COVID-19 Economic destruction caused by the covid restrictions

gerhard dengler

Member
Founding Member
Google opting out of occupying office rental in Dublin city recently.

Dell has decided to hand back office space it had intended to occupy in Cork city centre.


On a week on week comparison between 2019 and 2020, since March 13th 2020, the turnover of our businesses is down 62%.
 

blue velvet

Moderator
SW Member
Member
The independent had a good article on Saturday about the effect of the restrictions on various parts of the economy.

Multinational Sector - hardly any negative effect. In fact buoyant tax revenues and even growth in Pharma Sector.

The rest of the economy ? On its knees. VAT receipts down 20% on last year. Hospitality sector ruined. Tourism ruined. The worst affected? The Arts. Theatre, Music, Events, Gigs, Concerts, Dance.
 

roc_

BANNED
SW Member
Member
Of what precisely? Are all those on the COVID payment being cleaned out?
Of crap we don't really need. Meaning what's left is the production of things that are really valuable. When that happens economies are invigorated and everyone benefits. A clean out of "unearned income" of all kinds. Classical economics distinguished between productive and unproductive activity, and hence between wealth and overhead.
 

roc_

BANNED
SW Member
Member
Sure the likes of ticket master and concert events companies go out of business. But then afterwards the artists and audiences may benefit fro that. To take just one example.
 

roc_

BANNED
SW Member
Member
I'm taking it that this thread is about economic destruction, not the many personal tragedies stoked by this pandemic (which are far from only being about job losses, no doubt it is one aspect).
 

The Grand Turcopolier

SW Member
Member
The service, hospitality and airline industries have been effectively wiped out, civil servants and multinational employees are loving it, but lets see when the govt runs out of money.

What has the lock-down achieved ?

Absolutely nothing, 6 months later we are right back where we started. There may have been a rationale for the lockdown in March as the virus was an unknown but even that failed as the most vulnerable were sadly wiped out in the early days.

We are now effectively being dictated to by small cabal of senior public servants who have zero concept of a functioning economy, some of them are advocates of a zero covid strategy, which tells you all you need to know about them.

A zero covid strategy would involve closing our borders to all bar the tested and isolated, so the govt figures the next best policy is to lock-down the Irish people while allowing anyone to enter the Country if they wish.

It is a failed policy, which is destroying the economic life of our Country.
 

blue velvet

Moderator
SW Member
Member
Maybe just a clean out?


If it was destroying the fragile and unviable, surely all of those quangoes like the NWCI and MASI and NASC and the Immigrant Council of Ireland and dozens of others would now be toast.

But they're not. They are still getting billions in state subsidies, despite the domestic economy being nuked.
 

Polyco

Member
Founding Member
Of crap we don't really need. Meaning what's left is the production of things that are really valuable. When that happens economies are invigorated and everyone benefits. A clean out of "unearned income" of all kinds. Classical economics distinguished between productive and unproductive activity, and hence between wealth and overhead.
You are assuming that what is left will be operating in the same social and economic environment pre covid. That is by no means certain, with tyrannical restrictions imposed without debate or scrutiny the market cannot be considered 'free' in the classical sense and hence investment, innovation and consumer confidence will all be negatively impacted.
 

The Grand Turcopolier

SW Member
Member
If it was destroying the fragile and unviable, surely all of those quangoes like the NWCI and MASI and NASC and the Immigrant Council of Ireland and dozens of others would now be toast.

But they're not. They are still getting billions in state subsidies, despite the domestic economy being nuked.

This is only temp the state will be broke soon enough, the govt is throwing money at everything at the moment. I know they have doubled the school grants to get building work done atm. This will be different, there is nowhere for the 10's of 1000's of young Irish people to go.

And yet still asylum seekers are arriving, looking for a life paid for by the Irish taxpayer......i think the current young generation will not be so "woke" in 2 years time.
 

ShumanTheHuman

SW Member
Member
If it was destroying the fragile and unviable, surely all of those quangoes like the NWCI and MASI and NASC and the Immigrant Council of Ireland and dozens of others would now be toast.

But they're not. They are still getting billions in state subsidies, despite the domestic economy being nuked.

Also Talib is not taking into account the US Stimulus packages which "saved" the airline industry for the time being at least as well as other select state propped up industries and businesses. Covid is not acting like the Invisible Hand. It has meant some businesses have arbitrarily being made nonviable while others are put on life support
 

blue velvet

Moderator
SW Member
Member
The service, hospitality and airline industries have been effectively wiped out, civil servants and multinational employees are loving it, but lets see when the govt runs out of money.

What has the lock-down achieved ?

Absolutely nothing, 6 months later we are right back where we started. There may have been a rationale for the lockdown in March as the virus was an unknown but even that failed as the most vulnerable were sadly wiped out in the early days.

We are now effectively being dictated to by small cabal of senior public servants who have zero concept of a functioning economy, some of them are advocates of a zero covid strategy, which tells you all you need to know about them.

A zero covid strategy would involve closing our borders to all bar the tested and isolated, so the govt figures the next best policy is to lock-down the Irish people while allowing anyone to enter the Country if they wish.

It is a failed policy, which is destroying the economic life of our Country.

The fact that we have maybe the most cowardly politician in Ireland heading the government is a big factor. Too chicken to stand up to NPHET. As long as they can borrow cheaply, this cowardice will be the strategy. If interests rates go up, the lilly-livered Martin might have to say No to NPHET and even then he may chicken out.
 
Last edited:

roc_

BANNED
SW Member
Member
Why would they say "no" to nphet? Do they think the government are omniscient that they can glibly dismiss the experience and life's work of these men who work in these problems we're faced with?
 

blue velvet

Moderator
SW Member
Member
Why would they say "no" to nphet? Do they think the government are omniscient that they can glibly dismiss the experience and life's work of these men who work in these problems we're faced with?

When their strategy is obviously a failure... Yes. They should be asking NPHET 'Why are the cases going up after a month and change of mandatory masks and closed pubs?'

NPHET's strategy is bullcrap. It dosen't work.
 

roc_

BANNED
SW Member
Member
Also Talib is not taking into account the US Stimulus packages which "saved" the airline industry for the time being at least as well as other select state propped up industries and businesses. Covid is not acting like the Invisible Hand. It has meant some businesses have arbitrarily being made nonviable while others are put on life support
No, some businesses are arbitrarily being made viable in an effort to save jobs. It's not arbitrary either, it's related to number of jobs at stake. It's not going to work, ultimately.
 

Latest Threads

Top Bottom