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Thread: The USA's massive government deficit is melting swiftly - can Ireland's do the same?

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    Politics.ie Member gracethepirate's Avatar
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    Default The USA's massive government deficit is melting swiftly - can Ireland's do the same?

    Good news, at last, from the US economy: the government deficit is reducing. This is mostly due to increased employment, growth, higher taxes, and also investors buying interest-free bonds, that is they are giving the US government a free loan! An interest-free loan is amazing, but as this report says "people still need a safe place to put money in this turbulent world".

    Our Swiftly Melting Deficit, Or How the U.S. is Killing It - The Daily Beast

    A few funny things happened this spring as the U.S. hurtled along the road to fiscal degeneracy. The annual deficit shrunk by nearly a third, the size of the debt owned by investors began to shrink, and the government borrowed money for free.

    Yes, the Golden Age of Deficit Reduction has begun.

    The official April Treasury Monthly Statement comes out on Friday. But the Congressional Budget Office’s monthly review for April, released earlier this week, bears good news. The deficit was $489 billion through the first seven months of fiscal 2013, compared with $720 billion in the first seven months of fiscal 2012, a decline of $230 billion, or 32 percent. Meanwhile, the government collected so much money in April that it paid down about $50 billion of the debt it owes to investors around the world.

    Now, the Irish economic climate is not the same as the USA's, and per capita its debt is much bigger, but could the same events trigger a similar result for Ireland? Or what could? And when?
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    Politics.ie Member seabhcan's Avatar
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    US Deficit is 6% down from 8%

    Ireland's 2013 deficit is 7.4% down from 35%

    Ireland has 'melted' more swiftly than the US actually.

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    Politics.ie Member gracethepirate's Avatar
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    Quote Originally Posted by seabhcan View Post
    US Deficit is 6% down from 8%

    Ireland's 2013 deficit is 7.4% down from 35%

    Ireland has 'melted' more swiftly than the US actually.
    Thank you, that is good news.
    Brexit comes straight from hell. Everywhere it goes it causes disharmony, turbulence and misery. I think Brexiteers themselves must have some form of mental illness.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by gracethepirate View Post
    Thank you, that is good news.
    Shhh.... Noone likes good news around here.

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    Witch petaljam's Avatar
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    Quote Originally Posted by seabhcan View Post
    US Deficit is 6% down from 8%

    Ireland's 2013 deficit is 7.4% down from 35%

    Ireland has 'melted' more swiftly than the US actually.
    Yes, but with infinitely more "pain" to a huge proportion of its citizens, I believe. Obama was criticized for refusing to apply the sort of austerity measures Ireland, for various reasons, did.

    I suppose it's a bit pointless comparing the US and the Irish economies, but the argument over whether austerity is the only way, vs the notion that it is important to protect people's buying power to help the economy doesn't seem to be resolving itself in favour of austerity, does it?

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by petaljam View Post
    Yes, but with infinitely more "pain" to a huge proportion of its citizens, I believe. Obama was criticized for refusing to apply the sort of austerity measures Ireland, for various reasons, did.

    I suppose it's a bit pointless comparing the US and the Irish economies, but the argument over whether austerity is the only way, vs the notion that it is important to protect people's buying power to help the economy doesn't seem to be resolving itself in favour of austerity, does it?
    Ireland didn't have the choice to continue with 35% deficits. Obama did have the option to continue with 8% deficits.

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    Politics.ie Member gijoe's Avatar
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    The fiscal cliff has worked out well for the US with the programmed cuts and tax increases leading to a rapid change in their debt profile.

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    Quote Originally Posted by seabhcan View Post
    Shhh.... Noone likes good news around here.
    Oh but we do, when sensibly considered rather than senselessly trumpeted.
    Once your ability to function within society depends on a government controlled ID card then you are no longer a free citizen.

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    Politics.ie Member Analyzer's Avatar
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    We will employ the same startegy here, in that case.

    Has anybody in the current Dail, any experience at printing US Dollars ?
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    Quote Originally Posted by Analyzer View Post
    We will employ the same startegy here, in that case.

    Has anybody in the current Dail, any experience at printing US Dollars ?
    Do they look anything like expense claims? If not, then probably no.
    Once your ability to function within society depends on a government controlled ID card then you are no longer a free citizen.

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