I address this to Finance Minister Michael Noonan.
This weekend I learnt some very simple but crucial economic principles. I work for a small company that made a profit this year. The boss (without obligation) paid all his employees a bonus.
On Saturday morning I went to the barber, where I gave the young lady who cut my hair a handsome tip. I then went to the hardware shop where I purchased insulating material, which I used to insulate doors and minimise draughts. Instead of cooking dinner we decided to eat out where the waitress also got a handsome tip. It being near Christmas time, I will also be able to give my sons some money to spend as they wish.
The lesson here is very simple. If you have money to spend, it will generate economic activity. But if you take it away from people in universal social (antisocial?) charges, housing charges etc and use it to pay a bank's gambling debts it is dead money and will never generate any economic activity.
Deerpark, Ashbourne, Co Meath