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About LinkBacksExpert report says tough Budget 'unjustified' and 'no rationale' behind minister's figures
http://www.independent.ie/national-news ... 00589.html
Didn't the same happen in 2002????
Expert report says tough Budget 'unjustified' and 'no rationale' behind minister's figures
http://www.independent.ie/national-news ... 00589.html
Didn't the same happen in 2002????
"I might have appointed somebody but I appointed them because they were friends, not because of anything they had given me" - Bertie Ahern
Silly story from a silly newspaper.
Cowen would love to spend like a socialist, it would enhance his popularity with the backbenchers no end, there is no rational as to why he would talk down the economy, there is plenty of rationale as to why he is ajusting budgetry policy to suit fiscal prudency.
Liquidate labour, liquidate stocks, liquidate the farmers, liquidate real estate.
A politician playing politics with policyimagine that.
This is what the article you linked to says in relation to Cowen's downgrading of the economic forecasts:Originally Posted by Tipp North
In the article NCB said:
"In our view all of the revisions are in the wrong direction. The GDP forecast for this year compares with a 6.7 per cent growth rate actually achieved in the first half of the year, and implies an implausibly sharp slowing down in the second half, the evidence for which is entirely lacking in the data available for the period since mid-year."
This is EXACTLY what myself and Ard-Taoiseach have been posting here for months. We could have written the NCB statement ourselves. I doubt if Cowen has a cunning plan for 2012. Its far more likely he has succumbed to the prevailing opinion of most economists. Organisations like ESRI and Davy, plus individuals like David McWilliams, Morgan Kelly and George Lee have all been predicting a serious downturn. If everyone is shouting in his ear "We're doomed, we're doomed", then he can hardly be blamed for moving his own forecasts in the direction of the doomsters. The only cure for him is read Politics.ie occasionally and study my posts and even more so Ard-Taoiseach's posts . Then he'd realise that fears of a downturn are ludicrously exaggerated.
I'm no economist, but it sounds to me like Biffo is being suitably careful.
Well done to him (unless I'm wrong of course) for showing restraint.
If I could mass-sterilise the planet, I would. Seriously.
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With all due respect Freedomlover, economic growth is not the only factor in Cowens mind. He also has to watch inflation which could wipe away all those lovely growth rates at one swipe. It wouldn't hurt to reign in spending growth while he's at it either.This is what the article you linked to says in relation to Cowen's downgrading of the economic forecasts:
In the article NCB said:
"In our view all of the revisions are in the wrong direction. The GDP forecast for this year compares with a 6.7 per cent growth rate actually achieved in the first half of the year, and implies an implausibly sharp slowing down in the second half, the evidence for which is entirely lacking in the data available for the period since mid-year."
This is EXACTLY what myself and Ard-Taoiseach have been posting here for months. We could have written the NCB statement ourselves. I doubt if Cowen has a cunning plan for 2012. Its far more likely he has succumbed to the prevailing opinion of most economists. Organisations like ESRI and Davy, plus individuals like David McWilliams, Morgan Kelly and George Lee have all been predicting a serious downturn. If everyone is shouting in his ear "We're doomed, we're doomed", then he can hardly be blamed for moving his own forecasts in the direction of the doomsters. The only cure for him is read Politics.ie occasionally and study my posts and even more so Ard-Taoiseach's posts . Then he'd realise that fears of a downturn are ludicrously exaggerated.
Liquidate labour, liquidate stocks, liquidate the farmers, liquidate real estate.
I was going to read more and look into the credibility of this particular piece but saw that it was written by Jody Corcoran..
Ireland interests are best secured within a more dynamic EU. Vote YES to Lisbon.
[quote=Defeated Romanticist]With all due respect Freedomlover, economic growth is not the only factor in Cowens mind. He also has to watch inflation which could wipe away all those lovely growth rates at one swipe. It wouldn't hurt to reign in spending growth while he's at it either.[/quote:21lcmq7q]This is what the article you linked to says in relation to Cowen's downgrading of the economic forecasts:
[url="http://www.independent.ie/national-news/cowen-plays-politics-with-the-economy-1200589.html
In the article NCB said:
"In our view all of the revisions are in the wrong direction. The GDP forecast for this year compares with a 6.7 per cent growth rate actually achieved in the first half of the year, and implies an implausibly sharp slowing down in the second half, the evidence for which is entirely lacking in the data available for the period since mid-year."
This is EXACTLY what myself and Ard-Taoiseach have been posting here for months. We could have written the NCB statement ourselves. I doubt if Cowen has a cunning plan for 2012. Its far more likely he has succumbed to the prevailing opinion of most economists. Organisations like ESRI and Davy, plus individuals like David McWilliams, Morgan Kelly and George Lee have all been predicting a serious downturn. If everyone is shouting in his ear "We're doomed, we're doomed", then he can hardly be blamed for moving his own forecasts in the direction of the doomsters. The only cure for him is read Politics.ie occasionally and study my posts and even more so Ard-Taoiseach's posts . Then he'd realise that fears of a downturn are ludicrously exaggerated.
I'm not criticising him for reining in spending. In fact, I approve of that. I'm merely questioning his growth forecasts.
Cowan needs to get the priorities just so well balanced that confidence factors should not be undermined. If he fails to deliver the 1% cut in the top tax rate (I know the small print said if the economic circumstances are right etc etc) or fails to extend Mortgage interest relief, this could be more damaging in terms of signaling where we are going as an economy, than scaling back the pace of growth of social expenditure (or as the mendacious opposition and lazy hacks call them "cut-backs").
We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns — the ones we don't know we don't know.
It is the job of the opposition to oppose all monetary decisions by the ruling party. Most newspapers follow that trend also.
It is tedious in the extreme to be hearing the same old sh*te after forty budgets.
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