So the Celtic Tiger is alive and well and likely to be with us for at least the next five years IF . . . Ah yes, there's always an if.

The latest mid-term economic review and forecast by the ESRI is one of almost unbridled enthusiasm.

The economy is set to grow by an average of 5 per cent a year until 2005, bringing per capita income up to the EU average.

There should be plenty of money in the national coffers to invest properly in infrastructure and erase the national debt.

But promised tax cuts should be put off for four years, according to the practitioners of the miserable science.

The economists want to preserve major tax cuts for a time when the economy is slowing, to avoid exacerbating the danger and extent of any hard landing.

It warns people are not saving for themselves and, in essence, urges the Government to save for them and give it back later.

There are two problems with this argument. While it may make sense economically, there is little chance of this or any government arguing against tax cuts in the current economic climate - even before the revelations of the arrogance of the so-called "golden circle" which is coming to light in a series of inquiries and tribunals.

Secondly, can you remember the last time any government gave back to the people money it had saved on their behalf - that is, taken in tax?

I seem to recall that the introduction of DIRT was a temporary measure . . .