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Updated 4.10pm
THE SO-CALLED fiscal space has dominated the opening days of the general election campaign.
The term is not nearly as complex as it sounds. Put simply, it’s the amount of money that will be be available to the next government over and above what it is already spending on public services like health, welfare, education and so on.
The money does not yet exist and is dependent on strong economic growth of around 3% over the next five years. But it has now emerged that Fine Gael, Fianna Fáil and Labour had all been miscalculating the fiscal space in recent weeks with the embarrassing result – for them – that only Sinn Féin has its numbers right.
For Fine Gael and Labour this is particularly serious given they claim to have the only credible economic plans for the country over the next five years. But, in fact, the figures they have bandied about in recent weeks have been wrong by a massive €2 billion.
How did this happen?
Less than two weeks ago Finance Minister Michael Noonan told the Fine Gael Ard Fheis that the money available would be €12 billion:
Our Expenditure Rule ensures that our commitments are sustainable by capping the growth of budgetary commitments at below the long-term growth of the economy.
This rule will limit new budgetary commitments to €12 billion over the five years from 2017 to 2021. This is half of the budgetary expansion in the last five budgets in the years which preceded the crash introduced by the Fianna Fail led Government.
As for the Labour party, Public Expenditure and Reform Minister Brendan Howlin said pretty much the same thing at the party’s conference last weekend:
The figures, confirmed by the Department of Finance, given to all the parties in replies by the Department of Finance, is €12 billion and that, I believe, is the figure we should work on.
How did they reach that number?
The two parties based their figures on what they said the Department of Finance was telling them. The department released an information note last week which explained how it calculated the fiscal space.
It said the gross fiscal space was €10.9 billion if economic growth over the next five years is on average 3%. It then included €1.4 billion as a result of the expected relaxation of EU fiscal rules on deficits because Ireland’s economy is performing so strongly.
Included in the note, the Department said that if the next government did not apply indexation then €2 billion would become available.
What’s indexation?
This involves adjusting tax rates and bands to keep up with inflation, which is the rising cost of goods and services. Indexation would also involve increasing social welfare payments to keep up with inflation. Effectively it means that as the cost of living rises, the government adjusts taxes and welfare payments accordingly.
But this is a decision for a government to make, not the civil service. This is why the Department of Finance assumed that the indexation would not apply.
So what did the parties get wrong?
Labour interpreted the Department of Finance figures to mean that the structural balance in 2021 would be €8.6 billion. It then claimed that €2 billion from non-indexation of taxes as well as the €1.4 billion from the relaxation of fiscal rules would create a total space of €12 billion. Fine Gael appeared to do the same.
To further confuse matters, Fianna Fáil leader Micheál Martin claimed on RTÉ News on Wednesday that the fiscal space would be €8.6 billion before claiming the non-indexation of taxes would generate a further €2bn.
However, Labour is now privately admitting that the tax indexation figure of €2 billion was double-counted and should have been included in the €8.6 billion figure.
Who got it right?
It was left to Sinn Féin to clarify matters when it put the following statement in an email to the chief economist in the Department of Finance John McCarthy:
The potential additional revenue that would be generated from a political decision not to proceed with indexation is approximately €2 billion. This additional revenue from not indexing is included in the net fiscal space figure of €8.6 billion. Conversely, the net fiscal space of €8.6 billion cannot be increased from non indexation.
McCarthy responded that this was indeed correct. Therefore the available fiscal space, when non-indexation is included, is €8.6 billion.
This is how much Sinn Féin says is available to spend over the next five years. Fianna Fáil now agrees with that number. A spokesperson confirmed this morning that the party is working off €8.6 billion being available.
What are Fine Gael and Labour working off?
Fine Gael says the fiscal space is €10.1 billion, because it’s including the €1.5 billion it says has been freed-up by the loosening EU fiscal rules, which allow Ireland to run a small deficit in 2018. The party launched its so-called long term economic plan yesterday.
Labour is now also saying the figure is €10.1 billion but adds that it will create additional resources by raising extra revenue. It’s publishing its fiscal plan next week. Speaking today, Howlin suggested that the government, if re-elected, could exceed the €10.1 billion figure:
I believe we will exceed them as we have done in everything we’ve done for the last five years and the fiscal space will be greater than that. But we will act on the basis of prudence.
Why does this matter?
Fine Gael and Labour have consistently criticised the so-called “fantasy economics” of Sinn Féin and have mocked Gerry Adams for his admission that he is not good at maths.
But in this case it appears that Sinn Féin is the only major party to get the figures right. Howlin wasn’t prepared to acknowledge that today, saying only:
I’ve no quibble with Sinn Féin. I do have a quibble with Sinn Féin economics normally.
But when economic competence is all-important when it comes to the next government, it appears the current one screwed up the numbers – and that’s not good for its re-election hopes.
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Who’s practicing “fantasy economics” now, Fine Gael?
Why has The Journal not posted an article on this? http://www.independent.ie/irish-news/finance-minister-michael-noonan-admits-he-knew-about-foster-home-abuse-allegations-twenty-years-ago-34423839.html
The entire political, corporate, media and academic establishment peddle fantasy economics when they pretend that fiat currency money is somehow a scarce commodity and not created at will on the computer keyboards of the world’s central and commercial banks. There can always be as much (or as little) money as there needs to be to fully utilize the resources of society. Any shortage of money is a political choice which serves the interest of private capital.
With the Eurozone, they’ve turned their fantasy into reality with the member states reduced to the status of children pleading with the big daddy ECB for their pocket money. It would be funny if the consequences for the working class were not so serious.
This is hilarious.
Pop in the 26 million” sterling” they collected from the aul fundraiser a while back and were laughing.
90% of new wealth goes to the top 1/10 of 1% Tickle down economics is the real fantasy. Even when it works which it never does, the wealth only ‘trickles’ down. The idea that any type of recovery can happen under these circumstances is the real fantasy. I would encourage everyone to bring this story to at least one persons attention even if it means boring the sh!t out of them. The Fine Gael/ Labour way of doing things is unsustainable even with the application of acute austerity. Imagine what a disaster it would be without it.
We seriously need to get these people out.
Wally ,when it comes to hard cash nobody or party can touch SF ,they have lots of experience of burning it ,shoving it under floor boards and behind luxury baths .You have.to hand it to them ♨️
@ Re Chew… Yeah Burning things, shoving things under floorboards, luxury baths… What a fantastic straw man load of irrelevant antecdotal crapology.
This has actually impressed me and made me seriously reconsider SF, as for the other three muppet parties. Forget it. If they can use a calculator they’re certainly not getting my vote, ok they weren’t getting it anyway.
*can’t
I was just thinking the same. It’s going to be very difficult for a person of my era to vote SF but I have been grappling with it and I think the time may have come. I think the polls don’t reflect this but a lot of people now feel that way.
Clown living in the past
Wally while I agree fiat currency is essentially fantasy money, that doesn’t mean I think we should keep printing more and more of it. In fact I think the opposite. Currency should really be fixed to something to prevent hyperinflation and excessive quantitative easing is a risky policy to pursue.
To quote Ron Paul: “This is gold, Mr. Bond. All my life I’ve been in love with its color… its brilliance, its divine heaviness.”
LMAO louis..all you have to do is tell a person that FG and LAB/RNU are liars…everyone knows thats the truth!!!!
@ScewMadd. Michael Noonan says exactly the same thing.
Very embarrassing for the blueshirts.
the establishment are born lyers
Especially going nto the weekend news cycle Al. A major own goal.
Can’t wait to see the sindos headline. “Gerry Adams ate my hamster” FTW
And the author is Hugh.
Anyone like to send him an apology?
Seems it’s fg and labour ,ff that’s not very good at maths. Shown to the country just before we all vote.
The real Question is, will the civil servants who came up with the figure get the Sack.? Or was this a deliberate massaging of the figures and their jobs are safe as unbuilt FG social houses.
I have to say I’m absolutely shocked that such a story is indeed being printed. Aren’t there supposed to be all only bad stories re ‘Shinnernomics’ being run now an election is in the offing? Are you coming around to ‘Proper politics for the People’ Hugh?
Is describing FG supporters “blueshirts” like describing SF the “Provos” mind you the blue shirts were nearly 75 years ago and the Provost well! are still in existsnce though thankfully now putting up posters! Instead of shooting people!
This “fiscal space” malfunction is a massive kick in the peanuts for Fine Gael. Sinn Fein have been handed a huge opportunity to gain votes they wouldn’t have counted on a few days ago and I expect them to make the most of it over the coming weeks.
“The term is not nearly as complex as it sounds”
Unless you’re Enda Kenny of course :)
Hugh must know that SF are doing much better in the Red C polls than reported. Lining up a job.
Be thankful for small mercies so!! Sinn Fein defended their ppl FG sold theirs down the river.
Fiscal Space is that place in your wallet where the money use to be before FG took it.
The blueshirts are still in existence too Bill, theres as much eidence of it as thereis of the provos
Any word on the inept accountant knowing about the abuse allegations 20 years ago?they seem to be circling the wagons again.Between this and the way he treated the hep c patients he needs to go immediately. #slimeball
Why. For doing his job.?
Lads the success of this government is there to be seen and felt everywhere you look 40000 new cars in One month ,retail up massively ,unemployment down by half ,nurses and engineers and others happy to return and confidence about the future .The Shinners little experience as part of a UK government with no opposition speaks for itself .The Irish people are not that gullible to think that SF can be trusted with high office here .
Another YFG troll account appointing themselves official spokesperson for ‘the Irish people’
2 out of 3 Irish people didn’t vote FG in the last election, and that was during your ‘anyone but FF’ honeymoon period.
Where’s my monkey FC. He seems to be lying low now his beloved FG are proven to be incompetent.
Liars cmon
Idiot
Was referring to ReChew’s stupid comment
9 out of 10 didn’t vote SF
This Comment wins the Internet today. I’m gonna steal it
delighted you’re here Pol – tell me this (as no SF rep has called to the door yet)…
If Gerry was elected to the big T. would he negotiate with terrorists?
What if the SF position on me shooting someone if I don’t like their political views – such as my next door neighbour who appears to be a bit of a nazi?
And lastly – can you tell me … does SF believe in a united Ireland? If not, which of the 26 would you boot out? (My preference would be Cork … they consider themselves separate anyway)
Oh dear, what a foul up
Nice and understated. Comment of the day.
Best slogan yet for a poster. Very memorable. The figures have never added up, especially for IW , Poolbeg incinerator, The hospital that will never be built, the voting machines in storage and the list goes on.
Fine Gael are a mixed bunch,dunces and liars seem to make up their core ranks with corruption as an optional extra.
At least they can add
Clearly not
Yawn! Grow up Darby. This article is about economics. I’m sure you can use your comment in the other countless articles that Hugh O’Connell will print about the troubles. No doubt he will alert you to them on the right wing lunatic network.
@ Paul Darby
i agree
Noonan has a Degree in Economics, Enda is a former school teacher and Joan an Accountant. And they all missed this massive Financial and Mathematical mistake. Doherty no College Degree, particularly no Economic or Accounting Degree and he spots it. Only makes this mistake all the more massively monumental. And if anything highlights the current leaders of Ireland as being incompetent, inept, useless and embarrassingly stupid
Willr, Doherty personally didn’t spot it. His advisers did.
So tom Kelly sf advisors were able to do the maths and show the truth. Fg , labour and ff advisors can’t do the maths and were obviously spouting lies. Moral of the story sf were right , the rest were wrong.
The only maths Fine Gael advises do properly is negotiating their own illegal salaries. Somehow they never miss a trick in that regard.
Ha ha Tom back into your box
Tom Kelly 0 Littleone 1
Dobsons sitting in the studio awaiting the questions from Fine Gael he’s to ask Fine Gael,puppet!
Littleone, you are a typical SFer, always looking for a fight. I only pointed out that It’s the advisers that spot these things not college dropouts
For those ignorantly obsessed about degrees being the be all and end all,
UK Finaance Minister(the one championing the Conservative party’s 19th century Austerity dogma)
GEORGE OSBORNE’s Degree is in History.
Mind you 40 Economists have lambasted The British Conservative party’s Economic policies
(who Fine Gael are busy trying plagerise after several top level consultations with them)
and backed Jeremy Corbyn’s Labour Party policies:
“The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies.
Jeremy Corbyn wins economists’ backing for anti-austerity policies
Read more
His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity. He voted against the shameful £12bn in cuts in the welfare bill.
Despite the barrage of media coverage to the contrary, it is the current government’s policy and its objectives which are extreme. The attempt to produce a balanced public sector budget primarily through cuts to spending failed in the previous parliament. Increasing child poverty and cutting support for the most vulnerable is unjustifiable. Cutting government investment in the name of prudence is wrong because it prevents growth, innovation and productivity increases, which are all much needed by our economy, and so over time increases the debt due to lower tax receipts.
We the undersigned are not all supporters of Jeremy Corbyn. But we hope to clarify just where the “extremism” lies in the current economic debate. “
FG’s figures were originally 4 billion out! They would have us back in the boom and bust times.
Anyone but FG – they can’t be trusted and don’t have the public interest at heart.
vote the establishment out vote right to change
Ah sure we’re all thick C@@ts according to our taoiseach… Let’s see how braindead we all are on the 27th enda when the ballot boxes open!!
Getting more desperate every comment.
even the media are taking the piss out of SFs maths ability now :D
Fg only got into government on a protest vote same as liebour
?
One of my main issues with Sinn Fein was their economics. It appears that I was wrong and will have to re-evaluate my preferences.
So Sinn Féin have just showed up Fianna Fail, Fine Gael & Labour for being absolutely clueless and it’s only the start of the campaign. The Government said SF figures don’t add up when in fact they can’t even get the basic figures correct.
We can still look forward to 3 weeks worth of government TDs thowing the ‘fantasy economics’ slur at SF unchallenged.
No one in the media noticed it either. It’s interesting that the three parties FF/FG/Lab all to the cent made the same financial errors.
We won’t mention that the SF shadow budget was independently accosted by DOF and found to be balanced and do-able for want of a better word. FF shadow budget was out by €600,000,000 ( thought the zeros would show the absolute joke of it) but no msm made a comment on this!! And they want us to vote these clowns back in?? Jesus wept
Easy done in fairness.It’s the type of money you find down the back of your sofa.Hold on,I read it as €2. How do ya miss out on a couple of BILLION.Would be funny if it wasn’t so serious…
Fg had to follow what was laid out by the previous government so it was an easy ride the last 5 years…but look what happens when they have to produce their own finances..incompetent is an understatment..these people can not be trusted to do anything right..god help the people of ireland if Fg get in again..remember this “the people have the power”
They obviously just forgot to factor in how much they were planning to give to Denis O’Brien in those brown envelopes. €2,000,000,000 sounds about right.
So fg, labour and ff have been playing fantasy economics , not been able to do maths and its sf that has the numbers right. Really is a case of pants on fire
I think they’ll find it’s a lot closer to the Fiscal authority figure of 3.2 billion euro.
The expenditure benchmark kicks in this year from ‘our friends’ in Brussels.
Bailout countries like Ireland are harder hit than most.
Economist Constantin Gurdgiev reckons approx €4.3 billion, but that this is totally unreliable past 2017 anyway.. others like Stephen Kinsella agree. But, seriously, can anyone recall when any of the establishment’s economic forecasts were even close months in advance, let alone 5yrs?
As ever, the Irish public are being played..
Bottom line? Don’t vote for FG, FF or Labour. None of these parties, by their *record* (never mind what BS they give you) deserve your trust.
Tommy MacDonagh / Dane Tyghe
Another great day, isn’t it ?
Mighty, to see The Blueshirt and Liebour ‘Parties’ , getting continuously caught out and exposed, for their porkies !
Extraordinary, that even after they were found out , that your Ayatollah Noonan , continues to dig deeper and make a bigger fool of himself ?
A big change is a comin’ and the corruption and deception of these Cowboy ‘Politicians’ , is being fully exposed by their own trip ups !!!
Now who do we want representing us in negotiations with the ECB or with the other banks. Not surprised we got such a bad deal.
What’s this about a deal? It’s well known at this stage that FG didn’t even bother to negotiate on our behalf.
More FG lies, saying theyl cut USC. Fair play to SF for catching them out. No fiscal space for cutting USC afterall but theyl continue to spin that lie. Isnt that what you do during an election.
We FG /LAB lying?
Well would ya belive that ☺
HOW MUCH?
It was€3.6 billion from behind the radiator 10 months after FG took office .
Back of a fag packet economics. Rainy day slush fund?
The Journal writing a pro Sinn Fein article???? Oh how the times they are a changing………………. thy must have realized Sinn Fein will probably be running the country soon and they need to tow the line!!!!!!!!!!!!!!!!!
Spot on. All the polls I’ve seen have SF ahead. The media are such turncoats.
Tara i’ve been looking all over the place to find this out, seems too good to be true, would you be able to give me an example to look at much appreciated :)
And all the shinners thought you were an FG man Hugh, now they know.
Hugh showing his true SF colours with a one sided headline like that! SF HQ must have sent the memo!
Well to keep any credibility he had to publish this monumental error , if he didn’t he would be accused of hiding the facts to favour FG , a no win situation for Hugh , I am still waiting for the story on Noonan knowing about child abuse for 20 + years and not reporting it , That really says it all for me about the character of this vile human being
The faces on Kenny, Noonan, and Burton when the “GOTCHA” moment hit home was priceless.
If they weren’t exactly DISgruntled – they were very far from gruntled..
Hugh, the article reads like even yourself a (former) blueshirt has decide to walk away from FG on this spectacularly disastrous cockup by them!!!!
Just more lies, lets all use our votes wisely and rid Ireland of these parasites.
Lolz
So did FG/Lab lie or did they just not understand the sums? In other words, are they Fiscal Spacers or Fiscal Spoofers?
Fair play to Sinn Fein. Very impressive.
FG certainly having a bad election so far. Day 1, down 2% in the polls, day 2 it’s revealed they can’t do maths, …. They are already a joke. Looks like the FG seat losses will need revising upwards from 15-20 to 22 -26
Fg,labour did not get it wrong, they were have been just caught lying,nothing new so.
Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry Gerry
The Noonan disease.
Michael Noonan Is a breed of Limerick criminal that are dying from a series of diseases called political dystrophy quite quickly. This particular disease ravages areas of the mind that are deprived of truth serums on a regular basis for years at a time. The disease is noticeable in people who have begun to actually believe they’re own con. The Dundons Limerick criminals of another sort, and they’re ilk are almost gone. Noonan and his ilk are not fare behind. We must be vigilant. We can never give up on the Nations need to destroy the Noonan disease, already it has become viral and is in danger of taking over all the National grids where honesty is an integral part of the successful operation of said grids: School system, Communal system, Social system, Economic System, Banking System, Etc
” Yes, everyone has noticed the gang of phonies from the three main parties trotting out garbage about the seriously flawed printed report into the banking inquiry. Perfect example of the Noonan disease.
All but one of these turds and lackeys had one or two redeemable but not remarkable qualities.
Some of these FG FF apologists were just backroom boys when this deadly bailout deal went down.
The leadership of Fianna Fail and FG agreed to sign away 60 billions in money belonging to the Irish peoples, to the Krauts. Remember Germany is the richest Nation in Europe.
It has since been brought to our attention that this amount represented roughly half the total average European debt accumulated in a financial period.
Chicken feed for 270 odd million European people, but for Ireland’s tiny population to deal with this debt it was back breaking, heart breaking and soul destroying.
Though he was the recipient of Bertie’s poison chalice. ” Cheek by jowl Brian the cow and gate Cowen ” was key to this sell out of the Irish people.
Garret Fitzgerald always found Cowen a promising student of Keynesian economics. ” Supply and demand economics”
Biffo was not prepared for what was expected of him by the banksters in ”Germany, London, Washington DC and the City of Rome.” or able to deal with the staggering impact
on the Irish people, especially the young, of the payback terms.
Remember the Irish people are still being squeezed for this money by ”Germany, London, Washington DC and the City of Rome.” The bond holders have basically been dealt with.
The criminal cabals in the last four mentioned locations are demanding and are being given a stake in the infrastructure of the Island of Ireland.
This is what Brain Cowen and the late Brian Lenahan are guilty of.
By creating NAMA and investing it with the power to dispose of property and power belonging to the people of Ireland, they have sold the people of Ireland into slavery.”
Wow! Brilliant, Can i Post that elsewhere?
They’re all spoofers. They haven’t a clue what’s going on. To borrow a phrase: they’re like a mule with a spinning wheel (can anyone guess the show?)
“monorail…..monorail……monorail……..monorail….”
For Connolly, I think you mean:
“metro north…metro north…metro north…metro north”
Lets not forget that gem. Coming out with a new plan that’ll have a fraction of the long-term capacity for only €200m less than the original plan.
“Is there a chance the track could bend? Not on your life, my Hindu friend.”
Scarr,
“The Magic Roundabout”
“Only Fools and Horses”
All these politicians are beginning to look like a clutch of chickens fighting over an egg that has not yet even been laid!!!!
Fiscal space, tax indexation, budgetary commitments, yes, these are all phrases that Mrs. and Mr. Joe Ordinary use every day round the breakfast/dinner table.
Like in all previous elections all these grand promises and predictions will melt like snow in a furnace as soon as they are elected.
That’s a valid point.
Much of this talk about ‘fiscal space’ is really discussing by how much each political party thinks they can buy the next election. I don’t really see much talk about how we can sustainably reduce national debt while addressing the larger social problems which have developed over the course of the bailout period.
Fantasy economics brought to you courtesy of FG and the ridiculous right.
Credit to SF
Hope the other parties take a leaf from their book and all promise no increase in public spending for the next 5 years. We dont have the fiscal space for it.
I corrected you on this already……
“Sinn Féin’s finance spokesperson Pearse Doherty said that the three other parties manifestos – which have not yet been published – should be withdrawn and “shredded”. He said the majority of the fiscal space would be used to invest in public services.”
This looks like a bit more than a lie.It looks like gross incompetence compounded by a lie.A huge question mark now hangs over the rest of their figures.It seems that they were promising “twice the sex with half the foreplay”, and guess who they were eyeing up to be screwed.
Numbers out of arses again….. nothing changes
Good article by Hugh and a huge own goal for FF,FG and labour.
Enda says we have a choice …. That choice is now different ….. Miscalculations from Parties (ie cooking the books to get a vote then telling the people when they’re voted in we didn’t know the books were as bad so we can’t keep our promises)….. Or Fantasy Economics which turn out to be more of a true story than The Lord of The Rings Trilogy ….Those 3 leaders must be loving Geraldo Adams right now lol
Someone in the Department of Finance hates FG/FF and Labour!
Someone didn’t get bought a Christmas pint in the Dail Bar…..
This may remind people that FG was essentially elected by default, and that there was a good reason we didn’t elect them in back in the Bertie days.
(And, no, I’m not a FF supporter either…)
I think Hugh deserves an apology. Sorry Hugh.
I’d say Hugh needs a hug after this…
Well, holy sh^t, it’s a party political broadcast on behalf of Sinn Fein. Fair play to them anyway; I always knew that Doherty boyo had brains.
Hugh applauding Sf :O
People in Ireland need to realise that we have been led by people only interested in feathering their nests for years, we are in the biggest mess since the formation of the state, its time for serious change, so forget past history, thats gone , look to our future and vote in some real change for once..what harm can it do?
Doing the same thing over and over again and expecting a different outcome is madness..
I don’t know, lets just give another 20 billion to the banks and see how much more we are in the hole.
To simplify matters why not just call it “The National Slush Fund”?
Good man Hugh!
Can we now see a serious debate with party leaders, not a staged RTE production but a face to face serious challenge. We deserve to see the electioneering mantras and one liners teased out.
No pre question itinerary,no ear pieces, just a good old fashioned straight talking journalist with the guts to challenge the B/S. A Jeremy Paxman type of person, someone who would treat them all with equal contempt.
Hugh you showing your true colours today, are you looking for a job in Parnell sq
Nob rod ten,
All the media have reported this farce, including Redacted’s Beano.
Not rod, you and yours are been caught out in your deceit, lies and treachery, your type will always have your followers, unfortunately our 32 county Ireland always had her share of traitors.
Have a look back I said all these numbers were wrong, I don’t have a lot, I think I will vote for the greens though.
The phantom €2 billion: How everyone except Sinn Féin got the maths wrong…
What do you mean? RTE showed yesterday how the figures would lead to zero???
What a shower of Plonkers.
Looks like FF have nicked their slogan from the Maltese Labour Party. MLP used the “Malta for All” in their last general election. Sincerest form of flattery I guess. ☺☺
How many bank robberies, on average, would it take to accumulate such an amount?
The Anglo one would cover it.
PMSL!
#ownd
Brilliant answer Mr Phil
A dozen or so green bin taxes would also help
Leo/Lyons was owned by Phil and it made me laugh out loud :)
You’re getting too easy to troll,Sappy :)
Lol, Leo got burned badly on that one.
HA HA Leo laid LOWE , lol priceless
“The term is not nearly as complex as it sounds. Put simply, it’s the amount of money that will be be available to the next government over and above what it is already spending on public services like health, welfare, education and so on.”
But the ECB told us after the last budget that cuts will have to be made to counteract the last election budget?
http://www.irishtimes.com/news/politics/troika-to-question-spending-in-budget-2016-1.2420685
http://www.independent.ie/business/irish/fiscal-council-warning-government-risks-making-same-mistakes-that-led-to-financial-crisis-31277269.html
Listening to news at one today. Pearse Doherty and Michael McGrath spent half an hour telling everyone what they were going to do, build houses, pump money into the health service, cut USC, increase pensions, reverse lots of cuts etc. etc. I was under the impression that the country is still broke, still in a recession, still borrowing money for day to day expenses, still owe 181 billion, so I was wondering where is this money they were busy promising to spend coming from? Both of them were talking SH**e. The only space either of them have is between their ears.
Alan, you’ll find that SF are looking to spend the least amount of money compared to the other major parties. Hell Fine Gael and Labour think that they’ll be able to spend nearly double the amount of money that SF are predicting.
Alan, the truth came out about the FG Fiscal Space so surely that is a good thing. Why are you upset?
BTW, FG have also promised to build houses and spend, spend, spend.
Perhaps the only space you have is the crack between your lower cheeks.
Now chill out and applaud the fact that the fag packet Fiscal Force cock-up has been found wanting. I might even elevate SF to a higher preference for their hard work.
@Christy & Jason
Automatically both of you jumped to the conclusion I am a Fine Gael or Labour Supporter. I am Not.
If you read my comment again You will find I mentioned 2 politicians from 2 different parties. Without a second thought both of you jumped to defend Sinn Feinn., Did either of you hear the Horse SH**e Doherty and McGrath were churning out?
I think not.
No wonder they’re terrified of the shinners,
Hey Hugh why dont you come straight out and tell everyone you have a hard on for FG…..
Journalism is supposed to be unbiased but I suppose your looking for scraps from the table and a place in the party ?
FG/FF/Labour are all brutal at economics and caused this recession and SF were never involved, are you and your Nazi comrades afraid off being called out by real and fair economic policies or would you rather the usual olde Criminal economics to suit the 1% and REDACTED….
Noonan and Howlin two idiots that sadly we might re-elected……..
This is huge news. RTE dulled it down so much, said nothing much happened yesterday , I can’t believe it. They lied again for votes. I’m switching to Sinn Fein.
Nevermind it is premised on future projections of growth that, with the China stock market crash and unstable world markets, is fantasy economics. The only way to ensure a “fiscal space” is to tax corporations and billionares and use it for public investment. Something all the major parties got wrong. AAA-PBP have it right.
You dare to call me an economic fantasist as you look down your fiscal space.
Looks like another SF promice broek, just caught up RTE nees and they said they would take FF into Governent as junior party after saying they would not a fre weeks ago.
Vote for SF is now as good as a vote for FF.
SF last a few das afo the space was over 9 billion as well….
Jesus Paul, even big fingers is no excuse for that post.
SF have stated they will only go into government with a party which has signed up fully to the right2change policy principles, whether its FF or anyone else.
You missed the obligatory ‘ya no lyk’ at the end of your comment.
Christ Paul. You should take the boxing gloves off when you’re typing
Jammin – again great to see that IRA/SF are followers of Right2Change and their cheerleader Eirigi’s Brendan Ogle.
The same man who looked to maintain exorbitant salaries in CIE and ESB at the expense of the Irish public.
Good to note that most of other parties involved will not recommend transfers to the toxic IRA/SF cult.
“The same man who looked to maintain exorbitant salaries in CIE and ESB at the expense of the Irish public.”
So, what you’re saying is that right2changes main man is a better negotiator than the entire FG/Labour government.
Good. He’ll be useful post election.
Paul is the policeman from ‘allo ‘allo.
Eirigi’s Brendan Ogle?
Did I miss something?
Don’t believe the Shinners, how would they be able to count that much. Maybe they are factoring in the money from the Northern Bank.
SF/IRA have had a lot of practice counting bank notes.
Oh, the biting wit, the lightening riposte!!! What it is to be alive in these great days :-D
What do Gerry Ad….They are both terrorists!….Ah balls I told it wrong.
FG = Fiscal Gobdaws:
“Pearse Doherty, Sinn Fein’s top economics chap, got out his calculator. He had the same access to the Department of Finance explanatory note on which all the “fiscal space” chatter was based. And he began insisting that the figures didn’t add up.
What had happened was simple. Fine Gael took the Department of Finance figure of €8.6bn and added its bits and pieces to sex it up – and didn’t notice that €2bn of the figures they were adding were already included in the €8.6bn.
Of course, everyone knows that anyone outside the FG/FF/Labour/Renua cartel is a wrecker who can’t add up. The right-wing of Irish politics, which brought us the credit bubble, the economic crash, the bank guarantee and five years of reckless austerity, are the sensible people.
And Doherty was just a noisy Shinner, therefore best ignored. Sinn Fein wrote to the department, asked for confirmation of its figures and got that confirmation.
On Thursday last, RTE’s Prime Time did the same. Katie Hannon and David McCullough almost ruefully disclosed the truth that evening. The parties quickly erased €2bn from their figures. And the Michael Noonan fans began practising their nonchalant whistling.”
Fascist Sinn Fein pretends to to lecture us about getting numbers wrong.
“They haven’t gone away you know”.
We don’t know the exact number of the hidden guns I suppose.
We know that the hidden guns are still there.
The mantra of a gunman.
@ Pat Gorman. Pat, who’s this “WE” you talk about? Are you a Blueshirt (the original Fascist party of Ireland led By General Eoin O’Duffy)?
* the original and best Fascist party of Ireland..
Hilarious. Bankrobbers and terrorists accuse the Government of cooking the books. I can’t wait for the film.
Ah, the Shinners are well used to handling large amounts of cash.
Yes Dominic-you are right!
Gerry & the Shinners go out to America and they all shout out at the same time : “Show me the money!”
Jealous much?!
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