Peoples Economy Ronan Lyons Day 9.

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If we don’t default, what’s the best way to pay off our debt?

pdosullivan >> (All): Looking good Ronan!

Peter >> (All): Why were SF and New Vision not more vocal about borrowing money from China as an option if the EU/IMF do not play ball?

Steve Daley >> (All): Hey Ronan, I’ll throw in some questions ahead of the crowd. To get started, whilst there is clearly scope for tax reform. Isn’t it more urgent to discuss how we can grwo the economy. This may mean borrowing in order to invest. Rather than fiscal probity which smacks of accepting budget constraints and diminishing the scope for investment (not consumption).

Vicky >> (All): What model is best 50/50 cuts/tax 33/66 – I would prefer 0/0 myself

pdosullivan >> (All): At least unlike Dylan Haskins you have started shaving.

lorcanrk >> (All): Thoughts on a flat tax?

MediaBite >> (All): Can you say exactly what cuts you advocate for public service?

pdosullivan >> (All): What ratio of tax increases to spending cuts would you advocate the incoming government adopt?

Peter >> (All): The corporation tax surely ameeting with Obama on Mar 17th is more important about this than one with Merkil and co. We need American corporations here more than we need Europe

pdosullivan >> (All): What are your thoughts re privatisation?

MediaBite >> (All): Re PS cuts – there  is waste for sure – things like the VECs are massively expensive, anachronistic and unnecessary – using up money desperately needed for frontline.

monagt >> (All): what did Japan do re national deby? and wat about a deflationary environment

Steve Daley >> (All): The fiscal deficit is a result of the declining tax revenues, which are due to the decline in a private sector one-sidedly dependent on a consumer and property bubble. Therefore, is focusing on tinkering with the tax base a case of treating the symptoms rather than than the cause?

re >> (All): What are you thoughts on the role of Social Impact bonds – shift to alternative models of delivery ‘public’ services like UK

kourosh >> (All): In your opinion who has given the most realistic proposal for getting Ireland out of this mess?

Mick >> (All): Is there any difference between the way FG, Labour and FF intend to deal with the national debt. They seem different on the surface so long as Europe agree with the different parties plans. Resulting in no change with new government

MediaBite >> (All): We didnt just cut spending aggressively – se sent all our young  people away in the 80s.  Worth it? No.

Aoife Walsh >> (All): Are you concerned at FG’s proposal not to introduce a site value or property tax but instead give Local Authorities the autonomy the cut services or increase revenue through rates or a site sales value tax?

Felim >> (All): Ronan — at some point can you run over the figures for spending/tax burden again by household?

giada >> (All): in Ireland taxes might be lower than other EU states, but in other EU states taxes cover services like health/medical and waste

Vicky >> (All): USC is not fair – I got 80 euro pay rise with it – someone getting paid 1/2 what I get paid got a 190 decrease

monagt >> (All): do u propose a large prop tax?

Felim >> (All): I got: 120pm bank debt; 220 + 100pm for gov debt; 800 social welfare; 300 education; 400 health & 200 capital.

Steve Daley >> (All): There are drastic inefficiences in public service, and restructuring the public sector will mean some cuts but real changes will demand much more commitment to achieve. Increasing taxes is inevitable, but this should be a short-term expedient to ease the restructuring of state spending and maintaining public investment. Therefore, reform of public sector and restructuring the private economy is far more important for future prosperity.

pdosullivan >> (All): What’s your view on capital gains tax – should it be raised or not?
please tweet folks Government Deficit taxes and cuts with @ronanlyons

Declan Ganley >> (All): Quality stuff, well done & thank you, have to split.

Aoife Walsh >> (All): Would you go along with TASC’s recommendation that those on lower incomes would be exempt or can defer payment?

Steve Daley >> (All): I’m bamboozled by a discussion of the individual benefits of tax reform. This reduces economic discussion to the banality of parish-pump politics. There are bigger issues that require political courage to tackle the rudderlessness of public spending and structural weaknesses of private sector

lorcanrk >> (All): Oi! Leave the farmers alone 🙂
Mick >> (All): People who didnt pay stamp duty had that cost built into the cost of the house by the developer

Michael Garrahan >> (All): Ronan, It appears to me that “traditional economics” i.e. the idea that we are motivated soley by economic benefit alone is not working. Do you see a role for a greater emphasis on  Behavioural Economics going forward?

MediaBite >> (All): By far the greatest amount of waste in the public sector arises from, incompetence, corruption and the near total absence of mechanisms for accountability and transparency

Mick >> (All): Is there any difference between the way FG, Labour and FF intend to deal with the national debt. They seem different on the surface so long as Europe agree with the different parties plans. Resulting in no change with new government or am I wrong

pdosullivan >> (All): A property tax under the guidelines you suggest – with all the exemptions etc – would be complicated and expensive to implement. Surely it’s easier to just raise existing taxes / close off loopholes etc.

MediaBite >> (All): Standard cost/benefit analysis is desperately needed. Most of the waste is by senior and middle management not frontline staff or they pay rates

nollaig >> (All): Is the goverment spending to much in general to provide the services we need. How do we know we are getting value for money. People would pay extra taxes if they got a return. At present we pay all these taxes high tranactional low wealth & income taxes and when we look to use service we get charged again.

re >> (All): Think CSO are looking at wider measures – SROI – step in right direction

lorcanrk >> (All): Farmers and now widows allowance? I feel we might fall out before the end of this 😛

Vicky >> (All): So you get Widows Pension even if you have a million life insurance?

Steve Daley >> (All): If we rise taxes we will be reducing the fiscal deficit, and possibly satisfy Brussels. However, without a robust commtment to investing in the future, isn’t this a case of learning to accept austerity. The Irish private sector isn’t creating enough value and it won’t until Ireland as a society challenges the unproductive consumption economy we have.

Heather >> (All): Is widow’s allowance only for females? no widower’s allowance?

Vicky >> (All): There should be one MEANS TEST used for all and that would cut out the ADMIN

lorcanrk >> (All): @Heather, it is for all spouses. I’m male and I’m getting it

nollaig >> (All): The health care budget in ireland includes alot of spending thats not inculded in other countries like social welfare

nollaig >> (All): Social welfare is there to gave a base standard of living if you are already above that base whats the piont in getting more it just takes from those that need it. That is why all payments should be means tested or self certified income

Steve Daley >> (All): Paying taxes is a stupid way understanding the fiscal deficit. Public servants who pay taxes do not contribute to tax revenue as they are tax eaters anyhow. It’s the private sector who fund the state, whether through indirect and direct taxes. This means that weaknesses of the private sector are the key determinant of the fiscal balance

Aoife Walsh >> (All): Have to go but well done >> (All): have to go – thanks ronan and looking forward to see rest on video

pdosullivan >> (All): Do you think we should consider going back to the punt?

JB >> (All): FG made an announcement where they were talking about segregating primary and secondary classes based on nationality / language abiliity. A two-tier education system.

nollaig >> (All): For Irish SME’s there should be a mentor prog. for to start exporting Also mentor prog. for SME’s to sell online that will give the fastest export boost

liam >> (All): Can be small number of sectors employing large numbers of peopel, large number of CO’ employing small numbers of people

Steve Daley >> (All): Do you not think there is a big difference between productive employment and consumption services?

Steve Daley >> (All): Are you underestimating the challenge facing Ireland? Even during the Celtic Tiger and credit bubble, the Irish productive sector has languished

liam >> (All): So how about the Multi-nationals? there is a story there with the SME’s, how many JDA’s or licencing agreements do we have with Google?  Can we do more there? (I think we probbaly can)

Steve Daley >> (All): I agree re services, and I think may people confuse the need for productive activity in the economy with the need for manufacturing. Key issue is: are we adding value or simply shuffling around value created elsewhere and taking a cut

mick >> (All): who should we vote for and leave of the ballot sheet

nollaig >> (All): Mentoring progs has also to be had in effeicency drive for irish SME’s and how techology can help inculding business process reengineering

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