Local academic not happy with Budget
HEAD of Economics at the University of Limerick Dr Anthony Leddin, described Brian Lenihan’s budget as like cutting the dog’s tail at the neck.
He predicted that the cutting €6billion from our €125billion economy will have a devastating impact.
“I done my calculations and I expect this budget to reduce employment by 120,500 in the short term and drive down economic growth by 5.2%”.
However, he said that the deflationary affects will result in a huge gain in competitiveness.
“It should reduce inflation by 0.4% which will give us our only escape route through competitiveness and net exports”.
His biggest concern is the apparent lack of a jobs strategy to balance these cuts.
“There is absolutely no economic strategy in here whatsoever.
Brian Lenihan’s performance as Minister for Finance has left a lot to be desired, according to the academic.
“I don’t think he really understands the situation. Every single statement he has made so far has been factually incorrect. Every time he comes to a crossroads he has taken the wrong path”.
He is horrified that the government have received consultation from top international economists in this situation.
“This is like a hospital that has no doctor with mechanics in the operating theatre”.
The economist was disgusted by the Gombeen politics at play to pass the budget.
“It’s disgraceful that they had to deliver a casino in Tipperary and a hospital in Kenmare to get this budget through”.
According to Dr Leddin there has also been complete failure to implement Colm McCarthy’s An Bord Snip Nua Report and confront expenditure in the public sector.