Thursday, January 6, 2011

Understanding the Public Finances is hard

The Irish system of Public Finance is extremely difficult to get a complete handle on.  Here is a 382-page ‘outline’ that explains it all!

The degree of complexity can be seen from the following sentence from the Minster’s press release that was issued with the 2010 Exchequer Accounts yesterday.

While day-to-day spending was marginally ahead of target in the year, this is due to a shortfall in Departmental receipts rather than overruns in spending.

Come again? Spending is up because receipts are down. My head hurts.

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