Thursday 23 November 2017

Core issue is lack of domestic demand

The case for a growth strategy based on targeted tax cuts is now overwhelming, writes Marc Coleman

BETWEEN the promise of Santa and the Grinch who stole Christmas, a tug of war is going on over the state of the economy.

The news of property price rises and an extra 58,000 jobs in the year to September added to the season's cheer. Eamon Gilmore and Ruairi Quinn were even talking about tax cuts in our stockings next year. A ruse to keep the boys and girls in Killarney happy, perhaps. Then again, judging by last Wednesday's further fall in the unemployment rate, to 12.5 per cent, it might be more than that.

Pulling the other way in this tug of war is the fact that all this good macro news and feelgood talk is making little difference to our wallets. More jobs in the economy sounds great. But those in jobs can barely make ends meet.

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