Many words have been written about the recent budget.
I’ll try to keep it short.
We haven’t had “austerity” in Ireland yet. I fear we will, though I sure hope not.
We’re still paying way above benchmark on Welfare rates and Public Service pay. It may seem nasty to mention these things, but it’s true. Our marginal taxes are very high. We protect special interests above all. Ireland is still an essentially corrupt state and the budget proves it. Again, we reward connections and punish hard work. Sad, but true.
On the detail;
- the property tax? What’s the big deal when everyone pays the TV tax already?
- On VAT increases? Ah sure making life more expensive is what Irish govts do.
- On Income tax? Irish marginal rates are already way up there, and the increases in Capital Gains tax and DIRT are counterproductive at best.
- On Croke Park? If the govt intends to renegotiate in 2014 then waiting is only impoverishing innocents.
- On the bank debt? If we showed any serious intent to get our own house in order and not need to borrow so much money we might have a change to renegotiate.
It’s all too sad for words. A week after a tax raising budget where spending was maintained we saw the data that the real economy was continuing to fail. The “green shoots” are being trodden on.
Here’s hoping for 2012.