Ferdia2010's Weblog

Gerard's blog

Boom to Bust, Financial crisis and backlash to Budget.

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There has been a bad reaction to Brian Lenihan’s “Sheriff of Nottingham” style budget, particularly the reintroduction of the means test for over 70’s medical card and general attack on people’s incomes.

The boom of the last ten years has been largerly squandered and many will wonder where all the money went and why so comparatively little has been done. The dire economic situation hasn’t stopped Mr Lenihan from bailling out the banks with his guarantee, while not knowing the full extent of these’s banks bad debts.

There is quiet a strong possibility that the pension fund could be used to cover the bank’s liabilities especially if the economy declines significantly in 2009. Now that’s a real one to twist the gut, ordinary people’s money used to bail out the “fat cats” and which of course would be never be seen again. Indeed it is the same government’s out and out refusal to use the fund for public works such as railways, roads, new school buildings, hospital extensions etc … all of which which would help alleviate the employment situation and work that desperately needs to be done.

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Written by ferdia2010

October 21, 2008 at 12:55 am

Posted in Ireland Economy

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