Above from left: the Minister for Public Expenditure and Reform, Michael McGrath; The Minister for Finance, Paschal Donohoe, and the Minister for Social Protection, Community and Rural Development, Heather Humphreys outline changes to the Pandemic Unemployment Payment and the Employment Wage Subsidy Scheme this afternoon
This afternoon.
Government Buildings, Dublin 2.
The budget deficit this year will now be €23 billion, up approximately €1.25 billion on the figure outlined in Budget 2021, Minister for Finance, Paschal Donohoe announced at a press conference.
Via RTÉ
The increase reflects the anticipated €2 billion spend over the next six weeks on several income and business support schemes as Level 5 restrictions come into play.
This will mean that GDP is expected to decline this year by 3.5%, a further 1% decline on the forecast released at Budget time.
Mr Donohoe said that the enhanced Employment Wage Subsidy Scheme (EWSS) is expected to cost €105m a week, the new Covid Restrictions Support Scheme (CRSS) €80m a week and the PUP €135m a week.
Social Protection Minister Heather Humphreys said the enhanced PUP will be given at its current rate until January when it will then be reviewed….
Level 5 Covid restrictions to push Budget deficit up to €23 billion (RTÉ)
Julian Behal Photography/RollingNews
I read this as level 5 until January
+ 1 (or whatever six may entail)
At the very earliest.
And that’s even without a flu epidemic yet.
€1.25bn- a nice small number when you read it quickly. It’s actually €1250m. or €1250,000,000
How did we get to this ‘matter-of-fact’ acceptance of such large amounts?
…a fairly piddling amount, in fairness…compared to the average bank bailout…
Yes, but a fair whack otherwise.
wellll actually the Covid cost is set to exceed that of the bank bailout.
…really…that’ll be a relief to Seanie, Fingers, Drummer et al …but aren’t they giving it to poor people…they’ll only be spending it…
It’s an enormous sum of money, how many taxpayers had to work for how many hours to create that
Take one second and think it as a euro timed it by 1250000000
You get around 39 years 38 weeks 5days 14hours 13 minutes 20 seconds
That’s the numbers we are taking about
…or…you might choose to think of it as less than 1/10 of the Apple money that will languish in escrow for years, earning negative interest, that will eventually be paid by ‘the taxpayer’…
What do the posters above think we should do instead of borrowing?
Ara’ they’re only fooling around with this deficit Value
Trying to cod us all
And themselves tbh
September 2021 – the eve of Budget 2022
When all the Departments and lobby groups, farmers teachers vintners
Local Authorities starved of rates and parking fines
And assisted Semis & Quangos ie RTÉ & Aer Rianta, Public Transport Rail & Bus + Toll Companies
Along with service providers ie Voluntary Hospitals & Charities
And Private Sector buddies – Landlords, Private Healthcare, Toll
Unions
Make their submissions
Then you’ll get an idea of the actual Covid Deficit
Head on block time
40 billion plus
Meanwhile, Budget 20 had one subliminal message
And if ye haven’t twigged
It’s borrow