An useful quote… January 8, 2013Posted by WorldbyStorm in Economy, Irish Politics.
Last month or so I was taken to task for noting a letter in the Irish Times, which – I thought – put forward the case that a budget could not be viewed in isolation and that tax increases (and expenditure cuts) were cumulative across other Budgets that preceded it.
I got a bit of stick for that from a certain quarter.
But what was this that I read from Cliff Taylor of the Business Post in his assessment of the 2013 Budget?
Whatever way you want to count it, this is not “the worst budget ever”, as many headlines have proclaimed. That was Budget 2011, which made a whopping €6 billion adjustment. That said, the cumulative impact on incomes obviously builds all the time in terms of its impact on taxpayers.
And not just taxpayers. Those who depend on social provision too. And other expenditures. Because the effects of budgets are cumulative. It’s this sense, and reality, of the demands increasing and increasing now across a period of time effectively equal to half a decade which is so serious, not least because there’s no clear end in sight.