Next few years budget ... Sweeping up after pandemic

Ubbquittious · 12-10-2021 12:56pm #1

Are we headed for a period of prolonged suckage after the PUP/Lockdown glory days?

Austerity measures combined with high prices for housing, goods and services? This could be a lot worse than the recession for a lot of people since the high tax won't be balanced out by a decrease in living costs and we haven't fully recovered after the 2008 bailout era.

silver2020 · 12-10-2021 1:09pm

Another doom and gloom thread.

2008 recession, tax revenues collapsed overnight, spending continued. It took 10 years for taxes to recover.

2020 - Pandemic taxes ROSE and quite substantially helped of course by pandemic winners of tech and pharma and also some large online retailers having their tax base here. The number well paid jobs that incur the most discretionary spending and contribute the most paye taxes rose too.

PUP will be gone soon and the ones left will make little overall different to the jobless total as all areas of the economy are opening again. Also general employment is rising and no sign of that slowing

A lot of the inflationary pressures (but not all) will subside. Oil and gas prices will drop, shipping costs will drop, commodities such as wood and steel will drop (have started to drop already).

namloc1980 · 12-10-2021 1:11pm

Budgets are almost always about tinkering around the edges: a few euro for social welfare here, a small change to the tax bands there. You rarely see fundamental changes in any budget. Don't expect anything crazy to happen.

Cluedo Monopoly · 12-10-2021 1:20pm

Our national debt is such that every man woman and child owes 50,000 Euros.

What could possibly go wrong...

is_that_so · 12-10-2021 1:27pm

https://www.boards.ie/discussion/comment/118008917#Comment_118008917

If we don't borrow it we don't get housing, infrastructure etc. we need.

malinheader · 12-10-2021 1:36pm

Minimum wage increase of 30c.

€12 euro better off for a 40 hour week or €3 a day.

Not much incentive

Tandey · 12-10-2021 1:45pm

Where's our new bank holiday?

Tandey · 12-10-2021 1:49pm

The guy talking now is giving off priest vibes in his way of speaking.

silver2020 · 12-10-2021 1:51pm

https://www.boards.ie/discussion/comment/118008917#Comment_118008917

as a percentage of gdp its one of the lower of the industrialised nations.

But a better "back of envelope" comparison calculation is that it is approx. the same as one year's average industrial wage per person and it compares very well with other nations on that comparison too.

So take Greece. The debt per person is currently circa €34,000, but average industrial wage is €16,000.

Headline figure suggests they have a lower debt per head, but its way higher when you consider the earning power of the country. Hence Ireland will be seen as a far far safer bet in the bond markets and not far off Germany in terms of risk. But sure that wouldn't make the sensationalist headline

Loafing Oaf · 12-10-2021 1:59pm

https://www.boards.ie/discussion/comment/118009054#Comment_118009054

Well he's married with 7 kids so next best thing for the 'traditional values crowd...

TomTomTim · 12-10-2021 2:11pm

https://www.boards.ie/discussion/comment/118009111#Comment_118009111

Do you lads ever take a break? Injecting irrelevant politics into a threads about budgets 🤡

timmyntc · 12-10-2021 2:19pm

https://www.boards.ie/discussion/comment/118009072#Comment_118009072

Our GDP is vastly inflated by "leprechaun economics" - a lot of money and assets are moved to Ireland but barely touched by the taxman, it inflates GDP hugely but gives no real benefit to the exchequer.

Modified GNI* is the metric used for Ireland because GDP is no longer accurate.

And finally, being better than Greece is not something to cheer about

12-10-2021 2:23pm

Free contraception for women aged 17-25.

Progress.

rob316 · 12-10-2021 3:11pm

What are you talking about OP, its the biggest giveaway budget I can remember.

I can't see austerity measures again, they just dont work. The economy has grown but public spending in services and infrastructure has been left behind, that is the why we are experiencing a housing crisis.

Ekerot · 12-10-2021 3:22pm

https://www.boards.ie/discussion/comment/118009256#Comment_118009256

We need free condoms while we're at it.

is_that_so · 12-10-2021 3:36pm

https://www.boards.ie/discussion/comment/118009509#Comment_118009509

It might look like it but most of it is in fact that promised capital spending on services and infrastructure.

Sierra Oscar · 12-10-2021 3:37pm

That was a decent budget despite the doom and gloom from some quarters. More money in my back pocket anyway.

malinheader · 12-10-2021 3:48pm

https://www.boards.ie/discussion/comment/118009613#Comment_118009613

Minimum wage increase is a joke.

Allinall · 12-10-2021 3:50pm

https://www.boards.ie/discussion/comment/118009665#Comment_118009665

Not a business owner, then?

malinheader · 12-10-2021 3:56pm

https://www.boards.ie/discussion/comment/118009670#Comment_118009670

No I'm not. Not on minimum wage either but can't understand if the living wage is said to be €13.90 what would you class the minimum wage. Just existing.

Allinall · 12-10-2021 3:57pm

https://www.boards.ie/discussion/comment/118009699#Comment_118009699

Exactly that.

It's not supposed to be a living wage.

12-10-2021 4:00pm

https://www.boards.ie/discussion/comment/118008917#Comment_118008917

very little. The cost of borrowing is fierce cheap.

12-10-2021 4:03pm

https://www.boards.ie/discussion/comment/118009228#Comment_118009228

Measure it against GNI then.

comparing debt (a store) to gdp or gni (a flow) is pointless any way. It’s the cost of borrowing that matters. We had a high debt to gdp ratio in the late 80s but also a very high interest rate by modern standards.

TCP/IP · 12-10-2021 4:11pm

Did anyone hear was there any change to CGT was 33% just wondering is it the same in the new budget?

malinheader · 12-10-2021 4:13pm

https://www.boards.ie/discussion/comment/118009705#Comment_118009705

Sadly the part of the country I am in its treated as the living wage for alot.

namloc1980 · 12-10-2021 4:15pm

https://www.boards.ie/discussion/comment/118009764#Comment_118009764

Nothing on savings and investments. There was nothing on CGT etc.

12-10-2021 4:15pm

https://www.boards.ie/discussion/comment/118009705#Comment_118009705

Absolute bollocks.

So people doing essential work on minimum wage aren't entitled to a living wage?

timmyntc · 12-10-2021 4:27pm

https://www.boards.ie/discussion/comment/118009783#Comment_118009783

Their employer should pay them more - if they dont, they should find a better job

Raising the minimum wage means students etc wages go up too, and any small businesses relying on them go under (surprising amount). Also raising the minimum wage tends to inflate the price of most goods too - see how the US is getting on with the fight for $15, almost all gains have been eroded by inflation

Allinall · 12-10-2021 4:29pm

https://www.boards.ie/discussion/comment/118009783#Comment_118009783

Of course not.

malinheader · 12-10-2021 4:32pm

That's why alot of sectors are crying that they're workers never came back after the pandemic, alot copped themselves on to the slave labour.

is_that_so · 12-10-2021 4:32pm

https://www.boards.ie/discussion/comment/118009783#Comment_118009783

Well, aiming to reach a living wage is a relatively new measure. There's an effort to get there and it can't be done in a single Budget but some won't be happy with the slow approach anyway.

Next few years budget ... Sweeping up after pandemic

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