Austerity Not Working – Nevin Economic Research Institute

Austerity Not Working – Nevin Economic Research Institute

NERI, The Nevin Economic Research Institute, has said that austerity is doing far more harm than good in Ireland. Speaking today on it’s Quarterly Review they said that austerity, as being pursued by the Government is failing and growth through a stimulus package and more time to reduce the Exchequer deficit is the best way out of the downturn.

They are calling for the closing of existing tax breaks and reliefs and a graduated and incremental increase in the average target tax take for high income households with the aim of reducing the government deficit to below 3% of GDP by 2017 instead of the Government’s current 2015 target.

“Given the unprecedented uncertainty in which European Union member states find themselves coupled with the risk of a new and prolonged depression across Europe we argue for a cautious fiscal stance, here, based on the principle of ‘doing no further harm’ allied to the urgent need to bring forward in the shortest possible time frame a programme of investment in priority infrastructure.”

NERI says it wants a medium term reduction in public expenditure associated with high levels of unemployment and an increase in revenue buoyancy through growth enhancing measures over time; and a closing of existing tax breaks and reliefs and a graduated and incremental increase in the average target tax take for high income households with the aim of reducing the government deficit to below 3% of GDP by 2017.

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