Monday 16 January 2017

Sheltered professions have avoided long-overdue reform

Published 29/10/2015 | 02:30

Legal system seems dysfunctional
Legal system seems dysfunctional

Despite evidence that there has been significant economic progress, toys are still being thrown from the pram stemming from an understandable but irrational expectation that we should be getting to where we were in 2007, which was a La-La Land of living far beyond our means.

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Seemingly, 80pc of debate focuses on the bank guarantee, bondholders and the like, yet this addresses only 20pc of the problem, that being the share of the national debt arising net from bank bailouts. The debate needs to be refocussed.

Government spending excluding interest was €30bn in 2000 and had doubled to €60bn in 2014, while the Consumer Price Index has increased by 27pc in that time.

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