[quote=CA renter][quote=briansd1]Seems like Ireland is experiencing a depression.
10% shrinkage is the definition of a depression.
By rough economic estimates, the $20 billion in spending cuts and tax increases promised over the next four years by Prime Minister Brian Cowen’s government will lead to a 10 percent cut in the disposable income of Ireland’s middle class, and greater hardships still for many of the country’s poor. They will be hit by welfare cuts, public-sector job losses and a sharp reduction in the minimum wage, as well as a wider economic turndown, on top of the 15 percent shrinkage in the economy since 2008, if the emergency measures fail to restore economic growth.
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Isn’t it ironic that all of these hardships are hitting the poor and working people? Why do we so rarely hear of the elite bankers/financiers taking a 75% whack to their income or net worth?
Oh, that’s right…they’re our masters, and we should never question their integrity or the value of their brilliance. They are always worth of their riches…certainly, they’ve “earned” it.[/quote]
In the case of Ireland – the bankers ARE getting hit. The government bailed them out and is insisting on bonus restrictions and taxing what bonuses they get. This will hit their pocket books.
It’s kind of ironic that Allied Irish Bank is paying out 14 Million pounds in bonuses after getting a 3.5 Billion in bail out. Hard to justify the bonuses. But at least they cut another 54 million in bonuses out.
