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John Gormley says scale of Ireland's deficit is fault of previous administrations


civilservant

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May 21, 2007
Messages
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John Gormley sent a letter to all Green Party members yesterday which included the following quote:

"The last week has been a particularly difficult one. The final figures for Anglo Irish Bank are simply horrendous. What is even worse – though it has received less attention – is the scale of our deficit. This problem is due to serious errors by previous administrations in managing our economy leading to an unsustainable tax structure and boom. We, the Green Party, are now in the unenviable position of having to help correct this."

Surely the scale of the deficit is directly related to the measures taken since Autumn 2008, for which John and his GP colleagues bear significant responsibility?
 

Oppenheimer

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Apr 3, 2008
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1,461
John Gormley sent a letter to all Green Party members yesterday which included the following quote:

"The last week has been a particularly difficult one. The final figures for Anglo Irish Bank are simply horrendous. What is even worse – though it has received less attention – is the scale of our deficit. This problem is due to serious errors by previous administrations in managing our economy leading to an unsustainable tax structure and boom. We, the Green Party, are now in the unenviable position of having to help correct this."

Surely the scale of the deficit is directly related to the measures taken since Autumn 2008, for which John and his GP colleagues bear significant responsibility?
No, while I have little time for the "intelligence" of the vegetables I think his comment is correct. However broadstroking the responsibility using words like "administrations" allows him to conveniently hide the FACT that he is now complicit with that previous "administration" in continuing to mess up the future. If he really bought into this belief he would not have gone within a sh1tty stick's length of Brian Cowen.
 

markeys

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Feb 11, 2008
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273
Surely the scale of the deficit is directly related to the measures taken since Autumn 2008, for which John and his GP colleagues bear significant responsibility?
That much would be obvious to any ordinary Joe. But Gormless is not ordinary. He's the type of clown that is happy to have a Taoiseach say his sacks of money came from the nags. He's happy to have Ministers receive obscene expenses. He's happy to partake in junkets and appoint green cronies to cushy jobs.
The man is a fool. Along with FF he should be tried for treason.
 
Joined
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3,584
Fianna Fail and the Greens standing togeather.

I can see their election manifesto now,

It wasnt us it was them, vote Green Fianna Fail.


[ame=http://www.youtube.com/watch?v=12_C5g6DRk4]YouTube - Fianna Fail - We all stand Togeather[/ame]
 

Skrynesaver

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May 25, 2009
Messages
279
Not really, the deficit stems from reliance on indirect taxes which are discretionary to an extent, eg. I can choose not to buy a house this year and so pay no stamp duty

We reduced our nominal tax rates taking a huge portion of lower paid out of the tax net spent money like drunken sailor (why have one department of health when you can have two) and established insane tax avoidance schemes to encourage reckless building .. _insert_opposition_speech_here_ ...

So in that regard he's correct, however if he were to take a look around the cabinet table he'd see that the idiots who destabilised our budgetary course are in power because he's afraid of the electorate.

The annual costs imposed by the banks are actually lower then the issue of spending more than we take in as a state.
 

sic transit

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Jan 30, 2008
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Hats off to Gormley. He has become an absolute master at double speak and positive spin. Gotta say that bit made me chuckle. Right out of a political manifesto from 1982. Could have seen him writing for Radio Moscow during the Cold War.
 

goosebump

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So in that regard he's correct, however if he were to take a look around the cabinet table he'd see that the idiots who destabilised our budgetary course are in power because he's afraid of the electorate.
So the 2007 General Election is just a figment of our imagination?
 

Biffomania

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Hats off to Gormley. He has become an absolute master at double speak and positive spin. Gotta say that bit made me chuckle. Right out of a political manifesto from 1982. Could have seen him writing for Radio Moscow during the Cold War.
Increasingly I view him more as a Lord Haw-Haw.
 

goosebump

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Surely the scale of the deficit is directly related to the measures taken since Autumn 2008, for which John and his GP colleagues bear significant responsibility?
How the hell do you figure that?

Public spending has decreased and tax increased since Sep 2008.

Every second post on this forum is about the Green Party raising taxes, and now we have a thread blaming the Green Party for the deficit.

Its comical.

Do you even know what the deficit is, or why it exists?
 

consultant

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Nov 22, 2009
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1,097
That much would be obvious to any ordinary Joe. But Gormless is not ordinary. He's the type of clown that is happy to have a Taoiseach say his sacks of money came from the nags. He's happy to have Ministers receive obscene expenses. He's happy to partake in junkets and appoint green cronies to cushy jobs.
The man is a fool. Along with FF he should be tried for treason.
No, not a clown, a dangerous, devious quisling who HAS to take blame for propping up an equally dangerous and devious party.

Clowns keep children happy - not consign them to hard times and emigration.
 

Marcos the black

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Feb 3, 2009
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18,708
Well, when you go to live on "Planet Bertie" you deserve what you get, just wish he didn't bring the rest of us there with him.
 

GreenIsGood

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Apr 26, 2010
Messages
1,540
How the hell do you figure that?

Public spending has decreased and tax increased since Sep 2008.

Every second post on this forum is about the Green Party raising taxes, and now we have a thread blaming the Green Party for the deficit.

Its comical.

Do you even know what the deficit is, or why it exists?
First the slimey Greens told us they would not go into government with fianna fail. Filthy liars.

Right away, Gormley colluded in the destruction of Tara. Filthy liars.

Gormley slept while a catastropic financial decision was made sep 2008. Usless fools.

The Greens cling to power so they can commit this country to an energy policy which will bring further disaster to this island. This will enrich their foreign corporate friends at the expense of this country.

Traitors.
 

Asparagus

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Apr 7, 2010
Messages
4,882
How the hell do you figure that?

Public spending has decreased and tax increased since Sep 2008.

Every second post on this forum is about the Green Party raising taxes, and now we have a thread blaming the Green Party for the deficit.

Its comical.

Do you even know what the deficit is, or why it exists?
And do you know that increasing taxes contracts the economy and does not increase government income therefore leading to more borrowing andhigher deficits.

Did you know that reducing public spending on capital projects further destimulates economic activity.

Did you know that NAMA, ANGLO bailout , AIB bailout etc did not exist before 2008 and contribute most to our deficit.
They are unnessecary, criminal responses to a slightly worse than everage economic crash.

The greens and johngormley have supported the biggest heist in the planets hsitory.

dumbasses
 

civilservant

Member
Joined
May 21, 2007
Messages
70
How the hell do you figure that?

Public spending has decreased and tax increased since Sep 2008.

Every second post on this forum is about the Green Party raising taxes, and now we have a thread blaming the Green Party for the deficit.

Its comical.

Do you even know what the deficit is, or why it exists?
I believe that the deficit is spending, plus interest payments on debt, minus tax revenues.
The current government has borrowed billions to pump into Anglo-Irish bank, thus increasing the deficit to a record 32% of GDP.

I don't find that comical at all.
 

consultant

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Nov 22, 2009
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I believe that the deficit is spending, plus interest payments on debt, minus tax revenues.
The current government has borrowed billions to pump into Anglo-Irish bank, thus increasing the deficit to a record 32% of GDP.

I don't find that comical at all.
Sounds right to me - on all points.
 

goosebump

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May 23, 2008
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Asparagus said:
Did you know that NAMA, ANGLO bailout , AIB bailout etc did not exist before 2008 and contribute most to our deficit.
I believe that the deficit is spending, plus interest payments on debt, minus tax revenues.
The current government has borrowed billions to pump into Anglo-Irish bank, thus increasing the deficit to a record 32% of GDP.

I don't find that comical at all.
€0 has been borrowed to fund our banking crisis.

All of the cash that has gone to the banks to date has come from the NPRF.

The money that is going to Anglo exists in the form of promissory notes, none of which have been called yet.

Over the next 10 years, €2-3bn per annum will be borrowed per annum to fund the recap of Anglo and INBS, but as of today, the €20bn deficit that exists arises out of the gap between public spending and tax receipts.
 
Last edited:

karldaly

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Joined
Feb 26, 2009
Messages
465
.
.

"John Gormley says scale of Ireland's deficit is fault of previous administrations"
.
But the person directly responsible for keeping the gangsters in power is
John Grmley
.
.
.
 

jpc

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Joined
Jun 14, 2007
Messages
4,339
So the 2007 General Election is just a figment of our imagination?
Try and stick to the observation made and give over with trolling 101.
The GP knew full well what it got into bed with.
 

consultant

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Nov 22, 2009
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€0 has been borrowed to fund our banking crisis.

All of the cash that has gone to the banks to date has come from the NPRF.

The money that is going to Anglo exists in the form of promissory notes, none of which have been called yet.

Over the next 10 years, €2-3bn per annum will be borrowed per annum to fund the recap of Anglo and INBS, but as of today, the €20bn deficit that exists arises out of the gap between public spending and tax receipts.

Update: There has been a lot of talk in the blogosphere about the 'silver lining' to today's news. In particular, one argument is making rounds that goes as follows: "Since our deficit has increased for 2009 to 14.3%, then the reduction to 10.6% envisioned in the Budget 2010 will be even more impressive to the markets".

Here is why this argument is fallacious:

Today's revision of deficit for 2009 represents a reflection by Eurostat that cash injected into the Anglo Irish Bank by the state was borrowed via general spending fund in the open markets and as the result constitutes deficit financing. If so, where do you think this year's banks recapitalization will come from? Uncle Sam? or may be Angela Merkel? These recapitalizations are not, repeat not factored in the Government Budgetary projections per Budget 2010. The Eurostat rulling means that should the Government borrow the €10-12 billion to recapitalize the banks in the markets this year, this too will be reflected in our deficit. Now do the math - Government budget allows for €18.7 billion in General Government Deficit or 11.6% of GDP in 2010. If we add to this the lower bound of recapitalization estimates, our deficit rises to over €28 billion or a whooping 17.4% of GDP. Even if the Government wrestles out of the NPRF more cash to plug the banks balancesheet black hole, and assuming that our borrowing for banks purposes goes up by just half of the announced requirement, our Gen Gov Deficit will reach 14.7% of GDP. At which point we can all shout 'Eat our shorts, Greece!' once again.
Today's revision clearly shows that the Government has been caught red-handed in attempting to avoid labeling our true General Government liabilities as such. This is about as reputation-destroying as Greece's use of financial derivatives in the past.

An argument of a 'silver lining' assumes that as a one-off increase, this deficit revision does not matter going forward. This, in effect, is equivalent to saying that no cyclical deficit matters, no matter how big it is. Of course, such an argument is absolutely devoid of any anchoring in finance or economics. Cyclical deficits add up to total deficits. Total deficits - cyclical or not - add up to the total debt. This is exactly how Greece got itself into the bin!
True Economics: Economics 22/04/2010: Ireland's deficit tops Greece

??
 

adamirer

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Joined
May 16, 2007
Messages
454
The state of the economy might well be the 01-08's governments fault, but the deficit is PURELY this Governments.

After all, look at even the october 2008 budget and the increase of social welfare rates there that have since been revolked.. this AFTER the banking crises. The T2016 Phase 2 deal was agreed in sept 08 too. Even though later pulled, they still put it on the table when facing into the abyss.

Deficit is the fault of anypne who voted in favour of the budgets
 
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