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Budget Deficit

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  • 05-01-2010 6:15pm
    #1
    Idbatterim
    Registered Users Posts: 17,853 ✭✭✭✭


    http://www.rte.ie/news/2010/0105/revenue.html

    The Department of Finance has reported an Exchequer deficit of €24.6bn for 2009, compared to a deficit of €12.7bn in 2008

    However the figure is better than had been expected in the December Budget.

    The article mentions a sense of relief at the fact the deficit is stabilising! well excuse the sarcasm but what relief! wow, even if it only stays steady we still have a deficit of 25 billion! I repeat 25 billion! with more becoming unemployed, rising interest rates, and emigration! Someone please tell me how we are going to get back to the allowed 3% of GDP by 2012?


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    #2
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    everyone was expecting about 28-30billion

    so yes thats sort of good news since were getting into **** slightly slower :)

    Someone please tell me how we are going to get back to the allowed 3% of GDP by 2012?

    someone tell me how are we gonna pay back that 25 billion + interest


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    #3
    ronaneire
    Registered Users Posts: 1,698 ✭✭✭ronaneire


    Idbatterim wrote: »
    http://www.rte.ie/news/2010/0105/revenue.html

    Someone please tell me how we are going to get back to the allowed 3% of GDP by 2012?

    This maybe?

    magic-wand.png


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    #4
    Idbatterim
    Registered Users Posts: 17,853 ✭✭✭✭Idbatterim


    I heard on the radio we are back to 2003 levels of tax take. Does anyone have a link to income tax rates and unemployment benefit etc back in 2003? The way I see it is, its like we are bluffing out way through an exam and hoping to get away with it! but this is bloody serious! Its hard to believe 50% of workers pay no tax! Say that equals one million workers, each paying €20 a week that equates to a billion! The entire welfare system and public service is in dire need of reform!


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    #5
    AlekSmart
    Registered Users Posts: 14,005 ✭✭✭✭AlekSmart


    Idbatterim: The way I see it is, its like we are bluffing out way through an exam and hoping to get away with it! but this is bloody serious! Its hard to believe 50% of workers pay no tax!

    It really ain`t rocket science....

    Almost every budget statement of the past decade began with a Minister for Finance outlining how many thousand persons he was removing from the "Tax-Net" in that particular year...It almost became a rote....with only the number varying slightly each year.

    Therefore over that decade we effectively reduced our overall tax-base whilst simultaneously fooling ourselves into thinking we could be a low-tax economy.......NO Tax is more like it !

    Was there nobody in the Dept of Finance who had the commonsense to ask just how we were financing the plethora of Government Spending programmes whilst simultaneously removing contributors from the equation ?

    Commission on Taxation...? It`s a firing squad thats needed not a commission !


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



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    #6
    lmimmfn
    Registered Users Posts: 3,553 ✭✭✭lmimmfn


    its unfortunate that its impossible to reduce expenditure


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    #7
    Riskymove
    Registered Users Posts: 10,888 ✭✭✭✭Riskymove


    Idbatterim wrote: »
    The article mentions a sense of relief at the fact the deficit is stabilising! well excuse the sarcasm but what relief! wow, even if it only stays steady we still have a deficit of 25 billion! I repeat 25 billion! with more becoming unemployed, rising interest rates, and emigration! Someone please tell me how we are going to get back to the allowed 3% of GDP by 2012?

    all the changes introduced in the budget only really affect this year not 2010so there will be those expected €4bn of savings on expenditure

    the plan is for another €4bn in 2011 and 2012 I think


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