You're €44,365 in debt. All set for another recession?

tabby aspreme

[quote="A Tyrant Named Miltiades!;

How are ye fixed for the next economic crisis?[/quote]

Grand !! I'm going to use the 44k which I have been pre approved for, to leverage another 100k, I didn't party during the tiger years but I'm not missing out this time, going shopping for a new deck, a conservatory, and a month in Lanzagorotty

Uncharted

Uncharted wrote: »

What's needed here are more shopping trips to New York and decking, lots of decking.

theres a fair proportion of the population need decking alright!

dhaughton99

In the council estate I’m living, all the younger families are driving newish people carriers and 4 wheel drives.

ELM327

ELM327 wrote: »

It should be paid down in the good times, but (and this is my point) painting the picture of the per capita figure implies that it all needs to be paid back and ASAP. When in reality a majority of national debt is serviced and rolled over.

No country ever pays off its national debt, with the exception of a handful of countries who have discovered massive wells of oil in their backyard.

That's a given.

The per capita statistic is not a per unit time figure, so I'm not sure why it would lead anyone to believe that the debt needs to be repaid immediately. I think most people know that isn't the case.

By now, most people also know that its a measurement that is employed by banking institutions and financial media when discussing whether or not our debt load is sustainable.

amcalester

€44K? I ****ing wish that’s all I owed.

A Tyrant Named Miltiades!

A Tyrant Named Miltiades! wrote: »

No country ever pays off its national debt, with the exception of a handful of countries who have discovered massive wells of oil in their backyard.

That's a given.

The per capita statistic is not a per unit time figure, so I'm not sure why it would lead anyone to believe that the debt needs to be repaid immediately. I think most people know that isn't the case.

By now, most people also know that its a measurement that is employed by banking institutions and financial media when discussing whether or not our debt load is sustainable.

so why start the thread with such a bait line

Harry Palmr

national debt is merely about interest payments, less or more. Interest rates are on the floor and are not going to rise. Certainly not in a recession.

ILoveYourVibes

A Tyrant Named Miltiades! wrote: »

You don't though.

This isn't some abstract hypothesis. It's a real debt, actual cash, and these are real borrowings. They are reflected in your tax contributions.

That's not the way I see it though.
No matter where I live I will pay tax.

I see your point though...i feel less proud ...i feel foolish for feeling as free as i did a moment ago...life ..seemed so simple then.

Deleted User

Deleted User wrote: »

so why start the thread with such a bait line

Bait?

We're talking macroeconomics/ political economy here.

It's hardly Love Island.

serfboard

tabby aspreme wrote: »

a month in Lanzagorotty

Would that be the island:

a) that's a real dump - Lanzagrotty

or

b) where you're likely to get murdered - Lanzagarrotey

McMurphy

ILoveYourVibes wrote: »

I have zero debt.

Not only that. No member of my family has any debt at all not even a car loan.

And yes we own cars and property.

Wanderer78

The rapid rise of private debt was one of the main culprits of the last recession, not public debt

ILoveYourVibes

Johnny Dogs wrote: »

That's so me.

kneemos

A Tyrant Named Miltiades! wrote: »

No country ever pays off its national debt, with the exception of a handful of countries who have discovered massive wells of oil in their backyard.

That's a given.

The per capita statistic is not a per unit time figure, so I'm not sure why it would lead anyone to believe that the debt needs to be repaid immediately. I think most people know that isn't the case.

By now, most people also know that its a measurement that is employed by banking institutions and financial media when discussing whether or not our debt load is sustainable.

We were damn near it before the recession. Thirty billion or something if I remember rightly.

ILoveYourVibes

We will never pay off our debt as a country.

codrulz

Debt to GDP has become a redundant figure with regards to Ireland. Debt to GNI offers a much more accurate depiction as to the state of our national debt.
Ireland's Debt:GDP has been improving considerably in recent years, not due to a prudent government and hyperactive NTMA but skewed GDP statistics. Our national debt isn't decreasing, our GDP is just increasing exorbitantly. Hopefully, the NTMA will continue lowering our avg interest rate given the current historic low rates we could fix to.

colm_mcm

ILoveYourVibes wrote: »

We will never pay off our debt as a country.

Course we will.

ILoveYourVibes

colm_mcm wrote: »

Course we will.

You really fink so?? You really believe in us??

Plumbthedepths

ELM327 wrote:

However in a banana republic like ours we elect loonies and pay the price (literally) in the poor governance we receive.

I've heard FG described as many things but never loonies.

Wanderer78

Wanderer78 wrote: »

The rapid rise of private debt was one of the main culprits of the last recession, not public debt

True. Lest I be accused of being an old misery guts again (but I am an old misery guts), it's worth remarking that our private debt stock has fallen impressively.

kneemos wrote: »

We were damn near it before the recession. Thirty billion or something if I remember rightly.

And then came the 360 billiion euro of contingent liabilities, via the financial institutions.

We came close to wiping-out the debt because we were in a boom-bust cycle of a magnitude that this planet has rarely seen.

Your point is accurate, but it only goes to demonstrate the unsustainable nature of our public debt in historical terms. As a state, we are bad with money. We haven't learned our final lesson yet.

ILoveYourVibes

ILoveYourVibes wrote: »

We will never pay off our debt as a country.

Everybody knows this. All the banks know it, all the users of this forum know it. Don't worry, we know.

I think you're missing the point. Debt per capita, and debt as a numerator in GDP are useful metrics. They tend to show if a debt is sustainable or not.

_blaaz

kneemos wrote: »

We were damn near it before the recession. Thirty billion or something if I remember rightly.

We've paid more than that in interest in last five years

enfant terrible

How do we compare to the US?

I'm always hearing about their massive public debt on CNN and Fox.

codrulz

enfant terrible wrote: »

How do we compare to the US?

I'm always hearing about their massive public debt on CNN and Fox.

The US is around 108% Debt:GDP.. Japan would be very high compared to most other large/developed economies at over 250%.

Uncharted

Uncharted wrote: »

What's needed here are more shopping trips to New York and decking, lots of decking.

Then a nice 0% interest PCP deal on a brand new Tesla :cool:

4068ac1elhodqr

vriesmays wrote: »

The solution is easy - more immigrants.

Any type you prefer, or simply 'unspecified'?
E.g. Unskilled, uneducated, illiterate, economic migrants, of questionable backgrounds?

Or the actual 'Doctors n' Engineers' with a solid paper-trail. Who will be hugely benefical, and stand a fighting chance during the next economic crisis/recession.

With a looming MNC corp-tax advantage out the window, negative equity housing, brexitland, and of course the really big one - automation replacing many human gig-economy assets (human redundancy, by the shed load).

kneemos

vriesmays wrote: »

The solution is easy - more immigrants.

Actually it is,eighty thousand to get the housing boom going.

Atoms for Peace

enfant terrible wrote: »

How do we compare to the US?

I'm always hearing about their massive public debt on CNN and Fox.

It's an interesting topic alright. Andrew Jackson was the only president to eliminate public debt completely.

Ubbquittious

We just need one person who will take on all the debt. Let that person languish for a while and the banks chase him for the billions and after a while he declares bankruptcy and the debt vanishes into thing air. Poof!

Alternatively we create a new rebel group to whom the government immediately surrenders most of it's territory to except for leinster house. The leinster house micronation gets stuck with the billions of debt and can't pay it and eventually becomes a derelict building. Newly created Ireland except leinster house country joins the EU with a clean slate.

ytpe2r5bxkn0c1

enfant terrible wrote: »

How do we compare to the US?

I'm always hearing about their massive public debt on CNN and Fox.

They are more than double per capita of what we are. The UK is very close to our figure.