Yabby, I was working as an apprentice from 1945 and was a tradesman from 1951 till 1994, and I know that we had a good economy, good living conditions, but they have certainly deteriorated since 1971, most noticable over the last 20 years, ask any person over the 70 mark. Many other countries were the same, The Uk had to increase its top tax to 146.1% in about 1946, to deter obscene incomes - have a look on the internet "Tax history of Australia" all the states had their own personal tax until about 1946, and as the top tax in the '30's was about 20%, we had a depression - do you know what a depression is? Well the US is in one now, millions of workers are out of a job, but the CEO's are raking in up to $100 Million in salary. Look up "Tax history of US". In Australia, the statistics show that there is only about 5.6% unemployment, but the companies are employing their employees as little as 2 and 3 days a week, which is counted now as not unemployed. In fact, if the original system was used, it would show unemployment as about 17% the same as 30 years ago. If our politican ever get honest, and put the top tax back to the successful 66.6%, and our moron state governments stop exporting out natural resources, you will see what a good economy can be. Unfortunately, we have two chances, Buckleys and none. Also look up "Taxes around the world" and ask yourself what the politicans call it "Global economy" but each country is responcible in their own country, they are either traitors or idiots, and I don't blame that wiki guy for spilling the beans, there is a lot of corruption out there.

*but the companies are employing their employees as little as 2 and 3 days a week, which is counted now as not unemployed.*

Merv, they certainly did that during the GFC, for of course these
days, if you terminate somebody, a company is up for termination
payments, often enough in total, to send a company broke. Hardly
sound economic policy.

But how many are doing that today? I would suggest very few.
The AFR of last weekend for instance, carried an article about
Linfox. They are expanding their WA business and to try and keep
their truck drivers, their starting salary in WA is 118'000 a year.
Senior drivers in WA can earn 150'000 to 180'000, including
allowances and overtime.

Now in anyones terms that is huge money, available today, here in
Australia. Fact is that in the 60s people had a work ethic and
went where the work was. Not so today, where people expect a job
right where they live, or live from the 100 billion a year, that
we hand out as social welfare payments. So many simply need not
bother.

Meatworks, the fruit and vege industry and others, all depend on
backpackers and 457 workers these days to function. Aussies don't
want the jobs.

After the war, Australia did well as the place rode on the sheeps
back. Eventually the sheep collapsed from all the weight. Now
mining carries the weight.

England did go sky high on taxes and eventually realised it was a
mistake. Because anyone making serious money, moved their
address to Switzerland, Luxemburg, Monaco etc. These countries
became rich, by being reasonable.

In fact just recently, when the Brits talked of taxing bankers
extra, the bankers debated wether to move the whole lot to Geneva.

I repeat my point. Any more then 50% taxation is considered robbery
by most and it doesent work. People have options these days, like
never before.

Saul says:

//Not only is that causing considerable unrest among the Irish people at the implied erosion of national sovereignty, but it is also likely to prolong the current recession.//

Well...*duh*...of COURSE it will mean diminished national sovereignty!

But if you had TOLD the average irishman in the street that all these 'entitlements' and perks for the public service would mean that a decade ago...he would have laughed.

They are not laughing now! Instead...as they realize how screwed they have been...they are raging.

This 'Fiscal Disaster' is not a failure of capitalism but a triumph of socialism (E.U.) in forging ahead to a global government.

I honestly fear that we are approaching a fulfilment of Revelation 13

//It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17 so that they could not buy or sell unless they had the mark,//

more snake oil solutions from another snakeoil salesmen,
australia has had significantly higher interest rates than ireland and other countries, yet has an arguably higher property bubble if we are to measure the cost of housing to average income. what use is restricting publicly spending if there are no controls on other capital flow, running a surplus and depriving public investment does not stop the speculators borrowing off shore, nor does it prevent retail investors from doing the same, what it does do is reduce industry wide productivity, it stops investment in infrastructure to meet growing or shifting populations hence lower productivity. saul does not indicate higher taxes so it must be cut backs to services or future investments