National Debt Repayment - I`m a little slow :)

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
We are where we are :)

Within the next 2/3 years our National Debt figure will be in excess of €200,000 million :(

At a basic interest rate of 5% that is €10 billion a year in interest ( every year )

We cannot afford the interest, how the hell can we afford the repayments :(

Our deficit this year will be circa €20,000 million
Increased debt interest in future years € 6,500 million
Promissory notes interest Anglo / INBS every year extra €1,500 million ( had we all forgotten about this !!! )

Adjusted deficit going forward €28,000 million


So to balance the book and even create a budget surplus of €1 ( yes, 1 euro ) we need to increase taxes / cut costs of €28,000 million


we are banjaxed CUBED :(
 


deiseguy

Well-known member
Joined
May 11, 2009
Messages
1,342
We are where we are :)

Within the next 2/3 years our National Debt figure will be in excess of €200,000 million :(

At a basic interest rate of 5% that is €10 billion a year in interest ( every year )

We cannot afford the interest, how the hell can we afford the repayments :(

Our deficit this year will be circa €20,000 million
Increased debt interest in future years € 6,500 million
Promissory notes interest Anglo / INBS every year extra €1,500 million ( had we all forgotten about this !!! )

Adjusted deficit going forward €28,000 million


So to balance the book and even create a budget surplus of €1 ( yes, 1 euro ) we need to increase taxes / cut costs of €28,000 million


we are banjaxed CUBED :(
Well spotted the sums are that simple.:mad:
 
Joined
Nov 2, 2010
Messages
23
We could always sell Cork..... and even Kerry to the Chinese. I hear they're looking for land to grow their rice. Of course, providing we get permission from the IMF.
 

NunoF

Well-known member
Joined
Aug 26, 2010
Messages
479
The same could be said about many other European countries.

We are heading for a generalized default and all governments are closing an eye to it, trying to prolong it as much as they can.

Problem is, the people lending the money are opening their eyes, and it's now a game of squeezing the last drops of juice before it all blows up.
 
Last edited:

Doodah

Well-known member
Joined
Nov 14, 2010
Messages
1,067
Like 99% of politics.ie threads, before long this thread develop into a pathetic FF/FG/Lab/Greens slanging match and blame game.

This fact in itself is evidence that the Brits were right and the Irish are thick and extremly prone to infighting.

The "bail-out" is effectively a National asset-strip and annexation.
The country is now owned by Brussels and they can do with it as they please.
The country is now indebted indefinitely.
All present and future industry, resources and effort will serve this debt.

The Irish Government has surrendered and now the country can amuse itself with in-depth analysis of Cavan/Leitrim/Louth/Dublin South/Kerry North FF/FG/Lab election "battles", Premiership soccer and Coronation Street.
Pathetic.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Adjustment needs to be €28,000 billion per annum.

If you add those working & those on live register lets say 2,000,000
Add in OAPs - say 400,000


Average adjustment per citizen €11,667 per annum

We need to encourage 100s if not 1000s of FDI into Ireland. Only Corporation Tax can save us now :)
 

ruamruam

Well-known member
Joined
Nov 11, 2010
Messages
580
The same could be said about many other European countries.

We are heading for a generalized default and all governments are closing an eye to it, trying to prolong it as much as they can.

Problem is, the people lending the money are opening their eyes, and it's no a game of squeezing the last drops of juice before it all blows up.
I think you have hit the nail on the head here. That is why they insisted on us using the Nation Pension Fund, get it before we default. They will pressurise us to sell off public utilities if the system last long enough to squeeze a bit more out of us. We should resist the thieves.

FG will cave in without any fight. It's over to you Labour. The ball will be in your court. Prove your mettle. I don't have much faith but hope they surprise me.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
As soon as we close the entire gap of €28,000 million per annum we will be home free :)
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
This is what Dumb & Dumber dont want you to understand.

The €15 billion austerity budget is just over 50% of the required adjustment :(

ABSOLUTE DEVASTATION on the way for social wefare recipients and public sector workers after the next election. DEVASTATION :(
 

TODevastated

Well-known member
Joined
Oct 9, 2009
Messages
1,332
This is what Dumb & Dumber dont want you to understand.

The €15 billion austerity budget is just over 50% of the required adjustment :(

ABSOLUTE DEVASTATION on the way for social wefare recipients and public sector workers after the next election. DEVASTATION :(
not to mention the general populace with
increased income tax
flat rate tax on the home
increase in VAT
etc etc etc
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Income tax take will fall unless more people are employed :(
50% of people subject to a property tax wont pay :)
Vat take will fall as consumption falls and people head North :(

You couldn`t make it up.

In a depression you need to stimulate spending to create employment. Our Dumb & Dumber want to do the opposite :)
 

truthisfree

Well-known member
Joined
Jul 16, 2009
Messages
6,186
not to mention the general populace with
increased income tax
flat rate tax on the home
increase in VAT
etc etc etc
Less disposable income so reduced tax take and then there is always the Black Swan, what if Intel or any of the other large tax paying corporations hits a speed bump and decides to close down here, loss of not only corpo. tax but jobs and related service industries.
 

TODevastated

Well-known member
Joined
Oct 9, 2009
Messages
1,332
Less disposable income so reduced tax take and then there is always the Black Swan, what if Intel or any of the other large tax paying corporations hits a speed bump and decides to close down here, loss of not only corpo. tax but jobs and related service industries.
apologies for concentrating on the populace whose marginal tax rate is 41% rather than the corporates who pay 12.5%

you are right of course if some of the major corporates left it would be a disaster
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Marginal tax rate is not 41% :(

Its

Income Tax 41%
Prsi 8%
Levies - normal people 2% ( abnormal 4% & 6% )
51%


AIB / BOI when they were making profits of €2 billion a year were paying 12.5%

12.5% should be limited to particular sectors of the economy. FDI, pharmaceutical, life sciences, etc.......
 

TommyP

Active member
Joined
Dec 26, 2010
Messages
299
We are where we are :)

Within the next 2/3 years our National Debt figure will be in excess of €200,000 million :(

At a basic interest rate of 5% that is €10 billion a year in interest ( every year )

We cannot afford the interest, how the hell can we afford the repayments :(

Our deficit this year will be circa €20,000 million
Increased debt interest in future years € 6,500 million
Promissory notes interest Anglo / INBS every year extra €1,500 million ( had we all forgotten about this !!! )

Adjusted deficit going forward €28,000 million


So to balance the book and even create a budget surplus of €1 ( yes, 1 euro ) we need to increase taxes / cut costs of €28,000 million


we are banjaxed CUBED :(
good observation - this is why we cant go on as is....
 


New Threads

Most Replies

Top