Wages of spin is political death
AS the Coalition heads into a visibly needed summer recess, an administration, which began with such hope, is at a critical tipping point. Any fair-minded analysis should credit the Coalition with some modest and a couple of critical successes. But to paraphrase a different political ghost from a very different age, its record essentially is one of "a little done, a lot more to do".
We cannot set too much store by the favourable tone of last week's IMF report, especially on Croke Park, given that it was a consultative document, effectively co-authored by the Government. The separation of bank and sovereign debt is by no means the done deal suggested. And Mr Noonan admitted any progress on burning bondholders will probably come too late for us.
Nor can there be much justified excitement about last week's stimulus package which is aspirational at best, lacks innovation, is uncosted, and depends on funds by no means secured.