Budget 2009 revealed: Sindo

[hiding behind a poster]

There must be no increases in income tax, as this happened in the 1982-7 govt and led to a doubling of unemployment to 18%.

You know full well that the increases in taxes in 1982 did NOT cause 18% unemployment. They were required because money was IMMEDIATELY needed to maintain irresponsible international debt obligations run up by Fianna Fail from 1977-81, and thus to prevent Ireland losing her economic independence to the IMF.

60% of govt spending is public-sector pay, so a massive privatisation programme is needed to bring the public finances back into equilibrium.

Are you even on the same planet as the rest of us???? Have you even heard of a tiny little thing called the credit crunch? For people or companies to invest at this point, they need to be capable of taking on increased debt. Now it may have escaped your notice, but interbank interest rates are rocketing at the moment, because everyone is scared to lend to anyone else. That hits business investment like a steel-toed boot hits a pair of testicles. And there goes your privatisation idea. There's no point in trying to sell things when no-one's able to buy.

[FutureTaoiseach]

Are you even on the same planet as the rest of us???? Have you even heard of a tiny little thing called the credit crunch? For people or companies to invest at this point, they need to be capable of taking on increased debt. Now it may have escaped your notice, but interbank interest rates are rocketing at the moment, because everyone is scared to lend to anyone else. That hits business investment like a steel-toed boot hits a pair of testicles. And there goes your privatisation idea. There's no point in trying to sell things when no-one's able to buy.

Even if the proceeds from privatisations were below expectations due to the downturn, the privatisations themselves would still save the taxpayer many billions if they included all the semi-states (except Iarnroid Eireann which I would retain in State hands). That is an important part of resolving the deficit issue.

[hiding behind a poster]

Are you even on the same planet as the rest of us???? Have you even heard of a tiny little thing called the credit crunch? For people or companies to invest at this point, they need to be capable of taking on increased debt. Now it may have escaped your notice, but interbank interest rates are rocketing at the moment, because everyone is scared to lend to anyone else. That hits business investment like a steel-toed boot hits a pair of testicles. And there goes your privatisation idea. There's no point in trying to sell things when no-one's able to buy.

Even if the proceeds from privatisations were below expectations due to the downturn, the privatisations themselves would still save the taxpayer many billions if they included all the semi-states (except Iarnroid Eireann which I would retain in State hands). That is an important part of resolving the deficit issue.

No they wouldn't. No-one would buy anything. Individual investors with mortgages to pay and jobs on the line would look at the notion of putting their money in a tanking stock market, as distinct from spreading it across a series of institutions and thus using the government's 100k deposit guarantee to its fullest, and say "no, thanks." And institutional investors have FAR FAR bigger worries on their plate than the notion of investing in State companies at the top of a downturn. Mere survival being the main one. You seem to think, based on this and other threads, that people buy into privatisations for ideological reasons. They don't. They do it if it gives a better return than they'll get elsewhere - and right now it doesn't. So forget it.

[mjcoughlan]

i cant stop laughing

I'm glad you're so happy with this recession.

In any case, a return to 15 percent unemployment is the scariest figure here. Now, I'm not saying that it won't or can't happen, but we're taking this from the Sunday Independent... need I say more?

[sarak]

i thing the interesting thing is that lenihans people have leaked this to the sindo and not another paper - little lord lenihan is not used to bad press, being an establishment darling and all that - expect lots and lots of finance stories in sindo from now on as lenihan tries to keep them onside. He has no spine - just a dublin micheal martin!

sindo will moderate the pressure now and praise or be neutral on the budget. - whats the bets.

[kerrynorth]

i cant stop laughing

I'm glad you're so happy with this recession.

In any case, a return to 15 percent unemployment is the scariest figure here. Now, I'm not saying that it won't or can't happen, but we're taking this from the Sunday Independent... need I say more?

The figures however are consistent with the state of the economy and even with €10.5billion of borrowing the government cutbacks will depress the economy by over 2% alone next year plus the private sector will be in massive recession as well.

[hopi watcher]

There must be no increases in income tax, as this happened in the 1982-7 govt and led to a doubling of unemployment to 18%. The private sector should not be made suffer for the waste of the pampered public-sector. 60% of govt spending is public-sector pay, finances back inso a massive privatisation programme is needed to bring the public to equilibrium. FF should resist a post-PD urge to revert to its old Social Democratic 'Big Government' ways, lest they meet the fate of the FG-Lab govt of 1987.

And no doubt a touch of economic meltdown. BTW, the private sector caused the current crisis. Are you in hole somewhere?

[angelcity]

There must be no increases in income tax, as this happened in the 1982-7 govt and led to a doubling of unemployment to 18%. The private sector should not be made suffer for the waste of the pampered public-sector. 60% of govt spending is public-sector pay, finances back inso a massive privatisation programme is needed to bring the public to equilibrium. FF should resist a post-PD urge to revert to its old Social Democratic 'Big Government' ways, lest they meet the fate of the FG-Lab govt of 1987.

And no doubt a touch of economic meltdown. BTW, the private sector caused the current crisis. Are you in hole somewhere?

Oh no, no wonder you're looking around maybe you could get some num scums sacred cow, cloud night mate.

The fundamental aspect of runing your business in any well organise society is for business people to follow the budget otherwise the down turn will bite you very hard, so fingers cross.

Well people should sometimes double check their mind and admit what they have done wrong to the irish economy and the inability to focus in the future and furthermore i rejected the claims that it's indeed the private sectors that cause the down fall in the economy, we all operate business on a self employ basis and we know what the atmosphere is like and the sector that brought the economy to a cruch should know it by now given all the professors managing the economy.

[Deep Throat]

[quote=Defeated Romanticist]

i cant stop laughing

Putting party ahead of country are we.

I cannot believe we are actually taking the Sindo seriously,

I'll believe it when I see it.[/quote:2zrdty9c]

i'm laughing at the fact that people will take seriously what the Indo is saying!

[angelcity]

[quote=Deep Throat][quote="Defeated Romanticist":3jf57ei2]

i cant stop laughing

Putting party ahead of country are we.

I cannot believe we are actually taking the Sindo seriously,

I'll believe it when I see it.[/quote:3jf57ei2]

i'm laughing at the fact that people will take seriously what the Indo is saying![/quote:3jf57ei2]

We have not read indo today but can onlyone news paper cause credit crunch to political office since march 2006 by mubai ? l.o.l