Commitment to Croke park deal will derail our recovery
Forget the bank bailout, it's high public sector pay that will hinder our revival, writes Marc Coleman
Published 10/10/2010 | 05:00
PUBLIC sector pay that is higher than private sector pay, and much higher than EU norms, despite recent cuts. A public pensions liability of €108bn -- three times the cost of the bank bailout. Revelations that retired public servants are receiving pension payments as high as €155,000 per annum. And then the news that hundreds of thousands of euro has been spent by the HSE on a hospital that doesn't exist. Oh, and I mustn't forget the fact that of the €5.3bn in cuts recommended in the McCarthy report, none of them in pay or pensions, €3bn have yet to be implemented.
Were all these problems tackled in the next budget, Brian Lenihan could solve our budgetary problems without raising a cent of taxation and our public servants would still be among the best paid in Europe.
Unfortunately, greed at the top of our State and semi-State sector is as prevalent as it was in our banks. And because they are more numerous as voters, they have power that bankers can only dream of.