@pranshukrishna5105 no, we in Ireland too allowed too much of the public housing stock to be sold under the right to buy. 52 k houses per year will only let us stand stil in the current state of mess we are in.... we actually need to build more.
We have no investment in regional areas.. all our taxes are sent to Dublin and stay up there. Eamon Ryan was one of the worst politicians in the last 100 years for people outside the M50.
I live in Ireland. The Irish people need to push on the government to take some right decisions. The fact that the government decided to build a hospital that started in 2016 and was estimated to be done in 2020 with a cost of 600/700 million euro and we are at the end of 2024 , and over 2 billion euro spent and hospital not ready yet, leaving aside the questioning of why was built in the area it was built, says a lot about the inefficiency. Probably the Metro that they plan to make it will end up being the most expensive one in the world while the quality not that great. Maybe if they do an approach like Norway with the money they have on the side would be better.
The big thing is that nothing is going to change. Sinn Fein are going to lose big in the GE. While I dislike SF, their loss will be the governments gain, and they’re going to keep destroying the country via their fiscal incompetence
As an engineer I can tell you that this is a problem very common for the English speaking countries. For some reason all their construction and infrastructure is always double the price at half the quality. The UK has the most expensive projects in Europe. Take that number and double it and you get the US price range. I guess Ireland is no exception.
TLDR - after austerity from the bust, we never restarted investment meaning everything from, education, health, immigration, water, housing, defence, energy, etc is underfunded.
@reheyesd8666 Quick TLDR Ireland is a colony Ireland becomes independent but poor Ireland spends spends spends, Celtic tiger Great recession, back to being poor. Bunch of austerity Big tech companies use Ireland as a tax haven Ireland has lots of money on paper, while most infrastructure needs investment
The problem with the low corporate tax rate is not that it is low, but that it is only focussed on getting tech firms there, who would otherwise pay higher taxes elsewhere, what would generate revenue. But because the tax rate is so low, the other indebted Irish companies and people can't be sustained through the government, but they beg for higher public spending, what they get a bit through the EU. While the companies are indebted, their profits aren't that high because they can't rise higher prices (like everyone else also can't). They could only get it through income taxes, what they avoid. So, it's a subvention of the tech firms on expense of the domestic economy.
I am a local of Co Clare and Limerick, dealing with the Irish government is like talking to a wall. there has been a demand for a railway to Shannon airport and town for over twenty years I have contacted our minister for transport and his response is to say there is no demand and that the town needs more development to make it viable, a railway to Shannon airport and town would cost around 400million. my faith in the Irish government is non existent.
How about the motorway from Cork to Limerick - 2nd and 3rd biggest cities in the country have one lane in each direction for traffic and a spectacular death rate compared to more or less every other road in the country from the combination of extremely high traffic levels and extremely poor driving standards. They've been promising a motorway for about 30 years.
Agree. Sad thing is Ireland is a small country, all of this stuff could get done but no one boils enough piss but just fall back on complaining instead. Apart from when it comes to immigration and water bills… if enough people in the county kicked off about it they would have to do something
We don’t even have a railway to Dublin airport… and the argument has been always there is not enough want for it to be made… so when anyone from pretty much any other country comes over they get to our capital city’s airport, which done 32 million passengers in 2023, and behold. Some buses.
Shannon is treated like a problem child. The DAA oversees Dublin and Cork giving them greater collective bargaining for airlines. The Government doesn’t seem to care. Those in the west, midlands and North West are pretty much forced Dublin for flights to Amsterdam which is where much of the business flights go post Brexit. Its mad.
@@madhavoc1 ironically yeah, for the irish people, as imigrants are not in the slighest botherd to be taking on predatory mortages in order to own a house
@@madhavoc1 I'm guessing from your British flag you're a Brit. Immigration numbers for Ireland are one of the only things keeping our population stable and SLIGHTLY above replacement level. Our problem isn't immigration, it's a s*** nepotistic government that's not just poorly run but practically falling apart, and a system that's more focused on producing GDP than it is on developing and spreading that wealth to it's people by developing affordable homes and infrastructure. We'd rather pander to Google than use the money we're owed by corporations to grow our own cities. Us Irish are literally a nation of immigrants. There are more Irish living abroad than live within Ireland. Part of the biggest reason for that is because you Brits invaded us, subjugated our people for over 700 years and forced us to grow a single crop that even during the famine while we starved, the Brits shipped off to England. Now you want to put your old empires racist views on my comment? Views that not long ago would have been the same racism you levelled against me and my people? I remember the old "No dogs, no Irish" from back in the day in England, and that was the least of it. And now you're a failing empire in decline, who kneecapped your own economy by leaving the EU and ruining your incredibly privileged trade position, you want to try and bring your brand of failed, paranoid, hate filled rhetoric to MY shores? The last thing we need is the hate filled views of racist Brits, hate that no long ago was levelled at my people.
We need to build a proper housing infrastructure first. Do you want to just add hundreds of more houses to an non existing sewage system? Let keep pumping it into the river's
Too much surplus, meanwhile they tax me, a young working class guy with no house, no car, no big savings the highest braket rating, while having to pay 35% of my incone in rent. Can not wait to move out.
"From independence in 1922 up until the 1960s, Ireland went through a period of economic stagnation marked by heavy emmigration" I dunno, man. Didn't all that begin roundabout 75 years earlier at the latest?
It was FAR worse under DeValera and the Catholic Church and the most corrupt Police force in Europe. Ireland during that period (1920s-1980s) was a dystopian hellhole, the laughing stock of Europe.
@@normanstewart7130 The Anglo-Irish Trade War (also called the Economic War) was a retaliatory trade war between the Ireland and the UK. The Irish government refused to continue reimbursing Britain with land annuities from financial loans granted to Irish tenant farmers to enable them to purchase lands under the Irish Land Acts. (Refusing to pay Britain for Irish land which had been stolen in the first place.) The British tariffs caused severe damage to the Irish economy.
@petergibson2318 The Irish Government caused massive damage to the Irish economy. Ireland and Albania tried economic isolation, both with disastrous results.
Irish here, surprised at how poorly researched this is, for example, since the self introduced fiscal spending rule of 5% of the curent government was brought in, they have decided to break that rule every single budget. Also not even the government use gdp per capita as a measure of wealth in the country because of how over inflated it is, we use GNI*. The bigger problem with the government pumping money into spending is the fact that value for money is not something they get (see national childrens hospitalor the bike shed controversy). The biggest contribution to our poor infrastructure is the fact that ireland was a colony to extract wealth from for centuries, we dont have the same level of established infrastructure that other countries have, and have therefore significantly more ground to catch up on compared to other eu countries.
I agree with you to large extent, however we can see Spain and a lesser extent built way better transport infrastructure with relatively similar economies. For example Lisbons metro or Spains incredible high speed rail however it has been helped by a massive centralisation of population.
@@adamelghalmi9771you mean you'd need to have a mate in government who gives you the contract for a backhander. The bike shed was built by Michael Stone, who has been funding the election campaigns of TD Paschal Donohue. Just typing the 2 names in google will give you enough on the 2, as well as the €40 million a year maintenance contract Michael Stone was given.
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Ireland is the classic example of money not fixing problems when the system itself needs deep rooted reforms. Rather than throwing money at problems , the system itself needs reforming and restructuring. An over inflated state and civil service, billions wasted on bike sheds, childrens hospital, civil servant saleries and pensions , 30,000+ NGOs etc.. Its 2007 vibes all over again and when the corporation tax dries up , it will be back to austerity and deficit spending.
The current government have given up on long term reform unfortunately. Look at the absolute state of Sláintecare, endless resignations from it's heads because they were hitting red tape at every corner. Massively overspending on our current broken system has worked for them so far i guess 🤷♂️
This SHOULD be the top comment. Everyone says "There's not enough money! We're operating at capacity!" NOTHING about this country can be solved with policy changes or accounting tricks. The whole foundations are rotten to the core.
It's honestly the best explanation as to why the hospital is such a disaster Bam knew they had the money and took them for a ride and the government knew they had the money no matter what but are desperate for results improving healthcare
@@nothereandthereanywhere eh our government built a galvanised steel bike shed for €300,000 and a children's hospital for €2.5 billion which is currently one of the most expensive buildings in the world and is still years from completion and what is already built is below safety standards.
You are joking but you are also completely right. If services were adequately funded, we would not have lots of money. We could do with another adult hospital among many other things around the country.
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Sovereign wealth fund is a good idea They should do everything in their power as well to do "cheap" changes to be competitive, but still properly skimming money from places we don't want it, toward places we want. Direct transfer subsidies, like new combustion car sales directly giving money to making electric car sales cheaper.
They need to build houses for young people (a huge portion of young people in Ireland live at home with their parents because you need to pay half a million euros for a semi-decent house and renting costs a bunch), if they simply built quality affordable housing it would fix the issue, even better if they implemented the Austria model for housing it would fix the whole problem for years to come.
They should build appartments and rent them cheap for ppl, who want to work and deserved those accomodations. Not giving it to the drug communities, that breeds new generation of drug dealers and unemployed on benefits.
As an Indian immigrated person in Ireland, I think Ireland is spending wisely on money. Otherwise, it can't afford one more downfall as it happened in 2010s. Warren Buffet has warned of buying the shares of tech companies. They can have a downfall at any time. Apple, Microsoft, facebook are artificially boosted companies. With the arrival of Chinese companies, a fall can happen at any time. Also EU policies on America and china. See what happened to Volkswagon with the arrival of chinese EVs. The same will happen to Tesla. All the car companies in Europe will be in trouble, since Internet is praising toyota cars. There is a deviation from German cars and premium cars like Benz, Audi and BMW towards Toyota and Lexus. Same happening in my country India and also in America. In my country two major cars companies Mahindra and Tata which owns Jaguar Land Rover. Nobody buys their cars, everybody looking for Toyota.
We are at full employment, the construction industry has cost management issues (primarily due to the decimation of the construction industry during the last crash) and this surplus is very contingent. We need to sort out tax incentives (a land tax, reduce tax on construction goods), rebuild skills in the construction sector and sort out structural issues primarily related to preventing NIMBYism. We also need a sustaintable vision for the country and some courage to see it through. However until that is in place the best thing is to invest it as pumping more money into the economy is just inflationary. So basically do the above and wait for a downturn and then spend.
Ireland has always been slow with investments in infrastructure, partly due to our public consultation system that allows years for a handful of people to complain and hold up or change the entire process. We clearly have the money to do a lot, but it takes forever to get anything built or done here, especially when compared to many other Western countries. A lot of the more successful projects, like the Luas, Tallaght Hospital, etc. were part-funded by the EU, which I think motivated us more or we would lose that investment.
Irelands biggest problem is man power, we lost a lot of skilled labour during the ressession and pushed too many young men towards college, then we lost a lot of skilled foreign labour during covid, there's not enough men to drive trucks and busses, build homes or update the grid, that said we are doing OK and NOT slipping into rolling blackouts 😂, we're simply on the back foot a little, the migrant crisis is making the housing crisis worse and making it harder to bring in chosen skilled labour as there is a shortage of places for them to live and rental being expensive makes it less desirable
I live in the ROI for close to 20 years now and this is a problem of FF and FG's making. Housing was stupid expensive in 2005 and things only ever got worse. Letting corporate landlords buy up everything, little investment in social housing etc. Cork has a massive problem with something as basic as drinkable water (in some areas). Whenever the council checks on minimum standards of housing a huge percentage of rental properties have serious defects because (especially) corporate landlords invest sod all. The government had a good idea with the "Right to work from home" but then turned into the "Right to ask your employer and get laughed at" - I would move further away from the city where somewhat more housing is available in a heartbeat and so would many other people (which would also alleviate traffic). Electricity prices in Ireland are sky high. The "migrant crisis" is absolute Mickey Mouse shit. Let people who have land to build on get on the property ladder (this isn't me, in case you wonder), invest on affordable housing, renewables and infrastructure, not bike sheds and prestige projects. I love this country and its people and the problems that are there are solvable, but not with a bunch of idiots in charge whose approach is "let's just wait and see, it'll sort itself out" - yet they will win the next election easily after the handouts they gave out and Sinn Féin self-destructing.
@timolynch149 firstly migrant crisis, i live in Dublin, rents were high when it was family renters v short term renters, now it also competes with a massive flow of migrants, it isn't easy to keep up, especially with incompetent leadership, unfortunately there is little alternitive, we need a few thousand workers mostly male, now that said we have a few thousand male asylum seekers, maybe one plus one could add up
so can use surplus on developing automation so dont need to bring in filth from the dumps who bring their trash cultures and cause problems in society.
@@warrendoyle2875 A big, MASSIVE help would be regulating sodding AirBnB. My ex-partner is in Tasmania. There's a housing crisis there. During Covid, something like 3000 properties were not allowed to operate as AirBnBs and came on the market but only as short term leases. I personally know people who let their apartments or rooms as AirBnBs, simply because there's a ton more money in it. Then, also, giant corporations that are registered in, say Cyprus, but part of a larger conglomerate registered in Luxembourg (looking at you, Zokralo) should not be able to just snap up entire new developments unless they promise to keep rents below a certain level (tied to inflation) for x years. Then, for f.. sake, allow private people to build houses without letting every Tom, Dick and Harry raise ridiculous objections. I have Irish friends who spent 8 years before they were finally allowed to build because every time they adjusted their plans the next NIMBYist came along and didn't like something. On top of that, it should be possible to legally seize abandoned buildings or buildings where ownership has not been clear for x years and turn them into public housing. There is so, SO much that could be done without needing to worry about immigrants who, mostly, want to work. I'm one, I haven't claimed benefits since I arrived here in 2005.
Most of the Irish refugee's are in emergency accommodation eg hostels or hotel even sports halls, so your british lie about migrants causing the housing problem is easy debunked. The biggest problem in Ireland is the Dole-heads in Coolock, Tallaght and Ballymun (although there are loads outside De Pale too) that are scared stiff of work.... and would blame migrant that are brought in to Ireland to work... I remember that in the 80's/90's when Brazilians were brought into work in Abattoir as Irish people wouldn't work in them.
Meanwhile the cost of living means that a huge number of people are struggling and record numbers of people in their 20s are leaving due to how difficult it is to live in Ireland. Services, infrastructure and housing are a joke. Corporate taxes doesn't equate to living standards
Behind these seemingly impressive figures the quality of life here is appalling, accommodation has become a lifelong struggle for many, the streets are dangerous with no police presence and people are stressed and depressed in their jobs
Now just wait when you'll become a minority in your own land, now _THAT_ will be a a problem and a half. Don't forget to vote for the National Party coming election lads. 😎
@@roryoneill9444British handler? What planet are you on? Do you even realise you have jihad on your streets? Amd no, there is no such thing as a british muslim. Ffs, some irish are trollies
Im voting Soc Dem anyway. FFG need to go. Imagine fighting tooth and nail and spending millions of our money to push billions in taxes away from Ireland. In the middle of a housing crisis
The whole apple saga kinda worked well for us, they showed the corporations they'll do whatever to keep them in the country and also got the 13bn in the end, besides the higher interest rates actually cancelled out the the legal fees in the last year of the court case. But yeah I'm also voting socdem but I don't think that's a fair attack on FFG
If they pushed to keep that tax money from apple, International business wouldn't see ireland as a good place to setup shop. We are reliant on these multinationals, and if we push to tax them more, we don't seem as business friendly. By fighting that tax bill with the eu, other business will see that and see ireland as an ideal place to go as the government will fight for them. With more businesses coming, more high paying jobs come and more corp tax comes. We have one of the lowest unemployment rates and highest avg wages because of these economic policies. If they were to go on a spending spree fixing the hse and housing crisis, it would fuel a lot of inflation. Rent might get cheaper but everything else would get more expensive so it wouldn't fix the cost of living.
Ireland doesn't have too much money - they have too little infrastructure spending. Ignore that the island famously has the worst roads in Europe. The canals haven't been maintained. Rail links are fine if you want to get to Dublin, but absolutely insufficient if you want to get out of Dublin.
That's BS - the canals are all maintained and a motorway network criss crosses the country and all the main cities are linked by rail. You're talking pish lad.
@@davidray6962 the roads are fine and not the issue. We don't have much rail that doesn't lead to Dublin. That is an issue. We also need light rail in other cities, like Cork, Limerick, Galway, etc.
Maybe they could use that to build a functioning subway system in Dublin. No offence but when I last visited, getting around was horrible, trams and buses were awful
No offence taken, these are well known facts. The sickening truth is that a company offered to build a subway in Dublin but the company that offered to build the tram (luas) offered the government a bigger kickback so true to form they went that way
A subway system in a city like Dublin is a waste of money. There isnt the density. People who live in Dublin do not live in a dense city. They live in suburbs around a fairly small city where not a huge amount of people live. Not suitable for a subway. Same with a rail link to the airport. The airport is too close to Dublin city to justify a rail link. Other "cities" in Ireland are not linked well to dublin by rail. They are reasonably linked by bus. So you want to get to the airport? Take a cheap bus directly or take a cheap bus to terminal, then bus or walk to another station to get a train? makes no sense.
@C05597641 a metro would work in Dublin the size doesn't really matter. Amsterdam is bigger than Dublin and they have a metro that serves massive areas. Mainly the issue is too little roads, too few trains, no metro and no one with a brain cell in the government.
The subway is critical. Housing crisis is also due to the extreme challenges to commute into town. Make commuting sustainable at scale and people will start building/renovating well outside of town, and nit just along the dart
If the government were to immediately spend that money on infrastructure or welfare or something, if the money ever stops coming it just as abruptly, the pain will be felt much more then the previous benefits
They could work to transition their electricity grid to green energy. They are in one of the most windy areas in Europe and still have a pretty miserable 416gCO2eq/kWh in 2023. Sure that is easily undermined by countries largely relying on coal like Poland or Serbia, but it is still nearly twice that of the UK at 233, Spain at 155, Netherlands at 292, Denmarks at 156, etc. Sure it's always easy to dismiss countries like Norway, Sweden or Iceland who can largely achieve green energy from geographic factors, but those other examples don't have that much a geographic benefit in comparison to Ireland. And if they are a place with loads of data centers for example, it's not like that doesn't matter. You also can't drive that far in Ireland, so electric cars should also be an easy sell there.
We are doing that. We also have to maintain a fossil fuel grid to have a reliable base load. We are not a country that can be 100% green. Im not sure any country can be if your aim is to always grow. Eventually you run out of suitable sites for wind and solar and need to expand the base load. There are experiments with battery technology going on. It seems that we need some technological breakthrough there. Current batteries dont seem to be good enough or at least cost effective.
Europe has rail because it was all built when that was the only way to get around. Things have changed since then. Ireland, I mean Dublin, has no large cities it can link to via rail.
Great video! As an Irish person it just is a no brainer to invest and rapidly build private apartments and houses. The tech and pharma sector is suffering from a lack of talent here (due to hosing shortages) so they would be solving two problems with one action.
Following Norwy with the Sovereign Wealth Fund is not a bad idea at all. It might seem silly while there is so much to fix but to spend a lot immediately is the same thing as "new money" buying lambos and huge houses to then lose it after one generation.
Not quite buying lambos, but they would end up overpaying if they spent too quickly. People would see the cash flowing with no hesitation and take advantage. They need to be stringent in order to get their money's worth.
Yes staffing hospitals is like buying lambos. Hope you have private health insurance. They doesn't seem completely mad when you have a public health system you spend huge amounts of taxes on already.
As a Norwegian, it might be a good model for Ireland to follow. If your income stream is uncertain, and you have no immediate things that you can invest in that is needed for the economy. (And also if you have high employment and more money into the economy will cause inflation). But we have now reached a new problem in Norway - the dividends of the fund is now so big, that the government is unable to spend it all. (And trust me, they waste a lot). It took 3 decades to get here, but the main problem in Norway's economy now is how to push through necessary reforms in the public sector, when it is much more comfortable for the politicians to just throw money at problems rather than fixing structural issues.
You’ve incorrectly equated the populations of the island of Ireland (32 counties) in the 1840s and the state of Ireland (26 counties) in the 1960s. Interesting video though.
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Dáil Éireann is not an assembly it is a parliment. Without taking a literal translation, maybe a little bit of cultural understanding. Assemblies are in Wales and Northern Ireland. The Oireachtas is not a devolved government but an independent parliament!
It's relatively easy. Just use all that money to pay off your National Debt. This will not only allow for more spending in the future, but will also massively increase your Debt-Repayment Rating. And considering the massive surplus, probably increasing it to AAA+++. WHich is CRAZY for a Country like Ireland. Or you could build public housing with it, of course. And repair infrastructure.
Nah, everybody knows brown water is best, the infrastructure is doing fine and 750 Euro for a room in a house where 5 others live (plus bills) is great!
Irelands debt to gdp ratio is 43.7% ,the yield on a 10 year Irish Government bond is 2.6% .In comparison the UKs debt to gdp ratio is 101.3% and the yield on a 10 year UK Government bond is 4.15%.
They'd have to build some infrastructure first before they could repair it. This government loves to talk about what they'll accomplish by 2050, then by December 31st 2049 their children (yeah literally) will be telling us "it can't be built overnight"
In the long term, we’ll probably be thankful that our politicians didn’t just waste this money on useless populist giveaways, and is instead prioritising infrastructure development. Is the government moving fast enough though? Not even close, but at least they’re not sending us to the brink of another bankruptcy. We really do need to see more housing built though, we should be ramping this up to at least 50k homes a year by next year if we want any chance of this crisis being alleviated this decade
I would agree with you, if when the government actually spent our money, they used it well. But I think we’ve all seen the shit with the Children’s Hospital and millions on electronic voting machines. They’re crooked and don’t even give us the dignity of some mass public infrastructure investments, while we still pay some of the highest taxes in Europe
The problem in housing is primarily planning permission. Every development gets lowered in height when it should be the opposite. NIMBYs ruined the housing market
The normal person doesn't feel this wealth. A ridiculously expensive country, lack of housing and too many illegal immigrants. Govt couldn't be more at odds with the normal man on the street but there is no reasonable opposition to vote for.
There's plenty of opposition to vote for but unfortunately the government calls them racist far right just for wanting a Sovereign government who can decide a future of it's people instead of bring dictated to by the EU and WEF, open borders,migration is irelands biggest problem, because Ireland is full 🇮🇪
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Ive just spent the last decade in Germany and am temporarily staying in Ireland. I know no country is perfect (even you, America) and there will be many Irish residents in the comments airing different grievances but I can tell you now that the difference between Ireland and Germany as of late 2024 is nite and day. You have a pretty damn good country here. Please take care of it x
I am an American living in Dublin. I can verify that the people of Ireland are NOT rich. I don't know exactly what GDP means to normal people, but it doesn't mean that they can afford to live here.
@TheBooban let me fix this, Ireland is one of the most corrupt countries in the world, whos current income is derived primarily from TAX AVOIDANCE paid by large AMERICAN companies. So any project costs 100% more because the government is complicit in paying their cronies tax money through infrasteucture projects. Its about who you know at the top in Ireland 🇮🇪 😉 😏
5:18 Population of Ireland grows by almost 100.000 every year, 52.000 homes is not even enough to keep up with the demand. People used to build their own house for ages, my grandfather did it when he came to Turkey from Balkans with his 7 brothers, he died of old age in that house and the house is still standing. Now government don't allow us to build our own, forcing us to buy or rent a house from huge corporations whose only business is abusing the market.
Considered a poor move if you can grow your economy instead. Mass immigration and subsidies to landlords and the construction industry until we find we have some unemployed milling about. Then the borders will slam shut again for a while.
I stand by the fact we should use this as the basis of a sovereign wealth fund. It’s useful long term planning and can be used to future infrastructure needs which will be inevitable with climate change
Future needs? The main road between Cork City and Limerick City is a thin winding Boreen for about half of its length. When you drive up behind the inevitable tractor laden with bales of hay the road can be clogged by cars for kilometers behind until the farmer eventually decides to drive into the field where the cows are waiting to be fed. You then speed up only to meet another tractor 5 minutes later. We need to build infrastructure NOW.
@@petergibson2318yes future needs. A one time cash investment isn’t going to give sustainable funds to build motorways, railways, flood protection etc. especially if contractors know it’s a one time spending spree. The biggest problem of the state is never thinking ahead more than a few years. This is a rare time we can change that
New infrastructure also needs to be maintained, and given that you currently can't maintain what you already have, how does building anything new fix the underlying issue? Starting a wealth fund similar to Norway, with a maximum withdrawal of 4% per year has been proven to be a very good long term strategy. Since the late 90s Norway has put around €40 billion into the sovereign wealth fund every year. In 25 years that has grown to a massive 2 trillions euros.
@@foobar6846 Properly built infrastructure lasts for centuries. In Cork City the 1.2-kilometre railway tunnel, dug through a mountain between 1847 and 1855 is still in daily operation. (Built by real engineers, not by "Modernist" or "Post-Modernist" arts-graduate con-artists you get nowadays.) There is a carving on the tunnel entrance: 1855 AD.
@@petergibson2318 I bet you also belive that somehow the Romans knew something about concrete that we don't. Well maintained infrastructure last for a long time. My guess is that (you're never going to guess this!) it gets maintained. Also, it's not even remotely close to the wear and tear a highway sees. But clearly you know something none of the infrastructure engineers do. You should enlighten them!
They know how to spend it. Mostly on overpriced bike sheds (300k) and a security hut (1.4m). At the same time we paid a disproportionate amount of the 08 crash bail outs.
Where is the money , I live in Ireland for 10 years ( Dublin and Galway ) and is like we are in the middle age ( no railway, only one airport, no housing)
*Save it!* It's basically a tax loophole. At some point the EU and US will get fed up with their companies funnelling their profits through Ireland and introduce mechanisms (tariffs etc) to stop it.
The EU can't and Ireland has a lot of allies there and the US won't because those same companies bankroll us politicians campaigns annoying them is a poor move. Ireland has well educated well trained workforce that speaks English what companies need.
They kinda dealt with it and it worked out well for us🇮🇪 there was a global treaty against very low corporation taxes that ireland was forced to join meaning a global minium 15% corporation tax . But ireland was at 12.5% ( effectively a lot lower 0.1% for apple in early 2010s) so we raised our corporation tax but no other country can go lower than us either so now we can't be undercut, We also have some other stuff going for us we are an English speaking EU country which is ideal for American corporation who need an EU base
we have already been not spending "saving it" we have the worse housing crisis in Europe our #1 priority should to build enough houses if not more than enough to accommodate for future growth
@callum120official IMO the housing crisis is more of a issue with Ireland's planning laws than lack of government spending. Like the UK it's overdue a "needs of the many" type reform.
My train from connolly station has not been on time at all this year, usally 20 minutes late and i dont the currenr government has any plan to improve the north commuter rail
Has anyone considered that Ireland will not touch the apple money because they want to prove to apple that they dont want to tax them? "OKay the EU forced us to tax you but as proof of our loyalty we will just not spend the money".
You have no idea. It only works in Ireland because it is a tax haven with such low corporation tax it undercuts. However tax is not the only thing that attracts business, the EU is a massive one. The UK severed that and becoming a tax haven won't work.
Either give tax credits for new homes or homeowners, lower taxes for a bit for everyone, invest it in housing and infrastructure, or save it for a rainy day.
The roads are as shitty today as they were 16 years ago when I came on the island, there is a housing crisis, developers are building poor quality houses and selling them for double the profit.The weather 😢
One of the reasons, among others, they won't is that any given idea in any office anywhere in the world is first presented on the basis of not looking zany and liberal and inventive or risky. If you just say Dublin to the boss, the team, the electorate, when the question comes up about where the business goes, then you're safe. Dublin is logical, I suggested Dublin, can't blame me. Arse covering.
Well as valid as the three objections are, you can kinda mitigate them: a) Seed initial investment that is securely covered by subsequent fees and further (as well as balanced) growth by getting great high speed internet to all areas of the country, as the island housed 8 mio originally one does not have to be based near Dublin for the service and IT economy. (or well, not everybody, that is...). b) Public planning - all IT server farms to be used as "heating" for local residents lets you get rid of peat burning or fossile imports, plus renewables shall be mostly paid by electricity bills anyway, so this merely guarantees a sort of "one off" acceleration to make long term use of the resources you have anyway (insane wind). c) Insulating and renovating public buildings - the effect is lasting & permanent as well. Especially if you focus on decentralized structures in areas that have not boomed as much in recent years. d) Don't neglect tourism, it's steady stream of decentralized income does not spur inflation or dependence on a few good to great corporate tax years either. e) Since you are in the Eurozone, even with reducing interest rates you don't have to fear extreme currency fluctuations. So as long as those public investments are mostly guided at decentralized structures, the inflationary pressure to overheating in the capital is reduced.
Ireland became wealthy thanks to American companies; this means the EU relies heavily on the US and cannot be self-sufficient in anything. But these wealths are not distributed to ordinary ppl.
And one of Trump's new Economic advisors has been talking about targeting American Multinationals in Ireland. Primarily because other than tax rate Ireland has no actual advantage over the United States. If Trump gets in he will likely level the Trade imbalance between Ireland and America. Not gonna be pretty
Ireland has so much money they spent nearly 2 billion building one hospital whilst the rest crumbled now the HSE is falling so very much the sick health service of Europe,,have you seen the waiting lists,people on trolleys our Gps are runing whilst consultants cant be found,,carers now have to do the work of qualified nurses.
Inflation is a real concern, sure, but you know what brings down prices hard and fast? BUILDING A LOT OF SOMETHING, like say, HOUSING. Really, some of these investments do pay for themselves in the long term -but god forbid we do something that might stop The Line from going up and having people have nice things, or something. The worst part is gonna be when the money does try up, the people are left with nothing to show for it, and some orthodox economist hack will claim it's all because the Irish government wasn't austere enough, recommending spending cuts because that's all they recommend, and somehow being listened to over and over again.
I'm sorry but you're economically illiterate; we don't have a large enough construction sector to provision the required infrastructure without embedding inflation into our economy. You can't just spawn houses; they require trained labour and materials.
@@jamiegrant5955 spare me the needless insults. I know hiring (probably bringing from abroad) trained workers and materials would increase inflation somewhat -but keeping inflation under control cannot be your one and only goal, especially when housing scarcity drives rent prices upwards and that impacts working people to an even greater degree than, say, concrete prices.
@@pwn3dname Insult; what's insulting is that people like you think you deserve opinions on topics you don't have a notion about; it's materially damaging. Seriously, r-read your comment critically. The cost of provisioning a three bedroom house in Dublin already exceeds what the median couple with first-time-buyers assistance can afford to buy: now you're proposing that we constrain both labour and material markets and magically developers will be able to deliver homes at a lower cost. Your line of thinking yields "ghost-estates"; been there, done that.
I think you need to take a couple steps back and soften your tone, mate -especially since you're starting to not make much sense anymore. Since there's already a shortage of housing (which is something we can both agree on), I propose increasing the supply of housing, which will by force of necessity lower the prices on them. I'm not even suggesting for developers to build the housing -I'm talking about full-on social housing, which may have its demerits, but being ghost towns is NOT one of them.
Well apparently, they are telling "Irregular Migrants" that they can come to Ireland and will have their own home within 6 months, yet people born here are left on waiting lists 🤔
Does that also work for normal eu migrants? Cause me (german) and my bf (polish) want to move to Ireland but the prospect of finding a home is.... not looking so good
@@TheArcticWitchjust flush your passports down the toilet on your flight and you can pretend to be from wherever you like! Is it a crime? Of course! Will you face any consequences? Of course not!
@@TheArcticWitch As a German who has lived here in Ireland for 20 years, I can assure you that "Irregular Migrants" aren't getting homes within six months and neither are "regular ones". These problems have existed for many years now and consecutive governments have essentially tried to solve them by doing nothing in the hope they'd just go away. Finding any sort of housing is not easy.
@@TheArcticWitch Yeah, currently at a rate that stops it from getting any worse. I personally know people who came here to work, had full-time jobs and left again after a year because, well.. by the time the exorbitant rent and other costs were paid, they had little left so they said "I can be poor in Croatia / Bulgaria / insert country with better weather and have sunshine at the beach". Of course, if you are two people and have a decent income, things are a LOT easier.
Sensible governing going on here. For example we would never ever consider making it difficult for companies to export to their largest and nearest trading partners, nor burden our people with higher prices due to the cost of getting imports in. We certainly wouldn’t make our country adverse to the attraction off Foreign Direct Investment or drive political wedges between our provinces. Yes housing and public transport improvements badly needed though.
They could build some fucking housing.
social housing is there in ireland. Unlike Britain
@pranshukrishna5105 no, we in Ireland too allowed too much of the public housing stock to be sold under the right to buy. 52 k houses per year will only let us stand stil in the current state of mess we are in.... we actually need to build more.
@@pranshukrishna5105 bull
Of course the Indian has an opinion that nobody cares about 🤣🤣🤣@pranshukrishna5105
True
Establish a sovereign fund and do some long term investing, including housing.
LOL they will leave ireland so quick patrick would be spinning in his grave.
Ireland has multiple sovereign wealth funds.
We have no investment in regional areas.. all our taxes are sent to Dublin and stay up there. Eamon Ryan was one of the worst politicians in the last 100 years for people outside the M50.
A national one like Norway’s?
@@Dara-rv4pg pretty fucking dreadful for those inside the m50 too
I live in Ireland. The Irish people need to push on the government to take some right decisions. The fact that the government decided to build a hospital that started in 2016 and was estimated to be done in 2020 with a cost of 600/700 million euro and we are at the end of 2024 , and over 2 billion euro spent and hospital not ready yet, leaving aside the questioning of why was built in the area it was built, says a lot about the inefficiency. Probably the Metro that they plan to make it will end up being the most expensive one in the world while the quality not that great. Maybe if they do an approach like Norway with the money they have on the side would be better.
The big thing is that nothing is going to change. Sinn Fein are going to lose big in the GE. While I dislike SF, their loss will be the governments gain, and they’re going to keep destroying the country via their fiscal incompetence
... What????? That's fucking wild that hospital better be the most state of the art bulshit in the world for that amount of money and time
As an engineer I can tell you that this is a problem very common for the English speaking countries. For some reason all their construction and infrastructure is always double the price at half the quality. The UK has the most expensive projects in Europe. Take that number and double it and you get the US price range. I guess Ireland is no exception.
Bruh that hospital better be able to resurrect my long dead grandma
Vote for literally anyone other than FF and FG
TLDR - after austerity from the bust, we never restarted investment meaning everything from, education, health, immigration, water, housing, defence, energy, etc is underfunded.
Thanks, i didnt want to listen to Irelands entire history. I just wanted to know why they have the money and what issues need solving.
@reheyesd8666
Quick TLDR
Ireland is a colony
Ireland becomes independent but poor
Ireland spends spends spends, Celtic tiger
Great recession, back to being poor. Bunch of austerity
Big tech companies use Ireland as a tax haven
Ireland has lots of money on paper, while most infrastructure needs investment
Don't worry, we're investing all our money into RTE somehow.
The problem with the low corporate tax rate is not that it is low, but that it is only focussed on getting tech firms there, who would otherwise pay higher taxes elsewhere, what would generate revenue. But because the tax rate is so low, the other indebted Irish companies and people can't be sustained through the government, but they beg for higher public spending, what they get a bit through the EU. While the companies are indebted, their profits aren't that high because they can't rise higher prices (like everyone else also can't). They could only get it through income taxes, what they avoid. So, it's a subvention of the tech firms on expense of the domestic economy.
Sweet jesus, how do you take that from the budget? Our budget has doubled since 2015. Money, is not the limiting factor here.
because James Bissonette has been helping out with the funding
Epic fucking reference
crossover episode
A James Bissonette reference on a TLDR video wasn’t on my 2024 bingo card
well played
Good reference😂😂😂😂
I am a local of Co Clare and Limerick, dealing with the Irish government is like talking to a wall. there has been a demand for a railway to Shannon airport and town for over twenty years I have contacted our minister for transport and his response is to say there is no demand and that the town needs more development to make it viable, a railway to Shannon airport and town would cost around 400million. my faith in the Irish government is non existent.
How about the motorway from Cork to Limerick - 2nd and 3rd biggest cities in the country have one lane in each direction for traffic and a spectacular death rate compared to more or less every other road in the country from the combination of extremely high traffic levels and extremely poor driving standards. They've been promising a motorway for about 30 years.
Agree. Sad thing is Ireland is a small country, all of this stuff could get done but no one boils enough piss but just fall back on complaining instead. Apart from when it comes to immigration and water bills… if enough people in the county kicked off about it they would have to do something
We don’t even have a railway to Dublin airport… and the argument has been always there is not enough want for it to be made… so when anyone from pretty much any other country comes over they get to our capital city’s airport, which done 32 million passengers in 2023, and behold. Some buses.
The issue with the governments response is that youll only get the demand for such a route by actually building it
Shannon is treated like a problem child. The DAA oversees Dublin and Cork giving them greater collective bargaining for airlines. The Government doesn’t seem to care. Those in the west, midlands and North West are pretty much forced Dublin for flights to Amsterdam which is where much of the business flights go post Brexit. Its mad.
You'd never think so living here... housing, health, transport... all knackered.
They need to invest in the people's health and housing.
It’s almost like you didn’t watch the video
The Hole Insurance industry is taking the PISS!!
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Hey Ireland, Irish people here. BUILD SOME F******* HOUSES!!!!
Who for ??? I bet not the Irish people themselves eh ?
@@madhavoc1 ironically yeah, for the irish people, as imigrants are not in the slighest botherd to be taking on predatory mortages in order to own a house
@@madhavoc1 I'm guessing from your British flag you're a Brit.
Immigration numbers for Ireland are one of the only things keeping our population stable and SLIGHTLY above replacement level. Our problem isn't immigration, it's a s*** nepotistic government that's not just poorly run but practically falling apart, and a system that's more focused on producing GDP than it is on developing and spreading that wealth to it's people by developing affordable homes and infrastructure. We'd rather pander to Google than use the money we're owed by corporations to grow our own cities.
Us Irish are literally a nation of immigrants. There are more Irish living abroad than live within Ireland. Part of the biggest reason for that is because you Brits invaded us, subjugated our people for over 700 years and forced us to grow a single crop that even during the famine while we starved, the Brits shipped off to England. Now you want to put your old empires racist views on my comment? Views that not long ago would have been the same racism you levelled against me and my people? I remember the old "No dogs, no Irish" from back in the day in England, and that was the least of it. And now you're a failing empire in decline, who kneecapped your own economy by leaving the EU and ruining your incredibly privileged trade position, you want to try and bring your brand of failed, paranoid, hate filled rhetoric to MY shores?
The last thing we need is the hate filled views of racist Brits, hate that no long ago was levelled at my people.
There’s not enough builders 😮
We need to build a proper housing infrastructure first. Do you want to just add hundreds of more houses to an non existing sewage system? Let keep pumping it into the river's
Too much surplus, meanwhile they tax me, a young working class guy with no house, no car, no big savings the highest braket rating, while having to pay 35% of my incone in rent. Can not wait to move out.
You're doing well.
Try saving 10%.
"From independence in 1922 up until the 1960s, Ireland went through a period of economic stagnation marked by heavy emmigration"
I dunno, man. Didn't all that begin roundabout 75 years earlier at the latest?
Yeah stagnation and deindustrialization are interesting terms for the phenomenon as well
It got much worse following independence.
It was FAR worse under DeValera and the Catholic Church and the most corrupt Police force in Europe. Ireland during that period (1920s-1980s) was a dystopian hellhole, the laughing stock of Europe.
@@normanstewart7130 The Anglo-Irish Trade War (also called the Economic War) was a retaliatory trade war between the Ireland and the UK. The Irish government refused to continue reimbursing Britain with land annuities from financial loans granted to Irish tenant farmers to enable them to purchase lands under the Irish Land Acts. (Refusing to pay Britain for Irish land which had been stolen in the first place.) The British tariffs caused severe damage to the Irish economy.
@petergibson2318 The Irish Government caused massive damage to the Irish economy. Ireland and Albania tried economic isolation, both with disastrous results.
Irish here, surprised at how poorly researched this is, for example, since the self introduced fiscal spending rule of 5% of the curent government was brought in, they have decided to break that rule every single budget. Also not even the government use gdp per capita as a measure of wealth in the country because of how over inflated it is, we use GNI*.
The bigger problem with the government pumping money into spending is the fact that value for money is not something they get (see national childrens hospitalor the bike shed controversy). The biggest contribution to our poor infrastructure is the fact that ireland was a colony to extract wealth from for centuries, we dont have the same level of established infrastructure that other countries have, and have therefore significantly more ground to catch up on compared to other eu countries.
TLDR news gave up after brexit now they dont even research things properly they just push their agenda and trap their viewers in an echo chamber
I agree with you to large extent, however we can see Spain and a lesser extent built way better transport infrastructure with relatively similar economies. For example Lisbons metro or Spains incredible high speed rail however it has been helped by a massive centralisation of population.
@@donalgeaney626 your "however" is parroting what the original comment said?
Ireland was a colony…omg not you too! Lol, the that’s right, blame others instead of solving your problems.
Stop spewing ur brainrot U BOT 😤
build a few more bike sheds,and we wont have that problem anymore
If you were smarter you could win a contract to build some of them.
@@Matt-rw9py you'd need to have a construction company and underpay your workers first, of course, but it's a pretty smart plan.
@@adamelghalmi9771 Thanks
Bike shed hahahahaha cost more than a fucking house!!
@@adamelghalmi9771you mean you'd need to have a mate in government who gives you the contract for a backhander. The bike shed was built by Michael Stone, who has been funding the election campaigns of TD Paschal Donohue.
Just typing the 2 names in google will give you enough on the 2, as well as the €40 million a year maintenance contract Michael Stone was given.
If Ireland has too much money the Irish at large are not benefiting from it.
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I wish I had this problem.
I'm sure you could singlehandedly capture Vanuatu and set up your own tax haven there.
Ireland is the classic example of money not fixing problems when the system itself needs deep rooted reforms. Rather than throwing money at problems , the system itself needs reforming and restructuring. An over inflated state and civil service, billions wasted on bike sheds, childrens hospital, civil servant saleries and pensions , 30,000+ NGOs etc.. Its 2007 vibes all over again and when the corporation tax dries up , it will be back to austerity and deficit spending.
The current government have given up on long term reform unfortunately. Look at the absolute state of Sláintecare, endless resignations from it's heads because they were hitting red tape at every corner. Massively overspending on our current broken system has worked for them so far i guess 🤷♂️
So you think that the Gardai and teachers etc shouldn't get paid or get a pension that they pay into from their salaries???
bruh we are chronically understaffed in the public sector and thats why services seem so shit.
This SHOULD be the top comment. Everyone says "There's not enough money! We're operating at capacity!" NOTHING about this country can be solved with policy changes or accounting tricks. The whole foundations are rotten to the core.
@@samdavid9237 You speak in ignorance.
Port tunnel cost a billion pounds25 years ago.
Then they were sayi g it woukd be a white elephant.
I can provide Ireland with my bank account information, just saying.
I live here, good luck lad we haven't seen any of it yet 😂
just show up , they are handing out wads of 50's when you get off a plane
I fear a lot of turdworld spongers are watching this and kicking their lips
Ok. Go right ahead.
Name and acc no. please.
go ahead our government love giving money to foreigners.
Just establish a sovereign fund like Norway's oil fund.
Ireland has a sovereign wealth fund
They did a few years ago called the isisf I think there is 4 billion quid already in it they want to grow it to 100 billion.
Won't work here in a Ireland, too corrupt
@@devanman7920 norway made profit 110 billion dollars in a single quarter. The fund is worth like 2 trillion almost now.
That's pretty much what we are doing
Think of all the children's hospitals and bike stands we could buy with this money, at least 3
It's honestly the best explanation as to why the hospital is such a disaster Bam knew they had the money and took them for a ride and the government knew they had the money no matter what but are desperate for results improving healthcare
Better results than UK. Started to build a train lane, 5x over the budget and eventually cut a half of it anyway...
@@nothereandthereanywhere eh our government built a galvanised steel bike shed for €300,000 and a children's hospital for €2.5 billion which is currently one of the most expensive buildings in the world and is still years from completion and what is already built is below safety standards.
You are joking but you are also completely right. If services were adequately funded, we would not have lots of money. We could do with another adult hospital among many other things around the country.
@@Kevc00 2.5 billion not 250billion🤣🤣
€330,000 on a bike shed for MP to park 18 bikes - I”d say they know how to miss spend alright!
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My niece lives in Ireland, she wouldn't mind some of that money.
She has good job yet can't find somewhere affordable to rent.
Sovereign wealth fund is a good idea
They should do everything in their power as well to do "cheap" changes to be competitive, but still properly skimming money from places we don't want it, toward places we want.
Direct transfer subsidies, like new combustion car sales directly giving money to making electric car sales cheaper.
Housing and healthcare are two glaringly obvious areas
They need to build houses for young people (a huge portion of young people in Ireland live at home with their parents because you need to pay half a million euros for a semi-decent house and renting costs a bunch), if they simply built quality affordable housing it would fix the issue, even better if they implemented the Austria model for housing it would fix the whole problem for years to come.
They should build appartments and rent them cheap for ppl, who want to work and deserved those accomodations. Not giving it to the drug communities, that breeds new generation of drug dealers and unemployed on benefits.
As an Indian immigrated person in Ireland, I think Ireland is spending wisely on money. Otherwise, it can't afford one more downfall as it happened in 2010s. Warren Buffet has warned of buying the shares of tech companies. They can have a downfall at any time. Apple, Microsoft, facebook are artificially boosted companies. With the arrival of Chinese companies, a fall can happen at any time. Also EU policies on America and china. See what happened to Volkswagon with the arrival of chinese EVs. The same will happen to Tesla. All the car companies in Europe will be in trouble, since Internet is praising toyota cars. There is a deviation from German cars and premium cars like Benz, Audi and BMW towards Toyota and Lexus. Same happening in my country India and also in America. In my country two major cars companies Mahindra and Tata which owns Jaguar Land Rover. Nobody buys their cars, everybody looking for Toyota.
Indeed, the automotive industry is already in deep trouble in Europe (especially the UK). They are simply not able to keep up.
We are at full employment, the construction industry has cost management issues (primarily due to the decimation of the construction industry during the last crash) and this surplus is very contingent. We need to sort out tax incentives (a land tax, reduce tax on construction goods), rebuild skills in the construction sector and sort out structural issues primarily related to preventing NIMBYism. We also need a sustaintable vision for the country and some courage to see it through. However until that is in place the best thing is to invest it as pumping more money into the economy is just inflationary. So basically do the above and wait for a downturn and then spend.
Less taxes and less bureaucracy, that's what we need!
Mm.. id say more to do with corruption 😂😂
We’re not at full employment.
Ireland has always been slow with investments in infrastructure, partly due to our public consultation system that allows years for a handful of people to complain and hold up or change the entire process. We clearly have the money to do a lot, but it takes forever to get anything built or done here, especially when compared to many other Western countries. A lot of the more successful projects, like the Luas, Tallaght Hospital, etc. were part-funded by the EU, which I think motivated us more or we would lose that investment.
Triple budget surplus but we can’t build a house to save our lives
@@oliverqueen5883 we are building 40,000 units this year.
The more housing you build the more worthless rejects from other countries wash up on your shores holding their hands out for the keys.
Not enough builders and other tradesmen. Too much bureaucracy and rules when planning developments and spending public money.
@@decekfrokfr3mdx Most unfortunate 😭
@@williampatrickfagan7590 At this point the deficit is so massive I’m not even sure that’s gonna come close to enough
Irelands biggest problem is man power, we lost a lot of skilled labour during the ressession and pushed too many young men towards college, then we lost a lot of skilled foreign labour during covid, there's not enough men to drive trucks and busses, build homes or update the grid, that said we are doing OK and NOT slipping into rolling blackouts 😂, we're simply on the back foot a little, the migrant crisis is making the housing crisis worse and making it harder to bring in chosen skilled labour as there is a shortage of places for them to live and rental being expensive makes it less desirable
I live in the ROI for close to 20 years now and this is a problem of FF and FG's making. Housing was stupid expensive in 2005 and things only ever got worse. Letting corporate landlords buy up everything, little investment in social housing etc. Cork has a massive problem with something as basic as drinkable water (in some areas). Whenever the council checks on minimum standards of housing a huge percentage of rental properties have serious defects because (especially) corporate landlords invest sod all. The government had a good idea with the "Right to work from home" but then turned into the "Right to ask your employer and get laughed at" - I would move further away from the city where somewhat more housing is available in a heartbeat and so would many other people (which would also alleviate traffic). Electricity prices in Ireland are sky high.
The "migrant crisis" is absolute Mickey Mouse shit. Let people who have land to build on get on the property ladder (this isn't me, in case you wonder), invest on affordable housing, renewables and infrastructure, not bike sheds and prestige projects.
I love this country and its people and the problems that are there are solvable, but not with a bunch of idiots in charge whose approach is "let's just wait and see, it'll sort itself out" - yet they will win the next election easily after the handouts they gave out and Sinn Féin self-destructing.
@timolynch149 firstly migrant crisis, i live in Dublin, rents were high when it was family renters v short term renters, now it also competes with a massive flow of migrants, it isn't easy to keep up, especially with incompetent leadership, unfortunately there is little alternitive, we need a few thousand workers mostly male, now that said we have a few thousand male asylum seekers, maybe one plus one could add up
so can use surplus on developing automation so dont need to bring in filth from the dumps who bring their trash cultures and cause problems in society.
@@warrendoyle2875 A big, MASSIVE help would be regulating sodding AirBnB. My ex-partner is in Tasmania. There's a housing crisis there. During Covid, something like 3000 properties were not allowed to operate as AirBnBs and came on the market but only as short term leases. I personally know people who let their apartments or rooms as AirBnBs, simply because there's a ton more money in it. Then, also, giant corporations that are registered in, say Cyprus, but part of a larger conglomerate registered in Luxembourg (looking at you, Zokralo) should not be able to just snap up entire new developments unless they promise to keep rents below a certain level (tied to inflation) for x years. Then, for f.. sake, allow private people to build houses without letting every Tom, Dick and Harry raise ridiculous objections. I have Irish friends who spent 8 years before they were finally allowed to build because every time they adjusted their plans the next NIMBYist came along and didn't like something. On top of that, it should be possible to legally seize abandoned buildings or buildings where ownership has not been clear for x years and turn them into public housing. There is so, SO much that could be done without needing to worry about immigrants who, mostly, want to work. I'm one, I haven't claimed benefits since I arrived here in 2005.
Most of the Irish refugee's are in emergency accommodation eg hostels or hotel even sports halls, so your british lie about migrants causing the housing problem is easy debunked. The biggest problem in Ireland is the Dole-heads in Coolock, Tallaght and Ballymun (although there are loads outside De Pale too) that are scared stiff of work.... and would blame migrant that are brought in to Ireland to work... I remember that in the 80's/90's when Brazilians were brought into work in Abattoir as Irish people wouldn't work in them.
Meanwhile the cost of living means that a huge number of people are struggling and record numbers of people in their 20s are leaving due to how difficult it is to live in Ireland. Services, infrastructure and housing are a joke. Corporate taxes doesn't equate to living standards
Id like to point out that the "strike" footage shown was a protest related to the troubles rather than labour conditions
Can you give me some please, Ireland?
The problem is the politicians and top civil service managers are filling the pockets of big corporations and themselves
What happened to all those ‘Ireland is broke’ videos you guys had?
Terrible mental health support, high taxes, people struggling to buy homes, people on trollies what a joke!
But you are in the UK. WTF???
@washerdryer3466 I am not in the UK, I am in Cork.
@@davidroseitg You are a UK citizen.
@@washerdryer3466 what are you on about dum dum?
Behind these seemingly impressive figures the quality of life here is appalling, accommodation has become a lifelong struggle for many, the streets are dangerous with no police presence and people are stressed and depressed in their jobs
Now just wait when you'll become a minority in your own land, now _THAT_ will be a a problem and a half.
Don't forget to vote for the National Party coming election lads. 😎
Hyperbolé.
That is a lie but it is good that your are listen to your british handler about Ireland..
@@roryoneill9444British handler? What planet are you on? Do you even realise you have jihad on your streets? Amd no, there is no such thing as a british muslim. Ffs, some irish are trollies
Well said, commentators on here are deluded if they think Ireland is utopia
Im voting Soc Dem anyway. FFG need to go. Imagine fighting tooth and nail and spending millions of our money to push billions in taxes away from Ireland. In the middle of a housing crisis
The whole apple saga kinda worked well for us, they showed the corporations they'll do whatever to keep them in the country and also got the 13bn in the end, besides the higher interest rates actually cancelled out the the legal fees in the last year of the court case.
But yeah I'm also voting socdem but I don't think that's a fair attack on FFG
If they pushed to keep that tax money from apple, International business wouldn't see ireland as a good place to setup shop. We are reliant on these multinationals, and if we push to tax them more, we don't seem as business friendly. By fighting that tax bill with the eu, other business will see that and see ireland as an ideal place to go as the government will fight for them. With more businesses coming, more high paying jobs come and more corp tax comes. We have one of the lowest unemployment rates and highest avg wages because of these economic policies. If they were to go on a spending spree fixing the hse and housing crisis, it would fuel a lot of inflation. Rent might get cheaper but everything else would get more expensive so it wouldn't fix the cost of living.
It's cringe knee bending and we shouldn't do it.
@@brianokane8789 yeah it's Soc Dems and Greens for me
Ah, I see you're going for more of the same.
Friendly reminder that the National Party is the *only* real alternative out there lads!
Ireland doesn't have too much money - they have too little infrastructure spending. Ignore that the island famously has the worst roads in Europe. The canals haven't been maintained. Rail links are fine if you want to get to Dublin, but absolutely insufficient if you want to get out of Dublin.
That's BS - the canals are all maintained and a motorway network criss crosses the country and all the main cities are linked by rail. You're talking pish lad.
Ireland's road infrastructure is quite good now after years of investment.
@@franko2886 Correct. In fact the worst roads on the island of Ireland are on the British controlled part - Northern Ireland.
they can have too much money and not spend it in infrastructure. where the money goes, we do not know.
@@davidray6962 the roads are fine and not the issue. We don't have much rail that doesn't lead to Dublin. That is an issue. We also need light rail in other cities, like Cork, Limerick, Galway, etc.
It is really good to hear that a government is doing the smart thing and not just the easy and popular one
Maybe they could use that to build a functioning subway system in Dublin. No offence but when I last visited, getting around was horrible, trams and buses were awful
No offence taken, these are well known facts.
The sickening truth is that a company offered to build a subway in Dublin but the company that offered to build the tram (luas) offered the government a bigger kickback so true to form they went that way
You came to Ireland and stayed in Dublin? That's loco
A subway system in a city like Dublin is a waste of money. There isnt the density. People who live in Dublin do not live in a dense city. They live in suburbs around a fairly small city where not a huge amount of people live. Not suitable for a subway. Same with a rail link to the airport. The airport is too close to Dublin city to justify a rail link. Other "cities" in Ireland are not linked well to dublin by rail. They are reasonably linked by bus. So you want to get to the airport? Take a cheap bus directly or take a cheap bus to terminal, then bus or walk to another station to get a train? makes no sense.
@C05597641 a metro would work in Dublin the size doesn't really matter. Amsterdam is bigger than Dublin and they have a metro that serves massive areas. Mainly the issue is too little roads, too few trains, no metro and no one with a brain cell in the government.
The subway is critical. Housing crisis is also due to the extreme challenges to commute into town. Make commuting sustainable at scale and people will start building/renovating well outside of town, and nit just along the dart
If the government were to immediately spend that money on infrastructure or welfare or something, if the money ever stops coming it just as abruptly, the pain will be felt much more then the previous benefits
They could work to transition their electricity grid to green energy. They are in one of the most windy areas in Europe and still have a pretty miserable 416gCO2eq/kWh in 2023. Sure that is easily undermined by countries largely relying on coal like Poland or Serbia, but it is still nearly twice that of the UK at 233, Spain at 155, Netherlands at 292, Denmarks at 156, etc. Sure it's always easy to dismiss countries like Norway, Sweden or Iceland who can largely achieve green energy from geographic factors, but those other examples don't have that much a geographic benefit in comparison to Ireland. And if they are a place with loads of data centers for example, it's not like that doesn't matter. You also can't drive that far in Ireland, so electric cars should also be an easy sell there.
We are doing that. We also have to maintain a fossil fuel grid to have a reliable base load. We are not a country that can be 100% green. Im not sure any country can be if your aim is to always grow. Eventually you run out of suitable sites for wind and solar and need to expand the base load. There are experiments with battery technology going on. It seems that we need some technological breakthrough there. Current batteries dont seem to be good enough or at least cost effective.
great, more shitty windmills.
Excellent concise analysis as usual
could build a half decent rail network for once!
Europe has rail because it was all built when that was the only way to get around. Things have changed since then. Ireland, I mean Dublin, has no large cities it can link to via rail.
Great video! As an Irish person it just is a no brainer to invest and rapidly build private apartments and houses. The tech and pharma sector is suffering from a lack of talent here (due to hosing shortages) so they would be solving two problems with one action.
Following Norwy with the Sovereign Wealth Fund is not a bad idea at all. It might seem silly while there is so much to fix but to spend a lot immediately is the same thing as "new money" buying lambos and huge houses to then lose it after one generation.
Very true
Not quite buying lambos, but they would end up overpaying if they spent too quickly. People would see the cash flowing with no hesitation and take advantage.
They need to be stringent in order to get their money's worth.
There is a huge difference between making sure that your water meets standards and "buying lambos". Don't be an idiot
Yes staffing hospitals is like buying lambos. Hope you have private health insurance. They doesn't seem completely mad when you have a public health system you spend huge amounts of taxes on already.
As a Norwegian, it might be a good model for Ireland to follow. If your income stream is uncertain, and you have no immediate things that you can invest in that is needed for the economy. (And also if you have high employment and more money into the economy will cause inflation).
But we have now reached a new problem in Norway - the dividends of the fund is now so big, that the government is unable to spend it all. (And trust me, they waste a lot). It took 3 decades to get here, but the main problem in Norway's economy now is how to push through necessary reforms in the public sector, when it is much more comfortable for the politicians to just throw money at problems rather than fixing structural issues.
Impossible to imagine reducing taxes on working people, or building housing to make housing affordable.
You’ve incorrectly equated the populations of the island of Ireland (32 counties) in the 1840s and the state of Ireland (26 counties) in the 1960s. Interesting video though.
Build house seem like the best option
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Ireland: * has a budget surplus *
Everyone else (drowning in debt): OMG, you must be stupid, you don't know how to spend money
Dáil Éireann is not an assembly it is a parliment. Without taking a literal translation, maybe a little bit of cultural understanding. Assemblies are in Wales and Northern Ireland. The Oireachtas is not a devolved government but an independent parliament!
It's relatively easy. Just use all that money to pay off your National Debt.
This will not only allow for more spending in the future, but will also massively increase your Debt-Repayment Rating.
And considering the massive surplus, probably increasing it to AAA+++. WHich is CRAZY for a Country like Ireland.
Or you could build public housing with it, of course. And repair infrastructure.
Nah, everybody knows brown water is best, the infrastructure is doing fine and 750 Euro for a room in a house where 5 others live (plus bills) is great!
Irelands debt to gdp ratio is 43.7% ,the yield on a 10 year Irish Government bond is 2.6% .In comparison the UKs debt to gdp ratio is 101.3% and the yield on a 10 year UK Government bond is 4.15%.
They'd have to build some infrastructure first before they could repair it. This government loves to talk about what they'll accomplish by 2050, then by December 31st 2049 their children (yeah literally) will be telling us "it can't be built overnight"
Housing and public transport nail on head 4:38
Ireland may have too much money but its citizens don't.
That's BS, median average wages in Ireland are above those in France or Germany
@@Ryzanu They are still higher than in Germany and France adjusted for inflation.
Thank you for using the correct country name and the great pronunciation of the important words.
We have money?
Only for the politicians salaries and guilt edge pensions it seems...
Yes, but we don't dare spend it in case we set off another bout of inflation
I swear, politicians are the worst when it comes to money.
In the long term, we’ll probably be thankful that our politicians didn’t just waste this money on useless populist giveaways, and is instead prioritising infrastructure development. Is the government moving fast enough though? Not even close, but at least they’re not sending us to the brink of another bankruptcy.
We really do need to see more housing built though, we should be ramping this up to at least 50k homes a year by next year if we want any chance of this crisis being alleviated this decade
I would agree with you, if when the government actually spent our money, they used it well. But I think we’ve all seen the shit with the Children’s Hospital and millions on electronic voting machines. They’re crooked and don’t even give us the dignity of some mass public infrastructure investments, while we still pay some of the highest taxes in Europe
The problem in housing is primarily planning permission. Every development gets lowered in height when it should be the opposite. NIMBYs ruined the housing market
The normal person doesn't feel this wealth. A ridiculously expensive country, lack of housing and too many illegal immigrants. Govt couldn't be more at odds with the normal man on the street but there is no reasonable opposition to vote for.
There's plenty of opposition to vote for but unfortunately the government calls them racist far right just for wanting a Sovereign government who can decide a future of it's people instead of bring dictated to by the EU and WEF, open borders,migration is irelands biggest problem, because Ireland is full 🇮🇪
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Ive just spent the last decade in Germany and am temporarily staying in Ireland. I know no country is perfect (even you, America) and there will be many Irish residents in the comments airing different grievances but I can tell you now that the difference between Ireland and Germany as of late 2024 is nite and day. You have a pretty damn good country here. Please take care of it x
I am an American living in Dublin. I can verify that the people of Ireland are NOT rich. I don't know exactly what GDP means to normal people, but it doesn't mean that they can afford to live here.
It's the state which is rich, because Ireland gets tax money from many international companies like Amazon, Ebay etc...
It’s the same everywhere though. People think Americans are rich when the average American hasn’t got a pot to piss in
@TheBooban let me fix this, Ireland is one of the most corrupt countries in the world, whos current income is derived primarily from TAX AVOIDANCE paid by large AMERICAN companies. So any project costs 100% more because the government is complicit in paying their cronies tax money through infrasteucture projects. Its about who you know at the top in Ireland 🇮🇪 😉 😏
5:18 Population of Ireland grows by almost 100.000 every year, 52.000 homes is not even enough to keep up with the demand. People used to build their own house for ages, my grandfather did it when he came to Turkey from Balkans with his 7 brothers, he died of old age in that house and the house is still standing. Now government don't allow us to build our own, forcing us to buy or rent a house from huge corporations whose only business is abusing the market.
Doesn't Ireland have a national debt that could be paid off?
Considered a poor move if you can grow your economy instead. Mass immigration and subsidies to landlords and the construction industry until we find we have some unemployed milling about. Then the borders will slam shut again for a while.
15 thousand people homeless and the government has too much money 🤦🤦
I stand by the fact we should use this as the basis of a sovereign wealth fund. It’s useful long term planning and can be used to future infrastructure needs which will be inevitable with climate change
Future needs? The main road between Cork City and Limerick City is a thin winding Boreen for about half of its length. When you drive up behind the inevitable tractor laden with bales of hay the road can be clogged by cars for kilometers behind until the farmer eventually decides to drive into the field where the cows are waiting to be fed. You then speed up only to meet another tractor 5 minutes later. We need to build infrastructure NOW.
@@petergibson2318yes future needs. A one time cash investment isn’t going to give sustainable funds to build motorways, railways, flood protection etc. especially if contractors know it’s a one time spending spree. The biggest problem of the state is never thinking ahead more than a few years. This is a rare time we can change that
New infrastructure also needs to be maintained, and given that you currently can't maintain what you already have, how does building anything new fix the underlying issue?
Starting a wealth fund similar to Norway, with a maximum withdrawal of 4% per year has been proven to be a very good long term strategy. Since the late 90s Norway has put around €40 billion into the sovereign wealth fund every year. In 25 years that has grown to a massive 2 trillions euros.
@@foobar6846 Properly built infrastructure lasts for centuries. In Cork City the 1.2-kilometre railway tunnel, dug through a mountain between 1847 and 1855 is still in daily operation. (Built by real engineers, not by "Modernist" or "Post-Modernist" arts-graduate con-artists you get nowadays.)
There is a carving on the tunnel entrance: 1855 AD.
@@petergibson2318 I bet you also belive that somehow the Romans knew something about concrete that we don't.
Well maintained infrastructure last for a long time. My guess is that (you're never going to guess this!) it gets maintained. Also, it's not even remotely close to the wear and tear a highway sees.
But clearly you know something none of the infrastructure engineers do. You should enlighten them!
Govt of Ireland needs to focus on Housing. Irish and foreign national struggle to find decent accommodation to rent or buy.
they should use this money to pursue proper Irish unification and build more housing
Trust me, reunification will cost all of that money and more. But seeing the DUP in the Dail will be a laugh.
They can spend it in anything but housing, that is not needed at all.
This situation is so stupid. Just dicrease taxes or pay debt.
Finally someone who gets it 😂
They know how to spend it. Mostly on overpriced bike sheds (300k) and a security hut (1.4m). At the same time we paid a disproportionate amount of the 08 crash bail outs.
I hate it when that happens.
When we have the same government for 100 years, they get compound interest on their investments
You should do better research a lot of false statements!
What specific statements were false, and cite your sources.
Where is the money , I live in Ireland for 10 years ( Dublin and Galway ) and is like we are in the middle age ( no railway, only one airport, no housing)
*Save it!* It's basically a tax loophole. At some point the EU and US will get fed up with their companies funnelling their profits through Ireland and introduce mechanisms (tariffs etc) to stop it.
The EU can't and Ireland has a lot of allies there and the US won't because those same companies bankroll us politicians campaigns annoying them is a poor move. Ireland has well educated well trained workforce that speaks English what companies need.
They kinda dealt with it and it worked out well for us🇮🇪 there was a global treaty against very low corporation taxes that ireland was forced to join meaning a global minium 15% corporation tax .
But ireland was at 12.5% ( effectively a lot lower 0.1% for apple in early 2010s) so we raised our corporation tax but no other country can go lower than us either so now we can't be undercut,
We also have some other stuff going for us we are an English speaking EU country which is ideal for American corporation who need an EU base
@@od9694 Don't forget, Brexit now makes Ireland the better EU home base because of its access to the union.
we have already been not spending "saving it" we have the worse housing crisis in Europe our #1 priority should to build enough houses if not more than enough to accommodate for future growth
@callum120official IMO the housing crisis is more of a issue with Ireland's planning laws than lack of government spending.
Like the UK it's overdue a "needs of the many" type reform.
My train from connolly station has not been on time at all this year, usally 20 minutes late and i dont the currenr government has any plan to improve the north commuter rail
They could stop charging residents €100 for A&E visits and stop charging people for TV licence and sort the Luas and junkies out
So less taxes, more services. Makes sense…
@romulcah when did I say that? 🤔
In 2023 the tv licence generated €152m. A&E €100 fee generated about €52m. So where do we get that extra 200m from? And then add more gardai?
@romulcah this video is literally about them having too much money silly billy 😂
@@joshnicholson2934 You didn’t actually watch the video so! See from 6:40 onwards
We have a shit load of money because the government refuses to spend any of it 🙄🙄🙄🙄
Has anyone considered that Ireland will not touch the apple money because they want to prove to apple that they dont want to tax them? "OKay the EU forced us to tax you but as proof of our loyalty we will just not spend the money".
And yet uk thinks they will get more tax by increasing rates
You have no idea. It only works in Ireland because it is a tax haven with such low corporation tax it undercuts. However tax is not the only thing that attracts business, the EU is a massive one. The UK severed that and becoming a tax haven won't work.
Either give tax credits for new homes or homeowners, lower taxes for a bit for everyone, invest it in housing and infrastructure, or save it for a rainy day.
It is such a nice problem to have.
The roads are as shitty today as they were 16 years ago when I came on the island, there is a housing crisis, developers are building poor quality houses and selling them for double the profit.The weather 😢
The housing and road quality is fine. You obviously haven't a cluse what you are talking about. The weather? Lol.
Invest in somewhere that isnt fking DUBLIN!
One of the reasons, among others, they won't is that any given idea in any office anywhere in the world is first presented on the basis of not looking zany and liberal and inventive or risky.
If you just say Dublin to the boss, the team, the electorate, when the question comes up about where the business goes, then you're safe.
Dublin is logical, I suggested Dublin, can't blame me.
Arse covering.
Tax rate is 15% for large companies not 12.5%.
Build the galway bypass
Very true, i never want to go to Galway again
“Doesn’t know how to spend it”? A €330,000 bike shed here, €740,000 for a bus stop there
They could spend more money on their damn citizens
Well as valid as the three objections are, you can kinda mitigate them:
a) Seed initial investment that is securely covered by subsequent fees and further (as well as balanced) growth by getting great high speed internet to all areas of the country, as the island housed 8 mio originally one does not have to be based near Dublin for the service and IT economy. (or well, not everybody, that is...).
b) Public planning - all IT server farms to be used as "heating" for local residents lets you get rid of peat burning or fossile imports, plus renewables shall be mostly paid by electricity bills anyway, so this merely guarantees a sort of "one off" acceleration to make long term use of the resources you have anyway (insane wind).
c) Insulating and renovating public buildings - the effect is lasting & permanent as well. Especially if you focus on decentralized structures in areas that have not boomed as much in recent years.
d) Don't neglect tourism, it's steady stream of decentralized income does not spur inflation or dependence on a few good to great corporate tax years either.
e) Since you are in the Eurozone, even with reducing interest rates you don't have to fear extreme currency fluctuations. So as long as those public investments are mostly guided at decentralized structures, the inflationary pressure to overheating in the capital is reduced.
Ireland became wealthy thanks to American companies; this means the EU relies heavily on the US and cannot be self-sufficient in anything.
But these wealths are not distributed to ordinary ppl.
And one of Trump's new Economic advisors has been talking about targeting American Multinationals in Ireland. Primarily because other than tax rate Ireland has no actual advantage over the United States. If Trump gets in he will likely level the Trade imbalance between Ireland and America. Not gonna be pretty
Not really true. Also, Irish companies employ something like 150,000 American in the US, and US companies employ about the same in Ireland.
@@LeMerchis it really about the number of people employed? Are those Irish companies in the US contributing almost $40 billion?
@@LeMerch150k in the US 😂😂 that doesn't even account for the number of job hires or job losses in 1 quarter 😂😂
Ireland has so much money they spent nearly 2 billion building one hospital whilst the rest crumbled now the HSE is falling so very much the sick health service of Europe,,have you seen the waiting lists,people on trolleys our Gps are runing whilst consultants cant be found,,carers now have to do the work of qualified nurses.
Inflation is a real concern, sure, but you know what brings down prices hard and fast? BUILDING A LOT OF SOMETHING, like say, HOUSING.
Really, some of these investments do pay for themselves in the long term -but god forbid we do something that might stop The Line from going up and having people have nice things, or something.
The worst part is gonna be when the money does try up, the people are left with nothing to show for it, and some orthodox economist hack will claim it's all because the Irish government wasn't austere enough, recommending spending cuts because that's all they recommend, and somehow being listened to over and over again.
Remember when they brought in the temporary in Universal Social Charge in 2011. 13 years and counting.
I'm sorry but you're economically illiterate; we don't have a large enough construction sector to provision the required infrastructure without embedding inflation into our economy. You can't just spawn houses; they require trained labour and materials.
@@jamiegrant5955 spare me the needless insults. I know hiring (probably bringing from abroad) trained workers and materials would increase inflation somewhat -but keeping inflation under control cannot be your one and only goal, especially when housing scarcity drives rent prices upwards and that impacts working people to an even greater degree than, say, concrete prices.
@@pwn3dname Insult; what's insulting is that people like you think you deserve opinions on topics you don't have a notion about; it's materially damaging. Seriously, r-read your comment critically.
The cost of provisioning a three bedroom house in Dublin already exceeds what the median couple with first-time-buyers assistance can afford to buy: now you're proposing that we constrain both labour and material markets and magically developers will be able to deliver homes at a lower cost. Your line of thinking yields "ghost-estates"; been there, done that.
I think you need to take a couple steps back and soften your tone, mate -especially since you're starting to not make much sense anymore.
Since there's already a shortage of housing (which is something we can both agree on), I propose increasing the supply of housing, which will by force of necessity lower the prices on them. I'm not even suggesting for developers to build the housing -I'm talking about full-on social housing, which may have its demerits, but being ghost towns is NOT one of them.
Y’know, a town with money is a little like the mule with a spinning wheel. No one knows how he got it, and danged if he knows how to use it!
Money for the government while ordinary people suffer from this, made worse by high housing costs and a reduction in quality of life.
Ireland when asked about its sovereign wealth fund: "The money was just resting in my account!"
Well apparently, they are telling "Irregular Migrants" that they can come to Ireland and will have their own home within 6 months, yet people born here are left on waiting lists 🤔
Does that also work for normal eu migrants? Cause me (german) and my bf (polish) want to move to Ireland but the prospect of finding a home is.... not looking so good
@@TheArcticWitchjust flush your passports down the toilet on your flight and you can pretend to be from wherever you like!
Is it a crime? Of course! Will you face any consequences? Of course not!
@@TheArcticWitch As a German who has lived here in Ireland for 20 years, I can assure you that "Irregular Migrants" aren't getting homes within six months and neither are "regular ones". These problems have existed for many years now and consecutive governments have essentially tried to solve them by doing nothing in the hope they'd just go away. Finding any sort of housing is not easy.
@@timolynch149 😮💨thanks, we still have a couple years left before we finish our studies so maybe they build some more homes until then....
@@TheArcticWitch Yeah, currently at a rate that stops it from getting any worse. I personally know people who came here to work, had full-time jobs and left again after a year because, well.. by the time the exorbitant rent and other costs were paid, they had little left so they said "I can be poor in Croatia / Bulgaria / insert country with better weather and have sunshine at the beach". Of course, if you are two people and have a decent income, things are a LOT easier.
Sensible governing going on here. For example we would never ever consider making it difficult for companies to export to their largest and nearest trading partners, nor burden our people with higher prices due to the cost of getting imports in. We certainly wouldn’t make our country adverse to the attraction off Foreign Direct Investment or drive political wedges between our provinces. Yes housing and public transport improvements badly needed though.
DECEIVING AND BEING DECEIVED.
IRELAND'S NATIONAL DEBT IS AROUND €230 BILLION.
so 79% of GNI*...
You clearly don't know what national debt means...