Saturday 3 December 2016

The 'Now' generation should enjoy the races - because we've left them our debts

Published 31/07/2014 | 02:30

A dejected James Desmond, aged 9, from Passage West, Co. Cork, after his horse Golden Ticket, with Tony McCoy, looses by a half a length to Greatness
A dejected James Desmond, aged 9, from Passage West, Co. Cork, after his horse Golden Ticket, with Tony McCoy, looses by a half a length to Greatness

The Galway Races will see punters wager more than €7m on the track at Ballybritt. By Sunday evening there'll be those that have won big or lost heavily. The intoxicating atmosphere of gambling is unequalled in the Irish racing calendar. It got me thinking about life's winners and losers over the past six years.

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The ESRI now tell us the preservation of welfare rates meant that middle-income earners shared an unequal burden of rectitude. This is based on like-for-like general comparisons of different income groups between 2008 and 2012. Altered taxation and income cuts don't take account of those who were completely upended by the crisis, debt distress resulting in loss of job, business or home.

Transformational personal family circumstances can't be statistically documented. My overall take is that anyone who rolled the dice between 2000 and 2006 in acquiring any assets were pole-axed by being in the wrong place at the wrong time of their investment - be it in a business acquisition, speculative investment or purchasing a home. Bad timing that imploded on those 40+ midlife risk takers.

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