Economy

Deflationary budget will cost jobs and fuel recession

By Kevin McLoughlin

AT THE start of his speech, Brian Lenihan talked about taking from each according to their means. It sounded as if he was just to about to quote Karl Marx. Alas, very quickly it became clear that he was once again putting his hands deep into the pockets of the working class. His imposition of huge tax increases represents a savage cut in wages.

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Budget: €90 billion bailout for the super rich

By Michael Murphy

IN A graphic validation to the old adage “one law for the rich and one for the poor”, the decision of the Fianna Fail/Green Party government to buy the bad debts from the Irish banks for up to €90 billion while making cuts to the poorest sections of society in the form of social welfare Christmas payments and rent allowance is a scandal.

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Joe Higgins v Jim Power debate

recorded 16/04/2009 by Cathal Brennan Videos from last night’s debate in Wynn’s Hotel in Abbey Street Dublin. Jim Power, economist with Friends First, debated Joe Higgins, of the Socialist Party, about the current economic crisis and the way forward.

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Budget savages workers

brian lenihan budget day

By Stephen Boyd

THE FIANNA Fail and Green government would like you to believe that the budget has hit everyone equally, but this is a bared-faced lie. The two budgets we’ve had so far in 2009 have cost the "average family" approximately €7,000 a year. Every section of the working class and middle class were hit by the budget.

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Stop subsidising the rich – tax them!

By Ann-Katrin Orr

THE GOVERNMENT have come up with yet another outrageous claim; this time we are expected to believe that the rich pay their fair share of taxes!

Brian Lenihan is trying to paint the image of a “highly progressive” Irish taxation system in which those who earn most pay most. To back up his claim he said that the top 1% of earners (who earn more than €200,000) pay 20% of all income tax. But this figure is misleading and Lenihan’s description of the taxation system is miles removed from reality.

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Unemployment heads towards 500,000 – Demand jobs not dole!

By Paul Murphy

JANUARY 2009 saw the worst ever increase in unemployment. Those signing on to the live register rose by 36,500 to a total of 327,900. Brian Cowen has admitted that unemployment could reach 400,000 by the end of the year, but if it continues at that rate it could pass the half a million mark by the end of 2009.

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Nationalisation of Anglo Irish bank

Anglo Irish Bank

The nationalisation of Anglo Irish Bank is an indication of the abject failure of the Fianna Fail and Green government to deal with the banking crisis, but also that the crisis has reached a new and dangerous level. In the wake of the nationalisation, the shares of the two main banks, Allied Irish Bank (AIB) and Bank of Ireland (B of I), plummeted.

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World recession will spark global struggles

recessionBy Stephen Boyd, Editor, the Socialist

2008 will be remembered for the credit crunch and world financial crisis. But as 2009 begins we can safely predict this year will be remembered as the year when the "real economy" of countries all around the globe went into meltdown.

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