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Micky Noonan tells us to all go shopping

  • 23-06-2011 11:48PM
    #1
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,462 ✭✭✭


    Well just over 100 days in office and Mick Noonan has worked it out

    We all need to go shopping

    Dear Lord


«13

Comments

  • #2
    Owen
    Registered Users, Registered Users 2 Posts: 12,678 ✭✭✭✭Owen


    The Australian Government said a similar thing two years ago, and gave every Citizen money to go do it. The idea was to get people back in the frame of mind of what it felt like to buy something nice for yourself, and get back shopping regularly.


  • #3
    bryaner
    Registered Users, Registered Users 2 Posts: 3,180 ✭✭✭bryaner


    Distant memories.. :(


  • #4
    Mr Trade In
    Registered Users, Registered Users 2 Posts: 1,705 ✭✭✭Mr Trade In


    Sounds like Nixons $300 bill in Futurama,wonder what crooked Basterd will be on our one,if we do get one.


  • #5
    baldbear
    Registered Users, Registered Users 2 Posts: 5,657 ✭✭✭baldbear


    I'm going to do my bit and buy a few pair of underpants tomorrow.:D


  • #6
    Nijmegen
    Registered Users, Registered Users 2 Posts: 3,086 ✭✭✭Nijmegen


    Go out and spend some money. Or give us some money to spend. Like that trillion dollar stimulus in the US, followed by two massive rounds of quantitative easing (printing money, to you and me.)

    Are We Months Away From (Another) Recession?

    Oh.


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  • #7
    Permabear
    Closed Accounts Posts: 38,989 ✭✭✭✭Permabear


    This post has been deleted.


  • #8
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,462 ✭✭✭Slideshowbob


    Him or an advisor must have heard these lads supporting Take That in Croker and got a brainwave:

    http://www.youtube.com/watch?v=YgWu37xXFkg&feature=youtube_gdata_player

    Needs to be explained that it's not what was meant by the Croke Park agreement


  • #9
    Einhard
    Registered Users, Registered Users 2 Posts: 6,919 ✭✭✭Einhard


    It's not a bad idea at all. I was reading somewhere that Irish savings rates are way up, the highest they've been for years, but people are too nervous to spend their money. If some people decided to spend some of their money, it would have a positive impact. Not sure exactly what the OP's complaint is in this regard/


  • #10
    Slideshowbob
    Registered Users, Registered Users 2 Posts: 2,462 ✭✭✭Slideshowbob


    Einhard wrote: »
    It's not a bad idea at all. I was reading somewhere that Irish savings rates are way up, the highest they've been for years, but people are too nervous to spend their money. If some people decided to spend some of their money, it would have a positive impact. Not sure exactly what the OP's complaint is in this regard/

    My comment really relates to the fact that i feel that our problems wont be solved by going out and buying imported cars, jeans, shampoo or conditioner.

    It's a rather simplistic plea for a senior minister to make for a government that already seems bereft of ideas. Granted they were left a pile of sh1t by FF.

    Shopping may have worked 5 or 10 years ago when there was a construction boom seen to be material wealth creation but many of our disretionary spending goes on luxury imported goods I'd say, which in turn makes us a more materialistic society.


  • #11
    JustinDee
    Closed Accounts Posts: 6,672 ✭✭✭JustinDee


    Slideshowbob wrote: »
    Well just over 100 days in office and Mick Noonan has worked it out

    We all need to go shopping

    Dear Lord

    Nothing wrong with what he says, provided Paddy spends his own money for a change.

    Context...


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  • #12
    chelseavera
    Registered Users, Registered Users 2 Posts: 591 ✭✭✭chelseavera


    Dont think what I've got to spend will rescue the economy!


  • #13
    Cookie_Monster
    Registered Users, Registered Users 2, Paid Member Posts: 24,740 ✭✭✭✭Cookie_Monster


    I took him up on that and bought myself a few books yesterday.

    Though I did buy them on Amazon, probably not what he had in mind...


  • #14
    Atilathehun
    Closed Accounts Posts: 521 ✭✭✭Atilathehun


    I'm off to Aldi for a pack of Spaten, for the week end.
    That's my patriotic duty done;)

    Oh, by the way Micky Noonan, shouldn't you show a bit of leadership here, and bring back the lolly you have stashed away in German bunds, and spend the lot of it, in Limerick:cool::cool:

    Or just plonk it in AIB to shore up the ship


  • #15
    daheff
    Registered Users, Registered Users 2 Posts: 6,119 ✭✭✭daheff


    on a very simplistic level, what noonan is saying is right...but i remember FF saying the same a couple of years ago!


    basically if we all spend an extra tenner a week, then the government gets extra vat (about €1.5 per person per week...which works out at about 300m a year)....but on top of this, businesses earn more profit and the extra business may mean some need to take on more staff.

    More business profit = more Corp tax take for gov
    more staff = less social welfare AND more income tax

    more people earning more money = more money spent in economy = a multiplier of increase of VAT, Income tax ,Corp Tax, less social welfare (not 100% sure of the multiplier...but its well recognised economic fact)


  • #16
    krissovo
    Registered Users, Registered Users 2 Posts: 2,260 ✭✭✭krissovo


    Those of us who are fortunate enough to be in jobs are saving like crazy, simple fact is we dont know how long we will have them and we have been hit so hard with taxes and levies with more on the way.

    The media is also fueling the doom and gloom and creating nervous citizens.


  • #17
    bluefinger
    Registered Users, Registered Users 2 Posts: 1,806 ✭✭✭bluefinger


    this is exactly the same kind of advice that was given to tens of thousands of people who are now in negative equity, struggling to pay off car loans and massive credit card bills?

    not satisfied with loading us all up with massive debt to prop up the banks, they reckon the public should voluntarily choose to spend more money themselves and when inevitably people end up in difficulty they will be told tough luck, they lived beyond their means. :rolleyes:

    Next weeks edict from the department of finance will be along the lines of minister noonan says those who don't want to buy an ipad2 or a 3d television should just commit suicide.


  • #18
    fliball123
    Registered Users, Registered Users 2 Posts: 7,625 ✭✭✭fliball123


    How the hell can he say this...What a goon..The fact that we are over borrowing by 18 billion to keep the lights on and this isis an indicator of how people are in this country.

    The vast majority of people are on less money than they were 5 years ago. Prices for most things in general have gone up. We are paying more taxes. Nearly 1/2 a million on the dole which will be cut. nearly a million in a house that is in neg equity and a fair % of these struggling to pay these bills...

    I think the fact is that while they continue to tax us and whilst people remain in the position of having to pay off mortgages with interests rates spiralling aswell as seeing the gov not having the guts to cut the fat out of the PS spend and not cutting out fraud in welfare..People will remain tight fisted and who can blame them..No one knows how long they will have their job for..Unless your in the ps and your alright till 2014...

    Noonan should shut up and show some leadership ....


  • #19
    Manach
    Moderators, Society & Culture Moderators, Paid Member Posts: 9,871 Mod ✭✭✭✭Manach


    Cookie_Monster wrote: »

    Though I did buy them on Amazon, probably not what he had in mind...

    Well as Amazon have two main offices in Ireland, you've done your patriotic duty.


  • #20
    Finnbar01
    Registered Users, Registered Users 2 Posts: 2,102 ✭✭✭Finnbar01


    Einhard wrote: »
    It's not a bad idea at all. I was reading somewhere that Irish savings rates are way up, the highest they've been for years, but people are too nervous to spend their money. If some people decided to spend some of their money, it would have a positive impact. Not sure exactly what the OP's complaint is in this regard/


    No thanks, I'm not spending my precious savings on imports.


  • #21
    oggy8
    Closed Accounts Posts: 17 ✭oggy8


    Pure genius! FF+Greens fiscal policy was the construction and property sector. Now....FG+Lab are throwing all their eggs into the retail and services sector:rolleyes:.

    Now now....Mickey Noonan has told us to all go spending....where's me plastic:D.


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  • #22
    Dannyboy83
    Registered Users, Registered Users 2 Posts: 4,236 ✭✭✭Dannyboy83


    Einhard wrote: »
    It's not a bad idea at all. I was reading somewhere that Irish savings rates are way up, the highest they've been for years, but people are too nervous to spend their money. If some people decided to spend some of their money, it would have a positive impact. Not sure exactly what the OP's complaint is in this regard/



    What would you say if I told you I had found a cure for famine in Africa, just tell the Africans to go out and eat more?:confused:

    Obviously if people are trying to
    A) pay down debt asap
    B) suffering from tax increases
    C) worrying about new tax increases,

    they are going to
    i) have very little disposable income to spend and
    ii) preserve what they do have to pay for new taxes and/or build up an emergency fund against unemployment or to emigrate etc.
    Little is going to spent on anything other than necessities.

    For Noonan to come out with a statement like he did is the sheer pinnacle of stupidity. I would have expected it from FF, not from him.

    This is an extremely basic concept and I find it concerning that he doesn't seem to understand the effect of increasing taxation:confused:

    How many people chimed in on the Property tax/Water tax threads saying they didn't know where the money was supposed to come from?

    Pearse Doherty's recent proposal for TDs to take a 33% cut in income would still keep them twice as well paid as the average industrial wage, before expenses are considered.
    I guess it must be hard for him to understand, when you don't have a few grand of 'spare money' going into the bank every month after tax, that lack of desire to spend is not the critical issue, lack of disposable income is!


    Message to Michael Nooan:
    Give the people something to spend, and I guarantee you, they will spend it.
    Don't go around telling people who have very little and are about to have less, through your betrayal of your manifesto, to simply start spending more, because they will hate you for it, you utter imbecile.


  • #23
    Cannibal Ox
    Registered Users, Registered Users 2 Posts: 1,053 ✭✭✭Cannibal Ox


    He's right. Like it or not, the system is based on the premise that people consume. If they aren't, businesses aren't making money and government isn't collecting taxes. But he's also caught in a double bind, because they need higher taxes to service the debt, which gobbles up people's consuming power.

    So, he can't tax his way out of it, but he can't really get you to consume your way out of it either. Bit of a problem that.


  • #24
    Nijmegen
    Registered Users, Registered Users 2 Posts: 3,086 ✭✭✭Nijmegen


    People won't consume because they don't have confidence that things won't get worse.

    And when you individualise it and look to a family trying to ensure that they can raise their kids properly... Wouldn't you be saving?

    To say it's our patriotic duty to spend is not quite how the free capitalist market works. It's our right to spend, when we like, how we like, and when we're sure the government won't be taxing us to hell to pay for its over bloated self.


  • #25
    Dannyboy83
    Registered Users, Registered Users 2 Posts: 4,236 ✭✭✭Dannyboy83


    Michael Noonan's Personal Diary 22nd June 2011
    ==
    Problem:
    (i)Property market and construction sector have collapsed
    Lenders rejecting 80% of mortgage applications
    http://www.irishexaminer.com/ireland/kfmhojsnidau/rss2/

    Solution
    (i)Quite simple really, just tell people to start getting mortgages again!


    WHO WOULDA THUNK IT?

    =========================================================

    Michael Noonan's Personal Diary 23rd June 2011
    ==
    Problem:
    (i)SMEs are dying out like they've got bubonic plague
    Credit refused to 54% of SMEs
    http://www.irishexaminer.com/ireland/kfmhojsnidau/rss2/

    Solution
    (i)Obvious, just tell them to use credit to get them through!

    WHO WOULDA THUNK IT?

    =========================================================


  • #26
    careca11
    Closed Accounts Posts: 418 ✭✭careca11


    daheff wrote: »
    on a very simplistic level, what noonan is saying is right...but i remember FF saying the same a couple of years ago!


    basically if we all spend an extra tenner a week, then the government gets extra vat (about €1.5 per person per week...which works out at about 300m a year)....but on top of this, businesses earn more profit and the extra business may mean some need to take on more staff.

    More business profit = more Corp tax take for gov
    more staff = less social welfare AND more income tax

    more people earning more money = more money spent in economy = a multiplier of increase of VAT, Income tax ,Corp Tax, less social welfare (not 100% sure of the multiplier...but its well recognised economic fact)


    how the feck can we spend more when we are facing further increase's on Health,home insurance , mortgage rates , gas, electricity , petrol , diesel ,public transport , household charges(BUT I WILL NOT BE PAYING THIS) , water rates , food prices seem to be getting more expensive by the day , further pay cuts, more levies, increases in current levies etc etc etc etc ,
    what have most of us left to spend ...................next to fechin nothing , we have about €60 left a week after all bills are paid at the mo , this is likely to eroded by all of the above , this money is currently saved for both my son's future and as a backup in the case that either myself or my wife or both lose our jobs (that possibility is hanging over us),

    Noonan needs to grow some balls and tackle government spending especially the €21bn a year in the PS ie........rip up the croke park cope-out agreement, €21bn on social welfare (most of which is actually spent on the wrong areas of social welfare)


  • #27
    JustinDee
    Closed Accounts Posts: 6,672 ✭✭✭JustinDee


    Dannyboy83 wrote: »
    Message to Michael Nooan:
    Give the people something to spend, and I guarantee you, they will spend it.
    Don't go around telling people who have very little and are about to have less, through your betrayal of your manifesto, to simply start spending more, because they will hate you for it, you utter imbecile.

    Y'see, this is typical of the 'outraged' out there.
    Did you read the full quote of what he has apparently said?
    Q. Who is being asked to spend?
    A. Those "who have it".

    Believe it or not, some still "have it".


  • #28
    Dannyboy83
    Registered Users, Registered Users 2 Posts: 4,236 ✭✭✭Dannyboy83


    JustinDee wrote: »
    Y'see, this is typical of the 'outraged' out there.
    Did you read the full quote of what he has apparently said?
    Q. Who is being asked to spend?
    A. Those "who have it".

    Believe it or not, some still "have it".

    First, I'm not outraged. I'm amazed at the stupidity.
    As I said here yesterday, I find it hilarious, it doesn't anger me anymore:
    http://www.boards.ie/vbulletin/showthread.php?p=72933512

    Second - do reread my post properly.
    I already covered why people have these savings.

    It's called a buffer.


  • #29
    inline
    Closed Accounts Posts: 2 ✭inline


    how can we spend what we havent got?

    I agree to a certain extent with Minister Noonan telling us to go out and spend, but when I hear of all the extra charges that are coming down the track, for houses/water/ septic tank etc..I get v nervous and think I should hang onto the bit of cash that I have..


  • #30
    Higgzy
    Closed Accounts Posts: 13 ✭Higgzy


    What Noonan is saying is ridiculous. Say if I'm earning 30K a year, I'm barely making enough to make ends meet and I spend it all. Is he suggesting that I should borrow (for example) another 20k - money I don't have - to spend 50k a year? And if he thinks that's such I good idea, why doesn't he lead by example and run the government finances like that.

    Oh.


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  • #31
    JustinDee
    Closed Accounts Posts: 6,672 ✭✭✭JustinDee


    Dannyboy83 wrote: »
    First, I'm not outraged. I'm amazed at the stupidity.
    As I said here yesterday, I find it hilarious, it doesn't anger me anymore:
    http://www.boards.ie/vbulletin/showthread.php?p=72933512

    Second - do reread my post properly.
    I already covered why people have these savings.

    It's called a buffer.

    Those who can afford it should spend their money here.
    That is what he's saying.

    He's not telling anyone to borrow or spend beyond their means (something Paddy Ireland couldn't resist doing for more than the past decade). He's appealing that people that have money to spend, spend it here.


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