Madam, – The graph provided along with your article on the Wright report (Business, March 2nd) on the quality of advice given by the Department of Finance over the past 10 years or so, challenges the terminology commonly used in relation to these matters.
It might me more appropriate to describe this form of economics as “pro-electoral” rather than “pro-cyclical” given the sharp rise and fall of both projected and actual spending in the period leading up to and then tapering off after the elections of 2002 and 2007. Alas, the only two years where approximate parity existed between the actual fiscal projections and results delivered were – surprise, surprise – the post-election ones of 2003 and 2008. – Yours, etc,