the same time.

Quin_Dub

I wouldn't touch the tax rates for now , but the bands need adjustment..

The entry point for the top rate needs to move up considerably (over time) a medium term target should be move to a €50k entry point.

I also wouldn't touch USC - It's the only tax that a far too large group actually pay.

Godge

http://www.rte.ie/news/business/2015/0420/695349-cso-deficit/

"New figures from the Central Statistics Office show that the country's budget deficit fell to 3.1% of gross domestic product in the fourth quarter of 2014, or a deficit of over €1.46 billion.

This is well under a European Union-set target of 5.1% as the Government moves towards cutting it below 3% by the end of this year. "


CSO figures back up what the DoF was saying and projecting for 2015. When you see the figures coming in for the Exchequer returns, it looks much better.

BoJack Horseman

Godge wrote: »

http://www.rte.ie/news/business/2015/0420/695349-cso-deficit/

"New figures from the Central Statistics Office show that the country's budget deficit fell to 3.1% of gross domestic product in the fourth quarter of 2014, or a deficit of over €1.46 billion.

This is well under a European Union-set target of 5.1% as the Government moves towards cutting it below 3% by the end of this year. "


CSO figures back up what the DoF was saying and projecting for 2015. When you see the figures coming in for the Exchequer returns, it looks much better.

Its interesting how the very anti-government 'TheJournal' reported it:

http://businessetc.thejournal.ie/budget-deficit-ireland-2015-2059135-Apr2015/

This man should have an extra €2 billion to play with come budget time"

Quite the dog whistle headline!

Every 2nd comment demanding the abolishment of USC, despite it being the only income tax people with unearned income have to pay.

Why do left-wingers always end up accidentally lobbying for the wealthier in society.

Godge

BoJack Horseman wrote: »

Its interesting how the very anti-government 'TheJournal' reported it:

http://businessetc.thejournal.ie/budget-deficit-ireland-2015-2059135-Apr2015/



Quite the dog whistle headline!

Every 2nd comment demanding the abolishment of USC, despite it being the only income tax people with unearned income have to pay.

Why to left-wingers always end up accidentally lobbying for the wealthier in society.

Yeah, I don't get the fixation with USC either. To me, it is a great tax because there are no exemptions and you can't avoid it.

the groutch

forget about tax cuts, they should be reversing spending cuts, especially in the health sector.
shows again just how similar FG & FF really are, buy every election and f*** the consequences.

BoJack Horseman

the groutch wrote: »

especially in the health sector.

Health expenditure was the same in 2014 as it was in 2007.

Its been trimmed, but remains pretty well insulated.

While I agree, an increase in public expenditure is needed, it should be heavily weighted towards infrastructure instead of service provision.

Its infrastructure & capital expenditure that bore the brunt of government expenditure reductions.

ardmacha

BoJack Horseman wrote: »

Why do left-wingers always end up accidentally lobbying for the wealthier in society.

Perhaps because if they understood economics they too would be wealthy?

the groutch wrote:

forget about tax cuts, they should be reversing spending cuts, especially in the health sector.

There certainly is a need to increase spending in many areas, reversing the cuts though implies that the pattern of expenditure should be that of 2008 and this is not necessarily the best way to go.

BoJack Horseman

ardmacha wrote: »

Perhaps because if they understood economics they too would be wealthy?

Wouldn't we all!

frankbrett

BoJack Horseman wrote: »

Its interesting how the very anti-government 'TheJournal' reported it:

http://businessetc.thejournal.ie/budget-deficit-ireland-2015-2059135-Apr2015/



Quite the dog whistle headline!

Every 2nd comment demanding the abolishment of USC, despite it being the only income tax people with unearned income have to pay.

Why do left-wingers always end up accidentally lobbying for the wealthier in society.

I thought that crowd generally poo pooed good economic news as 'job bridge' or 'more money for bondholders'. Until they get a whiff there might be some goodies on offer......

Head The Wall

Godge wrote: »

http://www.rte.ie/news/business/2015/0420/695252-economy/


"The Government is on course for tax receipts about €2 billion greater than originally accounted for

What's €2 billion considering there is debt of €203 billion, it's not even 1% of it.

Greyian

Head The Wall wrote: »

What's €2 billion considering there is debt of €203 billion, it's not even 1% of it.

Yeah, it's a pity that tax receipts are expected to be ahead of forecast...

my friend

Head The Wall wrote: »

What's €2 billion considering there is debt of €203 billion, it's not even 1% of it.

You're quite the mathematician !

Well done you.

draiochtanois

This post has been deleted.

murphaph

Godge wrote: »

Yeah, I don't get the fixation with USC either. To me, it is a great tax because there are no exemptions and you can't avoid it.

There are lower rates of USC for those over 70, which isn't fair but old people vote.

Geniass

draiochtanois wrote: »

This post has been deleted.

Anyone know what interest rates the debt is owed at?

While the principal has increased significantly over the years, likewise the interest charged has dropped dramatically (even being paid money to take a loan).

Anybody care to estimate what the increase in servicing the debt is compared to the end of 2007.

Not sure if a GOOD story, more like a not as bad as feared (does that count ) story

Godge

Head The Wall wrote: »

What's €2 billion considering there is debt of €203 billion, it's not even 1% of it.

What has the amount of unpredicted excess tax receipts got to do with the level of the national debt?

Geniass

Godge wrote: »

What has the amount of unpredicted excess tax receipts got to do with the level of the national debt?

A billion here, a billion there, and pretty soon you're talking about real money.

Geuze

Geniass wrote: »

Anyone know what interest rates the debt is owed at?

While the principal has increased significantly over the years, likewise the interest charged has dropped dramatically (even being paid money to take a loan).

Anybody care to estimate what the increase in servicing the debt is compared to the end of 2007.

End-2014 public debt = 203,319m gross

http://www.cso.ie/en/releasesandpublications/er/gfsa/governmentfinancestatisticsapril2015/#.VTZxIiHBzGc

2014 interest bill = 7,502m

I calculate the average cost of debt to be 3.7%.

Newly-issued 10yr bonds are yielding under 1%

Geuze

draiochtanois wrote: »

This post has been deleted.

The gross debt was 203bn at end-2014.

The net debt was 166,693m.

http://www.cso.ie/en/releasesandpublications/er/gfsa/governmentfinancestatisticsapril2015/#.VTZxIiHBzGc

Godge

Geniass wrote: »

A billion here, a billion there, and pretty soon you're talking about real money.

To use a comparison with normal people, the poster was more or less saying that my income going up by 20% was a problem because my mortgage was still huge but manageable. The comment did not make sense on any level.

draiochtanois

This post has been deleted.

frankbrett

draiochtanois wrote: »

This post has been deleted.

Your €182bn figure was national debt. The €203m is Gross Government Debt, a wider encompassing measure that is used in EU deficit calculations.

Mongfinder General

With GDP increasing, our debt level should decrease even if we are still borrowing. Would it be imprudent for the Government to go hell for leather in the debt markets and borrow as much as they could at 1%? Would a mounting cash pile spook the markets?

If we had another September 2008 type downfall at least this time the Government would have liquid. We would not immediately be at the mercy of Trioka type funding.