Iffy On The Liffey

So far as our news service is aware, no country is planning to reduce taxes this week, but at least in Ireland they are talking about doing so. The Deputy Prime Minister said as much; and a few days earlier the Finance Minister had said the same. They need to, heaven knows, and they have the right ideas, but I have to wonder where they are going to find the dosh. The budget deficit was 7.5 percent in 2013, and will be 4.8 percent in 2014, according to Government estimates, although external commentators think that is optimistic. Ireland's debt was 25 percent of GDP in 2008, before it started on the suicidal "rescue" of its banks; now the debt stands at 125 percent of GDP, and may rise further. It's hard to make out whether the Government is actually cutting… Read More »