When Labour is preaching prudence, you know we’ve got a problem
Ged Nash won quote of the campaign with his comment that Fine Gael was starting 'to look like a Charlie McCreevy and Brian Cowen tribute act' with its election promises. Photograph: Sasko Lazarov/ ©RollingNews.iewas starting “to look like a Charlie McCreevy and Brian Cowen tribute act” with its election promises.
There are two problems with the lavish election promises. One, in relation to the investment plans, is persuading us that they can actually be delivered in an economy at full capacity. Did you see theduring the week? They showed the total number of people at work rising by nearly 4 per cent over the past year to close to 2.8 million, with an unemployment rate of 4.5 per cent.
And the question which none of the parties will answer is how they would cope if corporate tax took a hit, perhapsWhat would be their priorities if, say, these taxes fell back to 2020 levels of about €12 billion year, less than half current levels? According to the Department of Finance, this would immediately push the exchequer finances into deficit, whatever way that is measured. As the Leaving Cert paper might say: discuss.
Even if this does not happen and corporate taxes tick over, it is unlikely that Ireland will be able to afford both lower taxes and higher spending over the term of the next government, yet that remains the chosen formula. We have seen a game of poker in the budget promises – “I’ll see your VAT cut for hospitality and raise you with cheaper electricity as well.
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