RSS FeedVincent Browne's Budget Article In The Irish Times...And A Look Back
Posted by Senan
The budget just delivered by Minister Lenihan has impacted everyone, but some proportionally more than others. Everyone should read this entertaining and concise article by Vincent Browne, but particularly those on above average incomes who feel hard done by.
As 2009 draws to a close we look back and reflect on a year that contained many contradictions and conflicts:
- Markets. Stock markets have soared globally, while the developed world remains mired in severe recession. Doesn't make sense
- The New Norm. Bad news and negative data abounds - e.g. unemployment, growth rates, consumer spending, etc. However, our consciousness has shifted so much that we now consider 'less bad' news as 'good' - e.g. unemployment only increased by x% this month...hurray!
- Corporate Shenanigans. Some companies have taken huge hits to their bottom line during this recession and others have gone to the wall completely. However, others have prospered amongst restricted competition, low borrowing rates, and lower labour costs. Despite this they have taken the opportunity to 'restructure' [read: cut staff and/or wages].
- China (and other Emerging Economies). With the developed world on it's knees, a lack of demand for cheaply produced merchandise from countries like China was supposed to put them into a tailspin. China yesterday announced a growth target for 2010 of 8%!
- Irish Government. Fianna Fail are the Harry Houdini of politics...or is it that the Irish people and the political opposition (Fianna Gael, Labour) are soft in the head? Despite many years of less that covert corruption and mishandling, Fianna Fail remain in power. Report and report in the media sheds new light on what the politicians, banker, developers etc. got up to during the boom, yet we've all become de-sensitised to it. We look back fondly on 'characters' such as Haughey and Ahern - these guys have a lot of public pain to answer for. It's all very Berlusconi-esque.
- Lisbon Treaty. We reject it emphatically, so let's try again...enough said. Personally I support the treaty but the arrogance of the government, and the steamrolling of opposition pisses me off.
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mental stimulation, ...or just somewhere to pass 5 minutes! This spot is an informal look at the world of money, finance,
investing, busines, politics, etc. etc.
