Tuesday, May 10, 2011

The Day After Tomorrow?

Disaster headed our way? Perhaps, but certainly not from changes in the global weather. No, the storm brewing up is more of a financial nature, and a quick report from Ireland shows temperatures cooling precipitously. The government of Ireland apparently has taken the step of raiding private retirement pensions to fuel its ongoing government spending. Stating that they need the money, the government of Ireland has panned the piracy off as a jobs program strategy:
"Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today's jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt."
We've been a poor people for as long as I can remember, but we were always an honest people.

No longer.
"Ireland's ability to levy further taxes on other parts of the economy is restricted because its economic growth has been inhibited in the wake of a financial crisis that crippled its banking sector and decimated its public finances."
And who's to blame for that one, would you ever know?

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