Monday 18 December 2017

Unions holding Government to ransom - and everyone else is suffering as a result

'The ring was breached by the Luas drivers and blown away by the Garda unions, leaving the way open to a spate of insistent demands from one public service union after another.'
'The ring was breached by the Luas drivers and blown away by the Garda unions, leaving the way open to a spate of insistent demands from one public service union after another.'

Eddie Molloy

In a book just published, entitled 'Austerity and Recovery in Ireland: Europe's Poster Child and the Great Recovery', the authors remind us that 70pc of our national debt, which we are now paying €7bn a year to service, was caused not by the demon banks but by ourselves adopting a lifestyle that was never sustainable.

As a society, we went one better than Charlie McCreevy's disastrous policy, "when I have it, I spend it", to one of "when I don't have it, I borrow to spend it".

There were five big hits on the public finances when the crash occurred: the national debt ballooned; capital expenditure on vital infrastructure dried up for years; public services were severely cut; our rainy-day provision - the National Pension Reserve Fund - was forfeited; and public service pay was cut by 17pc.

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