Adios to the Irish miracle - adios to Brian Cowen as well

[malaise]

http://www.palmbeachpost.com/money/irish-unveil-harshest-cuts-tax-hikes-in-history-1071031.html?cxtype=rss_money_16350
<snip>
DUBLIN — Ireland unveiled the harshest budget measures in its history Wednesday, a four-year plan to slash deficits by €15 billion ($20 billion) so it can receive a massive bailout from the European Union and the International Monetary Fund.

The austerity plan axes thousands of state jobs, trims welfare benefits and pensions, and imposes new taxes on property and water. In all, it seeks to cut €10 billion ($13.3 billion) from spending and raise €5 billion ($6.7 billion) in extra taxes from 2011 to 2014.

Even Prime Minister Brian Cowen conceded the plan would hurt the living standard of everyone in the nation.

Yet analysts still expressed doubts that the EU-IMF rescue loan, which Cowen said would be about €85 billion ($115 billion), would be big enough to save Ireland from an eventual default.
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They'll kick his ass out of office any time now.
The oligarchs of the world fuck up and we pay.

[xchrom]

1. The corporate/political create the schemes that we pay for

Several times over.

The thing here is to watch what happens -- if anything -- to
The Irish wealthy.

[PSPS]

2. Nothing will happen to the wealthy except their taxes will be lowered.

From http://www.guardian.co.uk/business/2010/nov/24/ireland-bailout-plan-unveiled

The Irish government has unveiled a tough four-year austerity plan that envisages deep spending cuts and tax increases to help pay for its banking crisis and meet the terms of an international rescue deal.

The plan includes tens of thousands of public sector job cuts, phased increases in the VAT rate from 2013 and social welfare savings of €2.8bn (£2.37bn) by 2014. But there will be no change to Ireland's low corporate tax rate.

It also retains assumptions about economic growth unveiled earlier this month that many economists believe are too optimistic.

Ireland's 140-page National Recovery Plan proposes to introduce property and water taxes, raise sales tax from 21% to 22% in 2013 and up to 23% in 2014.

So, Ireland is getting IMF'd. Raise taxes on the poor and working class, increase unemployment, all the while protecting the privileged wealthy elite retain and amass even more of their ill gotten gains.

I wonder how long it will take before we begin to see public garrotings.