Social welfare fraud savings are just loose change

WE have lost all sense of arithmetical reason and numerical perspective. We have become million-wise, but billion-foolish. We no longer seem to know the difference between a million and a billion.

The government pumped €70bn of taxpayers’ money into the banking sector. To the end of March 2011, NAMA paid out €30bn to acquire loans with an original value of €70bn. Our Troika bailout comes with a price tag of €90bn (not counting interest).

Newsmongers indulged in an orgy of gloating over the recent detection of social welfare fraud. A saving of €37m (so far this year) looks like loose change at the bottom of the greasy barrel. We have overhyped victory in a skirmish in the raging economic world war.