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About LinkBacksSo it's time now for G Bonds=Bondage=Government Tax slaves.
So it's time now for G Bonds=Bondage=Government Tax slaves.
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
I'll get them to make it in China.Ship all the parts in little boxes ,meself and yourself ,will look for a grant and start a new business reassembling them.
Originally Posted by Iarmhi Gael
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
How do you propose they give an exact figure when the exact figure won't be known until the end of the year?
A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.
They can't,but in one week Cowen reckoned 40 billion ,a couple of days later on Q&A Mary C comes out with 36 billion do you not think that the two best paid politicians ,with hundreds working in finance can come in or around the same figures or are they just making it up as they go along.To me they are making it up as they go along .
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
What's a billion here or there.....
Fianna Fail Arrogance -
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Fe8k your right,sure aren't we the second wealthiest nation in the World.Sure its only a drop in the bucket.
[quote=Iarmhi Gael;1658266]What's a billion here or there.....[/quote
Last edited by atlantic; 15th May 2009 at 12:19 PM.
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
I know I keep banging on about this but in 1995 our national debt was 38bn.
Between 1995 and 2007 it bounced between 36bn and 40bn.
In 2007 it was 38bn. in 2008 it was 50bn.
This year we will borrow (not 17bn as Ahern suggests) probably 20bn for day to day. Add 50bn for NAMA.
That's 120bn for 2009.
The IMF are coming. Europe wont even touch us. They only have 60bn to give out and they are even squabbling about that amount.
Problem One: Revenue
FF Solution: Based over a number of years of cuts/raising taxes (4 billion of cuts this coming budget) But we will still need to borrow that 17billion+ this year. Added to the national debt. Next year the same again, this is clearly not sustainable as we will hit 100% GDP/debt ratio. Also, raising more taxes will make people default on their mortgages and depress vat returns etc. This adds to the next problem.
Problem Two: The banks
FF Solution: Set up NAMA to buy toxic bad debts from the banks, value their worth and try sell them off to minimise damage to the taxpayer. There is way too many problems with this to mention (how much are these worth, what the return will be, builders sueing, add more burden to the state and generations)
Labour Solution: Nationalise all 5 other banks in the guarantee. These puts all bad debts on the taxpayer immediately. Countless billions that taxpayers will take the burden for.
FG Solution: Set up a new bank. This will address the credit situation. Short/medium term idea. Does not address the other banks. BUT it does not involve taxpayers being burden with billions.
This will pave the way for the option of letting the banks go to the wall, rescind the guarantee once the new bank is operational. Obviously the new bank will need capital and the taxpayer will pay for this but it will not be the number of billions required for the other two stupid options (NAMA or nationalise)
A few questions?
1. Is 55n euro an adequate spend for an economy the size of Ireland? Factor in that most of that is spend on inflated wages and property incentives.
2. Is 33bn an adequate tax take from an economy that is worth about 180bn? This is the tax burden.
3. if more than 80%(the tax burden is approaching 20% if not lower) of wealth/income created in the economy is left in private hands whom are not spending, should the govt not tax that and spend on their behalf.
Its my view that we should design a tax system that is capable of generating a tax take of between 55-60 bn. The govt need to increase spending on real things, not inflated wages and property incentives.
This is the failure of all political parties and the IRISH people whom seem not to overly care about the declining size of the state in the economy.
The people didnt know what was best for them during the boom, because if they did they wouldnt have voted for lower taxes, inflated wage demands, etc etc. Its my guess, the Irish poeple dont know what is best for them now,. and demanding spending cuts while minimal tax increases just demonstrates it.
Also involves state-organised default on all corporate debt in Irish banking system, which would be unconstitutional and irreparably damage our credit rating for 50 years.
A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.
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