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Budget Adjustments will be Painful but necessary to achieve our goals

Home » News & Articles » Budget Adjustments will be Painful but necessary to achieve our goals
Budget Adjustments will be Painful but necessary to achieve our goals
 
Comparison with Income & Expenditure of 2010 and 2003
 
The publication of the four year plan on Wednesday the 24th of November has outlined the governments intent regarding tackling our expenditure and decreasing such levels to bring such expenditure in line with European Union regulations by 2014. The Taoiseach has recently indicated that such measures and adjustments are necessary to achieve the following additional objectives:
Restore competitiveness
Increase Employment
 
Provided below is a comparison made regarding the income and expenditure levels for 2010 & 2003 of Ireland:
 
 
2010
2003
Total Government Receipts
€ 34 bn
€ 34 bn
Total Government Expenditure
€ 43 bn
€ 25.5 bn
Social Welfare Costs
€ 13.6 bn
€ 5.6 bn
Health Costs
€ 11.8 bn
€ 7.5 bn
Education Costs
€ 8.0 bn
€ 5.3 bn
Unemployment Levels
300,000
88,000
Public Sector Employment Levels
360,000
290,000
 
As you can see from the above comparison, it is clear that our level of expenditure has increased significantly. Such an increase stresses the importance of the governments four year plan in terms of job creation measures which will result in the following aspects:
 
A reduction in the Social Welfare Bill
Public Sector Reform
Re-Design of the Taxation System
 
It’s also important to mention that a radical restructuring of the financial institutions in planned and details of such will be disclosed in the coming months as the negotiations with the IMF and EU are still on going.
 
 
John McCarrick
John McCarrick and Associates
11 Dunville Avenue, Rathmines
Telephone:01 4960102
Fax: 01 4973717
Email: jmccarrick@jmccarrick.com

 

 

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