In spite of a splurge of €14 billion, there is no single measure that has set tongues wagging at the cooler
In a budget loaded with warnings about the potential for things to go wrong in the global economy that could impact on us, it is remarkable that the Department of Finance has made such an optimistic forecast about the level of inflation it expects to pertain to 2024: 2.9 per cent.
“I think when you look at the distribution of the various measures in the budget . . . the overwhelming majority of people will be better off,” he said. And he referred to making real gains, because most people have experienced a step-back in living standards over the last 18 months.But what happens if inflation is more than 2.
Some of us are old enough to remember the Oil Crisis of the 1970s, when supplies of oil dropped dramatically and prices shot up. Some of my own childhood memories are of the long queues at petrol stations as motorists sought to fill their tanks. That all happened because of the October 1973 Israeli-Arab war that followed a shock attack on Israel from Egypt and Syria.
“While the Irish economy is in a strong position today, I am all too aware of the potential risks that may materialise from global events or sectoral shocks ... Economic forecasting is an inexact science, at best, but the Department of Finance has not distinguished itself in the field this century. It is also notable that both the Irish Fiscal Advisory Council and Central Bank have expressed their reservations about the €14 billion package of extra spending and tax cuts announced on Tuesday.
But by the same token he could have acknowledged that future investment may be dependent on an upgrading of our infrastructure and on the provision of adequate housing. Both may be very difficult to deliver because of capacity constraints and lead to rising costs if attempted, but equally have to be done.
This general apathy is likely to be reflected in the forthcoming opinion polls, when any bounce for the government parties – if there is any bounce – may be marginal at best.
España Últimas Noticias, España Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Matt Hancock and Seann Walsh expected to enter jungle early to save I’m A CelebThe website for Irish women
Leer más »
A Look At The Gorgeous Pre Loved & Plus Size Pop Up On In Kildare Next WeekWhile we all may strive to buy slow fashion, there's accessibility issues that can make it tricky; Shauna O'Reilly wants to fix that.
Leer más »
Matt Williams: This is the Rugby World Cup quarter-final the All Blacks wantedThis is the quarter-final the All Blacks wanted - but Ireland’s record and defence suggest Andy Farrell’s team will prevail
Leer más »
You can now get a life-size inflatable pub for your back gardenIf you just can't wait any longer for pubs to reopen their doors, then this might be the perfect solution, and it's available to rent in 32 counties!
Leer más »
The dress code for Matt and Emma Willis’ wedding bash was brilliantMatt and Emma Willis celebrated 10 years of marriage on Saturday by renewing their vows. Their guests got dolled up in their very own wedding attire.
Leer más »
Garda to accept recruits aged up to 50 under new changesIncreasing recruit age limit part of efforts to increase size of Garda, as it grows above 14,000 once more following three years of falling numbers
Leer más »