tag:blogger.com,1999:blog-1986454616469340392.post3323913390707964021..comments2023-09-15T13:11:11.863+01:00Comments on The Crimson Observer: Social Partnership needs an urgent reality check if its legacy is not to be ‘a one-trick pony’Myles Duffyhttp://www.blogger.com/profile/14393652603287289541noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1986454616469340392.post-62782225562776894052009-06-07T13:49:23.751+01:002009-06-07T13:49:23.751+01:00There was no moderating influence on credit growth...There was no moderating influence on credit growth since interest rates in Ireland were determined in Frankfurt. When the Swedish property bubble burst in 1992, private sector credit had increased from 85% to 135% of GDP in the preceding five years. The corresponding growth in private sector credit in Ireland in the five years prior to our property bubble bursting increased from 136% to 216% of GDP. Following the increases in taxes and levies since last October I am not convinced that ordinary taxpayers can tollerate any further burden, whatever the label. The implosion of retail sales is evidence of this. I agree that it is better that the tax burden is higher when times are good, providing that these resources are used prudently!Myles Duffyhttps://www.blogger.com/profile/14393652603287289541noreply@blogger.comtag:blogger.com,1999:blog-1986454616469340392.post-57715902321175172132009-06-06T14:21:21.429+01:002009-06-06T14:21:21.429+01:00Ireland has a very low tax burden. Given the inabi...Ireland has a very low tax burden. Given the inability to set appropriate interest rates, the government should have had higher tax rates for the last decade. But then, they believed they said, in a rising tide.... Interesting philosophy traceable to the Chicago school? <br /><br />Having cut public service costs already, it is imperative to raise taxes and the property based tax seems reasonable. People would do well to remember that taxes are best paid when the economy is doing well, as it always appears more harsh when paid in a depression as they must be higher then. <br /><br />Don't you agree?Pat Donnellynoreply@blogger.com