Latest CSO survey - Swimming in a Pool of Debt

[rockyracoon]

I was waiting for Kerrynorth to post about the latest CSO survey, but it seems the grim reaper of economic news has taken the day off.

Simply put, 70% of the Irish population is over spending in realation to their incomes. Obviously personal debt (overdrafts, etc) is fueling the spending. Also, the average household is spending about 75% of disposable income on the basic necessities of life (shelter, clothes, food). A debt analyst (e.g. mortage underwriter) would be very worried about a given family whose discretionary income (c. 25%) was so low. It leaves very little room for an emergency situation and shows that the ability to save is severly eroded.

Reading another post, a FF supporter lauded the great job done by the FF lead government in creating our economic climate of success. Does the government, who takes credit for the success, have to take responsibility for the downside of consumer activity? Or is the personal side of equation simply a free market choice that many, many people seem to be getting wrong. Conclusion: the government has created the positive economic foundation for growth but bears no responsibility for the negative social consequences.

[kerrynorth]

I was waiting for Kerrynorth to post about the latest CSO survey, but it seems the grim reaper of economic news has taken the day off.

No I have not and neither am I the 'grim reaper' on here. I just call it as I see it. If the economy is so rosy why are foreign funds dumping Irish shares in vast quantities? Can you see that the usual commentators have a personal vested interest through bonuses to present a distorted picture. Even Jim Power changed his tune yesterday. The cheerleaders forecast house price growth (!) and ISEQ growth of 7-10pc (it is now -10pc)! All I have done is to present the unvarnished truth. If the truth hurts, well I am sorry. Anyway, I have posted good news threads such as the recent gas price reduction.

[rockyracoon]

No I have not and neither am I the 'grim reaper' on here. I just call it as I see it. If the economy is so rosy why are foreign funds dumping Irish shares in vast quantities? Can you see that the usual commentators have a personal vested interest through bonuses to present a distorted picture. Even Jim Power changed his tune yesterday. The cheerleaders forecast house price growth (!) and ISEQ growth of 7-10pc (it is now -10pc)! All I have done is to present the unvarnished truth. If the truth hurts, well I am sorry. Anyway, I have posted good news threads such as the recent gas price reduction.[/quote]

Top of the morning til ye gr... mean Kerry. Just joking mate, your posts are always informative. Just found it strange you didn't make this one before myself. Don't you think this current financial situation will have a more lasting impact than current stats? Afterall, the debt will not go away as quickly as up and down movements in various economic stats.