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Ireland's parliament narrowly passes immediate tax increases, clearing the first hurdle for a...

Ireland's parliament narrowly passes immediate tax increases, clearing the first hurdle for a 2011 budget that seeks €6B ($8B) in cuts and tax hikes. The vote is the first of several parliamentary tests for the government's austerity plans.
Comments (8)
  • Hubert Biagi
    , contributor
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    Harry, where are ya? Slacking off, as usual, lol...
    7 Dec 2010, 04:28 PM Reply Like
  • Harry Tuttle
    , contributor
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    I expect them to pass it. I also expect the objectives not to be achieved (higher taxes, lower benefits and somehow 3% growth).

     

    My guess is that this will be "reviewed" by the next government.
    7 Dec 2010, 04:37 PM Reply Like
  • Eamon Keane
    , contributor
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    Yes, everyone in Dublin thinks it will pass - there'll be some 34 votes in the coming months on different parts of it. We doled out a bit of pork to our Iowan senator equivalents such as Jackie "Sugar Daddy" Healy Rae.

     

    Most commentary suggests we're insolvent, the only choice now is between orderly and disorderly default. Would be fine if we hadn't bailed out the bank bondholders.
    7 Dec 2010, 04:28 PM Reply Like
  • Harry Tuttle
    , contributor
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    If you hadn't bailed out the bank bondholders you wouldn't have to default. There is no such thing as a sovereign orderly default. You will hear bankers screaming in French, German and many other languages.
    7 Dec 2010, 04:38 PM Reply Like
  • kmi
    , contributor
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    I love the Irish. Note the subcontext in this comment. No finger pointing, partisanship or shenanigans, just an acceptance of reality and a stoic preparedness to meet it face to face.

     

    If you were an American it would be "yeah so-and-so screwed up the economy, fire him, jail him, kick his butt, let the poor eat cake and let the rich eat more cake cause it's all about capitalism blah blah blah."

     

    I'm moving to Croom!

     

    (best friend's wife originates there, great people)
    7 Dec 2010, 04:55 PM Reply Like
  • lafano
    , contributor
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    Socialism / marxism simply does not work and this is indicative of the progressive ideologues demanding more and more from government over the years, only to fail. The focus should always be on full employment instead of bigger government and hand out programs. People would rather work for a living than rely and remain dependent on government programs and giving away their freedom. We should learn that austerity programs hurt people and divide the country. In reality, people want a hand up not a hand out and we should learn form this experience.
    7 Dec 2010, 04:39 PM Reply Like
  • Joe Morgan
    , contributor
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    This is too much austerity, they should have done the cuts in phases, not passing 8B of tax increases and spending cuts in a Fiscal Year...is going to choke growth...
    7 Dec 2010, 04:52 PM Reply Like
  • Harry Tuttle
    , contributor
    Comments (2221) | Send Message
     
    No kidding, but this is a plan to satisfy creditors. Adding insult to injury, the budget assumes growth.

     

    This is exactly what Argentina did. Step by step. (except their deficit and debt to GDP were lower and they did not guarantee the banks).

     

    I posted a time-line if you care to see it.
    7 Dec 2010, 04:56 PM Reply Like
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