Brendan Keenan: Waiting for something to turn up is the Government's policy
Published 27/09/2012 | 05:00
BE careful what you wish for. Those who wanted a slower approach to correcting the public finances may be about to have their wish granted -- although not quite in the way they intended.
Right now, the omens are not good for the achievement of the budgetary targets by 2015. Many would say they never were, based on the "chasing your tail" dilemma that cutting deficits depresses the economy and therefore makes the targets impossible to achieve.
Events so far suggest that this view is not entirely correct. The deficit has been halved from its extraordinary initial heights. It has to be at least halved again, but that is a smaller absolute number.