Wednesday 24 January 2018

David McWilliams: This cannot go on and it won't - change is coming

WHILE I was dropping the children to school yesterday, the morning radio show on Newstalk highlighted an Ernst & Young report which claimed in its latest forecast on the economy that full employment would not be seen again in this country until 2030 -- that's 19 years away.

What a thing to say with any sense of confidence! In 2030, my children will be 30 and 28. Only a firm that has been totally insulated from reality -- which could be the case for E&Y, as it audited Anglo, after all -- could think that any society would tolerate a generation of mass unemployment without demanding a significant policy shift.

Whether this shift manifests itself in a new currency, a new tax regime or an economy-wide debt resolution -- or something even more dramatic -- something will give and it must.

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