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Eamon Gilmore: there should only be a €2.5 billion adjustment - is he credible ?


cyberianpan

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Labour leader Eamon Gilmore seems to think that a €2.5 billion "adjustment" is all we need. The most recent deficit figures being bandied about are €20 billion+. Gilmore wants to take some sort of "wait & see" approach & hope things fix themselves. This is as he claims that the problems are due to recent unemployment. This hole in the government's finances has been starkly obvious since last August (and predictable from before then). So

Is Gilmore credible ?
Is this leadership ?


SBP
PL: If €6 billion this year is too much, what do you think would be appropriate and do you think then that it’s possible to borrow the difference on top of current borrowing?

EG: First of all, the information from Finance is quite scant . . . but I would think that, ballpark, we would be looking at an adjustment of about €2.5 billion for the remainder of 2009.

PL: Should the extra money be borrowed?

EG: Yes, but subject to this -w e can’t have borrowing continuing long-term.
...
EG: You’ve to get your economy moving again! Unless we get economic activity moving again and get people back into employment, we’re not going to be able to solve the problem in the public finances.
cYp
 

wombat

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As far as I can see, the majority of those who have lost their jobs to date have been in construction or related spinoffs. Our manufacturing problems are largely dependent on our costs but more so on the collapse of markets. If we borrow to spend our way out of the recession, the only place where we can get a quick return is in the construction area. Apart from insulating houses and building new schools has anyone thought about where all this construction activity will be directed?
 

SPN

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PL: Would you play a part in a national government?

EG: No, I wouldn’t. Because I think you need an opposition. There has to be a voice in the Dáil for opposition.
Translates into: "No I wouldn't, Grandstanding is so much more rewarding".
 

feargach

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As far as I can see, the majority of those who have lost their jobs to date have been in construction or related spinoffs. Our manufacturing problems are largely dependent on our costs but more so on the collapse of markets. If we borrow to spend our way out of the recession, the only place where we can get a quick return is in the construction area. Apart from insulating houses and building new schools has anyone thought about where all this construction activity will be directed?
Building wind farms looks like good sense to me.
 

SPN

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Building wind farms looks like good sense to me.
Money goes straight back out of the Country to pay for the turbines.

With the schools and Insulation more of it stays in the local economy.

There is 20% less money in circulation, so we need to increase the velcity of what is left.
 

cyberianpan

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You’ve to get your economy moving again! Unless we get economic activity moving again and get people back into employment, we’re not going to be able to solve the problem in the public finances.
Thats not really a plan.
Indeed - the loss in employment taxes hasn't been huge so far- a large part of the fall in revenue is due to the loss of stamp duty and CGT on property deals . Seems like Gilmore is calling for the return of the property bubble - and to borrow until we get to there.

cYp
 

Odyessus

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no, its a statement of the bleedin obvious. Labour are really going down in my estimation here - what is their plan? Nothing it seems.

The opposition parties are reluctant to propose the really unpopular measures they know are needed to stabilise our finances. Much better to let FF take the flak, and then make a song and dance about how they would have done it differently, without being too specific of course.

I have little doubt that FF would act the same way were they in opposition.
 

atlantic

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SPN

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I have little doubt that FF would act the same way were they in opposition.
Labour - bad and all as they are - are extremely restrained compared to the boIIoxoIogy we'd be listening to from the FFailures if they were in Opposition.

You can't get Ireland through a recession with Labour in Government, or with Fianna Fail in Opposition.
 

SPN

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Originally Posted by Keith-M
That's the thing. No matter how useless the current shower are, the alternative is even worse
:roll: Idiot.
But he's right!

There is no way to reconcile the Fine Gael position (lets get stuck in and fix the problem) with the Labour position (ah shur it'll be alright, and whatever you're having yourself, and shur we might go in with Fianna Fail, and shur isn't Eamon a dead ringer for Obama, and we can't be telling you what our policies are).

Sort it to f**k out, or you'll never get into Government!
 

SPN

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