The €22bn hole

[sharper]

Do you know anything about this subject, anything at all?

You don't want to link to it?

[DCon]

Stop telling lies. I have repeatedly advocated that the burdened be fairly shared with those most vulnerable protected and those that can, carrying more of the burden. Your little stories are charming but childish.
Every analysis does not show that our public sector is 'too expmnssive for out ecomony' In fact, the most recent report concluded the reverse is the case, we have one of the leanest Public Sectors in Europe.

How can our public service be lean when the old department of health have no job and do no work as a result?

[hopi watcher]

You don't want to link to it?

OECD report. This was discussed at the time here: "Another public sector reform thread: the negative impact on private sector"

[hopi watcher]

How can our public service be lean when the old department of health have no job and do no work as a result?

Ask OECD, they did the report.

[Baron von Biffo]

Would you care to name the Irish companies who have on their balance sheets large sums of cash acquired over the last few years.

Did you ever hear of a fella called Seanie Fitz?

The balance sheets of Irish films are a bit like Hollywood pictures - Any resemblance to actual companies, living or dead, is entirely coincidental.

[sharper]

http://www.politics.ie/economy/37318...ml#post1274062

The fact is that our public servcie is one of the leanest in Europe. Get the relevent OECD report and read it. It appears to me that what you and opthers are really complaoining about is the management of public servants. You should look to the politicians in this regard and the practise over the years of Ministers appointing friends and familiy members to key posts.

http://www.politics.ie/economy/37318...ml#post1274062

How often do we have to read this nonsensical rubbish? The suggestion that public wages should be cut by 30% is utterly rediculous. The OECD shows that we have one of the leanest public sevices in Europe and now you want public servants to work for a pittance. Is PatS the last remaining PD?

Mighty bit of discussion on that thread hopi.

And by "most recent" you meant "sometime in the last year or so".

[anchor]

I find it incredible that people don't comprehend the sheer size of the hole we're looking at. It's like it's so big they can't see it. €22bn is a truly staggering amount of money to need to raise even as a once off - if we were doing €22bn worth of road building this year for example it would be considered an extraordinary stimulus package. Instead we're spending that just to meet daily expenses.

People seem to think we'll just find €20bn or so in loose change down the back of the sofa. A new tax band here, a wealth tax there and it'll all be fine.

While I agree we're in a big hole, and have to do something to get out of it, I can't agree with your comment that we are spending this €22 billion above our income just to meet our daily expenses. The €22 billion includes a net €9.2 billion being spent on capital projects. Clearly, this cannot be regarded as a daily expense. Also, it includes 1% of GDP which will be paid into the Pension Reserve Fund. This amount was almost €1.7 billion in 2008. This can hardly be regarded as a daily expense when the fund isn't supposed to be used until 2025.
In relation to the NPRF, it is truely incredible at a time of crisis that we are borrowing money (and paying interest on it), and then using that money to gamble unsuccessfully on the world markets in the hope of having a good return in 16 years time.

[hopi watcher]

http://www.politics.ie/economy/37318...ml#post1274062


http://www.politics.ie/economy/37318...ml#post1276534


Mighty bit of discussion on that thread hopi.

And by "most recent" you meant "sometime in the last year or so".

Are you now refuting the OECD report? Is there any end to your stupidity?

[DCon]

While I agree we're in a big hole, and have to do something to get out of it, I can't agree with your comment that we are spending this €22 billion above our income just to meet our daily expenses. The €22 billion includes a net €9.2 billion being spent on capital projects. Clearly, this cannot be regarded as a daily expense. Also, it includes 1% of GDP which will be paid into the Pension Reserve Fund. This amount was almost €1.7 billion in 2008. This can hardly be regarded as a daily expense when the fund isn't supposed to be used until 2025.
In relation to the NPRF, it is truely incredible at a time of crisis that we are borrowing money (and paying interest on it), and then using that money to gamble unsuccessfully on the world markets in the hope of having a good return in 16 years time.

Is the NPRF restricted from buying Irish government bonds?

may as well pay the interest to ourselves than to someone else if it is allowed..

[atlantic]

It might be dodgy,if things get worse instead of better in the Global economy ,more countries joining the bond mania ,and we can't roll them over ,an auction fails, we may be in shyte street and lose the mula.

Is the NPRF restricted from buying Irish government bonds?

may as well pay the interest to ourselves than to someone else if it is allowed..