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Fri 07 Jul 2008Curbing public spending growth is the only option
ECONOMICS:DAY-TO-DAY Government spending has ballooned since the beginning of the decade. But the balloon is about to burst because of declining tax revenues, writes Paul Tansey.
The flow of tax revenues into the exchequer's coffers is faltering already. Tax receipts fell €1.45 billion or 7 per cent below budgetary expectations in the first half of 2008. The Department of Finance's current prediction that the tax shortfall for the full year can be held to €3 billion now looks decidedly optimistic.
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