Comments on: Irish budget is “charter of exploitation”

By: Michael Burke

Michael Burke — Wed, 23 Dec 2009 10:23:36 +0000

@ Sharkboy

You seem to be confusing the Irish recession with the effects of the Irish government’s unique fiscal experiment.

The latest Budget was the 4th such measure since October 2008, all of them austerity Budgets. Their effect has been a fiscal contraction of 6.4% of GDP (OECD). Yet, predictably, the government’s own forecasts for the deficit keep rising.

This stands in contrast to nearly every other European country (except Berlusconi’s Italy) who have been attempting to reflate their way to economic recovery, and find their deficit forecasts declining and bond yields falling. Reflation is the only antidote to deflation.

Ireland’s 0.3% growth was achieved solely because import demand is falling much faster than exports. Everything else, govt. spending, personal consumption are declining massively, with investment leading the way. Some ‘emerging from recession’.

By: SOCIALIST UNITY » ROUND THE BLOGS

SOCIALIST UNITY » ROUND THE BLOGS — Sat, 19 Dec 2009 11:27:41 +0000

[...] Irish budget, which possible gives a taste of what a Tory economic policy in Britain might be like. Well worth reading. Michael Burke covers the same theme at Socialist Economic Bulletin: this makes a detailed [...]

By: Sharkboy

Sharkboy — Sat, 19 Dec 2009 09:41:52 +0000

You seem to be mixing up cause and effect. The collapse in the Irish economy happened before the recent budget not because of it. Oh, and what’s this from the BBC website?

“The Irish economy emerges from recession with growth of 0.3% in the third quarter of 2009,”

By: paulstpancras

paulstpancras — Fri, 18 Dec 2009 15:45:41 +0000

RT @jessica_asato – Irish budget is charter of exploitation – @broxted #eire #ireland See http://bit.ly/4TyRwZ