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Archive for the ‘Economics’ Category

Here’s THAT video that went viral this week with over 1 million views and covered extensively on American talk radio

Now at 1.5 MILLION views and rising.

This is politics for the internet age.

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Nuke winter

Our economy is facing a post nuclear winter – so writes Kevin Myers, who also calls for a government of national unity.

“Bertie Ahern apparently didn’t like being roughed up the other day. I’ll bet. But we’re not far from government ministers being attacked in the street: or even, from that evil hour when some happy lunatic takes up a gun — and we’ve no shortage of either.

That means politicians must act now. They must call in trade unions and read them the Riot Act, and if necessary invoke special powers to prevent street disorders. They must outlaw strikes in the public service, and introduce special finance laws that mean that not merely shall super-levies be paid by public servants to underwrite their lavish pensions, but existing pension rights shall be forfeit for anyone who sabotages the future of the state through industrial action.

Draconian? Oh believe me, not half as draconian as the Stalingrad that awaits the Irish nation, unless we get our act together now. Either we choose where to have savage cuts, or the cuts themselves will choose where to strike us. There is no alternative. None. Only a Government of National Unity can embark upon such a task, and dear Christ above, we have so little time left; so little time. ”

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Ireland’s fiscal problem

Writing in the Indpendent Brendan Keenan states that Ireland’s current financial problems are worse than the 1980s, and could well herald tax increases for everyone.

He points out that Ireland “was unique in having a third of workers outside the income tax net, and a family on the average industrial wage a net beneficiary of the State when child benefit is counted. The Government has begun to point out one result of this system — that less than 10pc of taxpayers contribute half of all income taxes. Most of it not from the rich, either, but from those on earnings above €70,000 a year.”

Keenan states that the actual government deficit for this year will be 9.5 per cent of GDP. In light of that, the plan to return to fiscal stability by 2013 make tax increases unavoidable.

“The political challenge is to explain why, and the technical challenge is to do the least possible harm to the jobs-friendly character of the system. Which rather makes the banking challenge look like a piece of cake.”

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