Brendan Keenan: Inert economy leaves us in debt trap
As the prospect of growth fades and opportunities to cut costs are dwindling, perhaps it's time to revisit the Croke Park agreement?
Published 31/10/2010 | 05:00
A DOOR never closes, but another opens, they say. Could that be what they mean when they talk of "re-opening" the Croke Park agreement?
Doors are certainly slamming shut all over the place. The prospects for growth next year have dimmed to the point of vanishing. As emergency stimulus packages run out -- especially in the USA -- it becomes clear that major economies are still not ready to generate self-sustaining growth.
That is the problem with stimulus packages -- you have to be prepared to keep stimulating until the recovery comes. There are plenty of economists and business leaders who make a convincing case that this is what should be done. But governments tend to lose their nerve about all that borrowing.