Monday 5 December 2016

Solution to massive payoffs needs guts

Published 23/04/2011 | 09:43

IN reference to all and sundry in the political and banking classes getting huge payoffs and retirement handshakes, I wonder could there be an easier solution?

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In the US, when you play the state lottery, you can win $100m-plus (€68.7m) on any week in the jackpot. But the state doesn’t immediately hand you a truckload of cash. What they do is pay you a monthly interest cherub into your bank account after deducting state income tax, IRS tax, lottery tax and any other applicable tax, which still leaves you with quite a decent lump sum every month, not to mention a substantial credit rating.

So would it not be possible to tell former politicians this is a new deal, like it or lump it? You were state employees, entitled to €Xm pensions and golden handshakes. Seeing that we can’t afford this lump sum anymore, it is instead going into a huge trust fund (run by the EU /IMF), taxes will be paid, and you will be seen to be doing your bit for Ireland. You will get a monthly cherub on the interest accrued on your millioneuro pension and handshake and you will have a sterling credit line, too.

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