Government gospel

Sir, - In the decade since Ireland became an economy rather than a country I have been dutifully reading the financial rather…

Sir, - In the decade since Ireland became an economy rather than a country I have been dutifully reading the financial rather than the arts pages of your fine paper. In this way I have grasped the theological fundamentals of the new economic faith: the glass half-full versus the glass half-empty approaches.

Mr Brian Geoghegan, embracing the first, optimistic, approach, nevertheless says that corporate profits in our economy have remained static since 1990 (Opinion, February 22nd). In a period of unprecedented growth, is this not a shocking reflection on our entrepreneurs? However, since Corporation Tax was reduced from 50 per cent to 12.5 per cent, would he not concede that corporate profits might have increased even a teeny-weeny bit?

Mr Kieran Allen, on the other hand (Opinion, February 14th) appears to be a pessimist of the half-empty glass variety by saying that the new wealth has been redistributed to the already privileged. He maintains that corporate profits have risen in a decade to the extraordinary figure of 41 per cent. But he is only a sociologist from UCD; therefore Mr Geoghegan, a researcher at the coal-face of IBEC, can dismiss him.

The trouble with Mr Geoghegan's point is that he admits to excluding the profit outflows of multi-nationals from his calculations. Last year alone, according to Colm Rapple, these amounted to £15.5 billion. This is convenient. The very phenomenon that grossly inflates our imaginary GNP is not allowed into the half-full equation, thus enabling Mr Geoghegan to imply to Irish workers: your share has never been so good.

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Anyone who so dutifully trots out the Government line is surely deserving of a responsible position, say, head of FAS? - Yours, etc.,

Bob Quinn, Trairin, Beal an Daingin, Co Galway.