All the Christmases for the economic right are coming together this month… January 29, 2009Posted by WorldbyStorm in Economics, Economy, Irish Politics, Uncategorized.
Why bother doing any sort of analysis on this mornings offering in the Irish Times on the economy?
For another adds their voice to the chorus on public sector pay cuts. Mind you, this person can’t but admit that in his glee to eviscerate our public services and sector…
…The salient task is to show international investors that the monthly bleeding in public finances has been stemmed through measurable savings, even if small in the context of an annual deficit that would otherwise exceed €20 billion.
Think about it. The public finances can only contribute ‘small’ savings. And yet the energy in our media and amongst economic commentators directed towards this topic would make one think that they were the overwhelming component in the overall crisis.
But for him it’s not just the public sector that is there to operate as the sacrificial lamb to placate a ‘bond market [that] now wants… firm action from the Irish Government’.
…even a further 10 per cent cut on average from that level will not quite deliver the €2 billion as a result of payroll and consumption tax revenue forgone.
And who else should pay?
Not increasing social welfare rates will cover the remainder immediately. Those subsisting on welfare would still enjoy a substantial real hike in income if rates stayed at the 2008 level, because the Consumer Price Index will drop sharply this year.
That’s right. Not only can they take cuts, but due to the CPI they’ll live like princes! More or less. Less I think. Less. And the use of the word ‘enjoy’ – presumably entirely unconsciously – sends its own message about his appreciation of such matters.
And who is Rossa White to be dispensing such advice?
…chief economist at Davy Research, a division of Davy, the Dublin-based stockbroking, wealth management and financial advisory firm
Such chutzpah. Such shamelessness. Such callous indifference to the actual impact of the measures suggested on those who had no hand or part in generating the current circumstances.
One might think that in the context of a financial sector that has proven its innate uselessness over the past year and its utter dependence upon the state when it all goes sour, which let’s remember is you and me and our taxes, that people like Mr. White might soften their cough. Or remain quiet entirely.