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Paschal Donohoe the worst Finance Minister in State's History ?

blue velvet

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Interesting blog post by Economist Cormac Lucey in which he excoriates Paschal Donohoe for 'incontinent' levels of public spending.

He compares him to Gene Fitzgerald, who is traditionally seen as the worst Finance Minister in Irish history.

The Sunday Times had a recent editorial in which they condemned Donohoe's almost Fianna Fail-like levels of public spending. Projected spending for 2018 was forecast at €63 billion and it eventually came in at €76 billion. A 27% overrun.

They also described his taxation policies to be 'to the left of Jeremy Corbyn'.

Donohoe seems to have completely caved to the public sector and he has also failed to bring down our national debt.

FG were severely critical of FF's pro-cyclical budgetary policies, which helped cause a collapse of state finances, but it seems they are almost as bad, if not actually worse.

f all these windfalls didn’t go towards reducing the national debt — and if they didn’t fund tax cuts — then there is only one place they could have gone: government spending.

In April 2014, when it published that year’s stability programme update, the government forecast that pre-interest spending would reach €60.3bn in 2018. The eventual 2018 outturn was €76.8bn, or 27.4% above the original plan. This is fiscal incontinence on a grand scale.

Close to half the slippage occurred since May 2016, when Donohoe became minister for public expenditure and reform. All of it occurred while he was a government member. Donohoe’s record looks even worse when we consider the pace of budgetary improvement since he became one of our key economic ministers. According to Ifac, there has been “virtually no improvement since 2015”, the last full year that Brendan Howlin held the post. Ifac also bemoans the fact that “expenditure growth has accelerated in recent years”.
Why Paschal Donohoe deserves the dunce’s cap as Ireland's worst finance minister
 
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Wolf

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Interesting blog post by Economist Cormac Lucey in which he excoriates Paschal Donohoe for 'incontinent' levels of public spending.

He compares him to Gene Fitzgerald, who is traditionally seen as the worst Finance Minister in Irish history.

The Sunday Times had a recent editorial in which they condemned Donohoe's almost Fianna Fail-like levels of public spending. Projected spending for 2018 was forecast at €63 billion and it eventually came in at €76 billion. A 27% overrun.

They also described his taxation policies to be 'to the left of Jeremy Corbyn'.

Donohoe seems to have completely caved to the public sector and he has also failed to bring down our national debt.

FG were severely critical of FF's pro-cyclical budgetary policies, which helped cause a collapse of state finances, but it seems they are almost as bad, if not actually worse.



Why Paschal Donohoe deserves the dunce’s cap as Ireland's worst finance minister
FF and FG are the exact same thing, bubble and bust politics.
Paddy keeps voting them in though, so Paddy only has himself to blame.

The IMF will be back soon enough, the country is a basket case.
 

bells of shandon

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Pascal Donohoe has little room to maneouver .Ireland is trapped in the Euro currency system. We cannot issue money or control interest rates.This is done by the ECB, over which we have zero to no influence.
Ireland raises its money by taxing its citizens and Corporations.
The difference between expenditure and tax take is filled by issuing bonds to the Private Banks, on which we pay interest.
Borrowing money to pay down debt is just adding to the pile.
Interest rates are low at present, this will change when the next Financial Crash occurs and interest rates rise to unsustainable levels.
Ireland will then go Bankrupt ,as it cannot issue money to pay interest. The privatisation Vultures will then descend and sell off anything that is not tied down.
We then become debt slaves forever in our own land.
Groundhog Day, just a bigger version of the 2008 Bank Crash and bail-out.
 
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Ted

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Donohoe is a till clerk - money in, money out, no processing.
Or at least that's what he believes.
 

TommyTayto

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Interesting blog post by Economist Cormac Lucey in which he excoriates Paschal Donohoe for 'incontinent' levels of public spending.

He compares him to Gene Fitzgerald, who is traditionally seen as the worst Finance Minister in Irish history.

The Sunday Times had a recent editorial in which they condemned Donohoe's almost Fianna Fail-like levels of public spending. Projected spending for 2018 was forecast at €63 billion and it eventually came in at €76 billion. A 27% overrun.

They also described his taxation policies to be 'to the left of Jeremy Corbyn'.

Donohoe seems to have completely caved to the public sector and he has also failed to bring down our national debt.

FG were severely critical of FF's pro-cyclical budgetary policies, which helped cause a collapse of state finances, but it seems they are almost as bad, if not actually worse.



Why Paschal Donohoe deserves the dunce’s cap as Ireland's worst finance minister
FG in opposition actually criticized FF for not fueling the property bubble more with FG's bright idea of lifting Housing Stamp Duty etc If the polls are right the next government will be FF/Greens who crashed the economy less than a decade ago, ya couldn't make it !! Middle class Paddy and Mary are as thick as planks and even if there is another crash and another one after that still vote FG/FF regardless. While working class Sean and Sinead have no one worth voting for despite giving SF, PBP, Solidarity a great chance in the 2014 locals but showed themselves to be as completely useless as the rest of them ever elected to councils. We are inevitably fu*ked like every other generation of Irish people, although this time they can't blame the Brits.
 

TommyTayto

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The real difficulty here is that the squeezed middle is actually beginning to diminish as a demographic.

More and more people are moving from "middle class" to working class.
I'm not a great believer in the "squeezed middle" term coined by the SIndo, Newstalk, RTE, Varadkunt, FG, FF etc It's implying that people working in say, Tesco's or Dunnes are living it up at the middle's expense. As if the Tesco workers on temporary contracts, part time contracts, agencies and so on are not paying their way sponging off the middle, when in fact if you take in all the indirect taxes and levy's they pay as much tax as someone on multiples of their income. It's just hired liars of the media playing the divide and rule game so the real culprits in the golden circles get away with fleecing both.
 

Major Infraction

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I don’t like his lisp.

And to me that’s by far his best trait.

Whereas I do like Ann Cassin’s lovely lisp when she reads An Nuacht.
 
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blue velvet

blue velvet

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Momo called the FG govt 'right wing' earlier. Is she nuts.

Taxation policy to the left of Jeremy fucking Corbyn.
 

BSA

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The real difficulty here is that the squeezed middle is actually beginning to diminish as a demographic.

More and more people are moving from "middle class" to working class.
We need need revised definitions here ..in these post crash times ..

Based on my experience ...here are mine


Irish 'middle class'.. Irish citizens ' married, permanently cash strapped, responsible for own home, children, health care, education, childcare, earns not more than €60000, in total, before substantial taxes and changes. Has one child but wants more... Unlikely to have more due to the cost and the danger of falling behind on the mortgage - the new Irish terror.. Irish states only role in their lives is taxation..responsible law abiding.. A shrinking demographic

Irish 'working class', Irish citizens, pretends to be a lone parent but has two or three children, might have another.. who knows.. with a live in boyfriend who pretends to live with his parents, for tax reasons, works less than 12 hours a week in an Applegreen or on a CE scheme..(loose me benefits if I worked more) State provides home, health care, all education costs, furniture, white goods and money for emergencies.. States role in their life is that of a generous relative.. like.. A kindly uncle.. A growing demographic

Everyone else... People who arrive in Ireland without resources and should not be here. Unqualified, unskilled, frequently primary illiterates and more or less unemployable in a post industrial first world country, Africans, Muslims, spurious asylum seekers, unemployable economic migrants from Asia and South America. Completely and increasingly aggressively dependant on the Irish state for everything in their lives. The states role in their life is like a father.. An exploding demographic..
 
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