The 350 a week was a catastrophic and costly mistake

krissovo

Dr. Bre wrote: »

The 350 was always too much

Bollox, it kept the people at home and limited the stress of not having an income. My guess is that you are sitting pretty and still earning a wage and didnt need the 350. I am lucky as I am working from home and get a wage and I know I will pay heavily for the payment but people in my community are not so lucky and they need it. Even if it is more than they were earning prior the lock down is a petty argument in the grand scheme of events.

It has been a time where generosity has been the best tactic and I and a lot of people who pay reasonably high taxes that I know would happily support again.

RandomViewer

pm1977x wrote: »

It’s being extended to August and then reduced and phased out gradually, will be quite the bill!

Been listening to this for a fortnight now and can't get over how naive the anti Covid payment posters are,
the payment is cheaper than everyone signing on for Jobseekers, they'll crow about 203 versus 350 but the reality is that a large percentage of people currently on the non- assessed payment will be married with a few children, with dependants added the claims will be higher than the payment plus they'll all qualify for housing and medical payments.

pm1977x

RandomViewer wrote: »

Been listening to this for a fortnight now and can't get over how naive the anti Covid payment posters are,
the payment is cheaper than everyone signing on for Jobseekers, they'll crow about 203 versus 350 but the reality is that a large percentage of people currently on the non- assessed payment will be married with a few children, with dependants added the claims will be higher than the payment plus they'll all qualify for housing and medical payments.

It’s a statement of fact, it’s going to be a huge bill, I’m not anti the payment (except for scammers) and I’m quite surprised how well FG have handled it.

RandomViewer

pm1977x wrote: »

It’s a statement of fact, it’s going to be a huge bill, I’m not anti the payment (except for scammers) and I’m quite surprised how well FG have handled it.

Huge bill either way, they got their fingers burned with austerity and took their cue from Boris, with the exception of Charlie Flanagan I don't think there are any Noonan type sadist s left in FG.

Turbofocus

This extension off the 350 will take a lot of pressure and anxiety off people that absolutely need it and are at a loss in earnings through no fault of their own. Unfortunately there will always be other people that milk the system.

I heard about the extension this morning on the news. It was really the only way to do it, in fairness.

Personally, I am claiming it, but hope to get off it in 2-3 weeks, all going well. I'd imagine very, very few people will be claiming it for the full duration of the scheme (and the people that are claiming from start to finish are probably the ones that should be getting looked at when the time comes around).

Not sure how people are getting away with claiming multiple payments, to be honest. Surely you'd need several bank accounts, names, addresses etc? I would assume if you stick the same bank details in more than once, that it would flag up on their system (perhaps I'm giving the Dept. of Social Protection too much credit though).

salmocab

I’m happy people got this payment, it was rushed through and I’m sure most would agree that people earning 100 a week shouldn’t have got it at that level but it was an emergency temporary payment and I don’t begrudge those that done well, the scammers on the system is really an ongoing problem that I suspect would take time to sort out and really it’s an ongoing and different issue.
So long as it’s removed in a fair and reasonable manner I think it was well played by the government.

Sweet.Science

It was brought in nearly overnight. It was either everyone gets it or nobody at all . They didn't have time go through every individual request.

Imagine the uproar if everyone waiting a month or so to be paid

People whinge about the impact of the €350/week on the country's finances but we'd be in a much worse state without it.

Jinglejangle69

I know of some companies with employees on the wage subsidy scheme who are coming to arrangements to have jobs they are doing now with clients dated back months ago to pretend their turnover is down to keep getting the top up payments.

Whole thing is open to fraud but we had no choice.

Really hope revenue catch all these when its all over.

GocRh

jobeenfitz wrote: »

Giving money to people who need it in a crises. Better than bailing out banks an bond holders. I don't like FG but fair play to them.

Banks will be the next in line for another State bailout. Commercial loans will likely become a major liability, rent collection already down to 60% in some large property funds.


https://www.irishtimes.com/business/commercial-property/rent-collections-in-aviva-property-funds-as-low-as-60-amid-covid-19-1.4259543

hi5

I hope they catch me!
I was earning about €1000 a week as self employed in a non essential service.
For the last two months I've been on €350, the bills are piling up, my expenses didn't go away.
Luckily I had some savings set aside for something else so I'll take it on the chin.
And I'm not the only one in this situation.
Will an investigation give me the extra €650 per week that I lost?

RocketRaccoon

Forgive me for asking but where has the extension been announced?

Tomrota

[Deleted User] wrote: »

People whinge about the impact of the €350/week on the country's finances but we'd be in a much worse state without it.

Does a lot more good than harm. It stimulates the economy and gives people the ability to somewhat relax in a bad economic situation, possible saving the economy. Shame people don’t have that same rage against Fianna Fáil for giving tens of billions to the banks, where’s that money gone? Socialism for the banks.

It’s laughable that people are outraged that a student who’s typically on the BARE minimum wage is getting some extra money for a few weeks. Such an Irish attitude. The only negative I would see is if a rich person was getting the payment, and even still I don’t mind cause it’s a universal payment.

joebloggs32

hi5 wrote: »

I hope they catch me!
I was earning about €1000 a week as self employed in a non essential service.
For the last two months I've been on €350, the bills are piling up, my expenses didn't go away.
Luckily I had some savings set aside for something else so I'll take it on the chin.
And I'm not the only one in this situation.
Will an investigation give me the extra €650 per week that I lost?

If they didn't lash out cash to some people way above what they were earning then yes.
My sister in law is student. Had a part time job earning up to max €150 per week.
Covid payment put her on €350.
Moved home, stopped paying rent and has now been able to splash out €2500 on a car!

Wanderer78

GocRh wrote:

Banks will be the next in line for another State bailout. Commercial loans will likely become a major liability, rent collection already down to 60% in some large property funds.

The banking system was always gonna wobble with this, what a bloody mess, we solved very little from the last crash

RocketRaccoon

RocketRaccoon wrote: »

Forgive me for asking but where has the extension been announced?

https://www.irishexaminer.com/breakingnews/ireland/350-a-week-covid-19-payment-stays-until-august-1001045.html

“ Payments will be in place as long as restrictions remain
Efforts will be made to transfer people off the emergency €350 payment to the wage subsidy scheme as quickly as possible
The reduction in payments must happen in tandem with the lifting of restrictions
Part-time workers including students who are “better off” on the payment will see a reduction in their payments
Recipients of the emergency payment such as lone parents who are also in receipt of other welfare payments are likely to face a “clawback” of money of over €1,000 by way of a retrospective means testing
It is planned that anyone receiving the pandemic payment who turns down an offer of a return to work will become ineligible for it
Greater enforcement powers are being examined to police those refusing offers to return to work.”

hi5

RocketRaccoon wrote: »

Forgive me for asking but where has the extension been announced?

As long as a lockdown exists then they will have to keep making payments.
Most of my customers live outside the 5km radius, so I have no customers and no income.

hi5

hi5 wrote: »

As long as a lockdown exists then they will have to keep making payments.
Most of my customers live outside the 5km radius, so I have no customers and no income.

The 5k radius is for exercise. People can go further for supplies.

hi5

Deleted User wrote: »

The 5k radius is for exercise. People can go further for supplies.

My business is 'non essential'.

splinter65

joebloggs32 wrote: »

If they didn't lash out cash to some people way above what they were earning then yes.
My sister in law is student. Had a part time job earning up to max €150 per week.
Covid payment put her on €350.
Moved home, stopped paying rent and has now been able to splash out €2500 on a car!

She’s got a car now that will help her in her academic career from which she’ll hopefully get a good job paying lots of lovely tax and she’ll be able to get back to her part time job in her car which she will have to tax and buy petrol for and keep maintained all of which generates income.
And the car lot made a sale.
It’s all good!

splinter65

splinter65 wrote: »

She’s got a car now that will help her in her academic career from which she’ll hopefully get a good job paying lots of lovely tax and she’ll be able to get back to her part time job in her car which she will have to tax and buy petrol for and keep maintained all of which generates income.
And the car lot made a sale.
It’s all good!

Absolutely. How very civic minded of her. She’ll have a crash course in budgeting and financial know how when she’s got to earn enough to cover all her expenses. And pay back the overpayment of the Covid emergency payment.

Idbatterim

All five bull**** about the local economy. Most of it is closed. It'll be blown on ****e, and the bookies etc when they reopen. Critical stuff like that...

ELM327

Wanderer78 wrote: »

The banking system was always gonna wobble with this, what a bloody mess, we solved very little from the last crash

The last crash, which was based on poor lending practices and sub prime property debt?


We learned a lot from that crash. The CBI requirements for 3.5X income and deposit requirements from customers and capitalization requirements for financial institutions.

Wanderer78

ELM327 wrote: »

The last crash, which was based on poor lending practices and sub prime property debt?


We learned a lot from that crash. The CBI requirements for 3.5X income and deposit requirements from customers and capitalization requirements for financial institutions.

patience now, and wait!

Geuze

splinter65 wrote: »

She’s got a car now that will help her in her academic career from which she’ll hopefully get a good job paying lots of lovely tax and she’ll be able to get back to her part time job in her car which she will have to tax and buy petrol for and keep maintained all of which generates income.
And the car lot made a sale.
It’s all good!

You seem to be assuming that the fiscal expenditure multiplier is >1.

That if the Govt spends an extra 100, then the economy grows by more than the extra 100.

https://www.fiscalcouncil.ie/wp-content/uploads/2019/01/Ireland%E2%80%99s-Spending-Multipliers-Final.pdf

Table 4.1 in this analysis suggests to me that the exp multiplier is 1.3, but 0.9 in the long-run?

Table 4.2 suggests multipliers of 1.2 and 0.9 in the long-run.

Glebee

Blaze420 wrote: »

You do know it's a temporary payment and won't be around forever?

Yes it only temporary, just like the Universal Social Charge.:(

splashuum

SEPT 23 1989 wrote: »

I could have a guess at a surname

thegetawaycar

Deleted User wrote: »

https://www.irishexaminer.com/breakingnews/ireland/350-a-week-covid-19-payment-stays-until-august-1001045.html

“ Payments will be in place as long as restrictions remain
Efforts will be made to transfer people off the emergency €350 payment to the wage subsidy scheme as quickly as possible
The reduction in payments must happen in tandem with the lifting of restrictions
Part-time workers including students who are “better off” on the payment will see a reduction in their payments
Recipients of the emergency payment such as lone parents who are also in receipt of other welfare payments are likely to face a “clawback” of money of over €1,000 by way of a retrospective means testing
It is planned that anyone receiving the pandemic payment who turns down an offer of a return to work will become ineligible for it
Greater enforcement powers are being examined to police those refusing offers to return to work.”

In fairness that does sound like the way the payment should roll back.
Those earning more than they had been will be reduced, turning down work will see you ineligible and it will be phased out as the restrictions lift.

No real complaints here, hopefully those who did make a few extra euro will be spending most of it in the local economy and we will get back to relative normality ASAP.

salmocab

Glebee wrote: »

Yes it only temporary, just like the Universal Social Charge.:(

Theres one very big difference between the two though, one takes in money the other pays it out.