The age of Irish austerity will not be short-lived
ANALYSIS: The budget suggested the reasons for not cutting faster and deeper were political rather than economic
These are not good times for those of an optimistic disposition. At home, things have been grim for the best part of half a decade. In Europe, recession has returned and the euro’s foundations are still not built to last. In the US, politicians are putting recovery at risk as they fight over the federal budget.
The fighting in Government Buildings and around the Cabinet table in the run-up to Wednesday’s budget was far less intense than in Washington, and it was mostly for show. The Coalition partners met the budgetary targets they are obliged to meet under the terms of the State’s bailout, and they did so (again) by spreading the pain so as to minimise the risk of confrontation with any powerful grouping or those with vested interests.
Opportunity-in-crisis radicalism is not the way things are done here. Even the property tax, which is the most radical departure in the budget package, is designed to generate just €250 million next year. To put that in perspective, the cash raised from the tax will cover just one euro in every 280 the Government has committed to spending next year.
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Posted on December 7, 2012, in buisiness, Government, IMF/ECB, International affairs, Ireland, National Politics, politics and tagged Austerity, Banks, Dublin, Garda Síochána, Government, Government Buildings, Hillary Clinton, Hillary Rodham Clinton, Irish, Irish News, Irish Times, United States. Bookmark the permalink. Leave a comment.