Monday 20 February 2017

Treat economy as a poker game

Published 19/02/2012 | 05:00

Madam -- Driving a steamroller over a lot of good people is a massacre; but what you so realistically described on the front page of last week's Sunday Independent was not far behind. The hardest working section of our community, our blood line, through economic powerlessness, is being propelled into a condition recognised in the Middle Ages as the mortal sin of despair.

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Is it any wonder, after being inflicted with a tax increase of 215 per cent in 2011 over the previous year on a family income of less than €20,000, while a top family earning over €2,000,000 had a decrease in their tax of 0.3 per cent? What can we expect from a government that openly embraces the infiltration of the prime agencies -- the National Treasury Management Agency and Nama -- with so many of the top names in banking, accountancy, the law and property as advisers or otherwise. Many of those were in the driving seats when the fatal crash occurred.

Adding insult to misery, with no practical thought given to job creation, Agriculture Minister Simon Coveney stands up at a dinner in the presence of Nama boss Frank Daly and declares that "Nama will have done a good job" if it only manages to recover the €31.8bn it paid the banks for the €71.2bn in loans to developers during the boom. It's no surprise taxpayers are worrying about their €40bn; neither is it any wonder there is growing disquiet within the Government in relation to the agency. Chairman of the Public Accounts Committee, John McGuinness, claimed, "Nama bureaucracy is costing us jobs."

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