CNBC and every other media outlet is giddy with Black Friday shopping results, as citizens of Ireland are facing significant austerity measures as a trade off from their banking industry and government bailout.
While CNBC shares satellite images of cars parked in a retail mall lot, our neighbors in Ireland are experiencing thousands of public-sector jobs, rising taxes, cutting welfare and retirement benefits, and decreasing the minimum wage. Specifically, Ireland will be cutting 25,000 public sector jobs (10% of current workforce). Ireland accepts $113 billion bailout package
The Irish are also faced with tax increases. One Dublin newspaper, the Irish Independent, estimated that the cost of the measures for a typical middle-class family earning $67,000 a year would be about $5,800 a year.
An older man placed blame for the crisis on the Cowen government, for failing to rein in the runaway property speculation that left Ireland’s banks with a mountain of bad debt now borne by the taxpayers. “The government has robbed us,” he said. “They’ve destroyed the country that we’ve built up over a number of years. They’ve just destroyed it.” Demonstrators in Ireland Protest Austerity Plan
While Ireland readies 25,000 public sector job cuts along with cutting retirement benefits and reducing minimum wages, President Obama announced today his plan to freeze federal government wages for 2 years which will allegedly save $2 billion during the current fiscal year.
The United States has an unprecedented $14 trillion of debt which does not include the unfunded social security and Medicare obligations nor the off balance sheet losses of Fannie and Freddie. Our grandchildren are faced with shouldering the greatest amount of debt on their shoulders of any generation and our President proposes a pay freeze.
In addition, congress is back in session to begin their horse trading on extending the Bush tax cuts. Did I mention job cuts, tax increases and a reduction of existing government programs and minimum wages in Ireland?
The arrogance and irresponsibility of America regarding fiscal responsibility is detestable. How dare the prior and current generation continue their self centered, consumptive and selfish way of life at the expense of our grandchildren. Our elected "representatives" continue to display their fiscal ineptness and many in America will stand in line for hours at the crack of dawn to purchase an electronic gadget.
What will it take for America to take action on behalf of grandchildren so the grandkids are not standing in line for hours at the crack of dawn for a loaf of bread?