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Sharing Economic Pain

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Your editorial (16th March) about Oireachtas reform stated that the question is not whether there should be cuts, but how deep cuts should go.

For starters, the Minister of Finance should announce an immediate reduction of about one-third in the salaries, pensions and other perks enjoyed by politicians and across the upper reaches of the public service. This might seem Draconian, but it would only deflate a big bubble and bring things into line with other comparable countries with which Ireland is expected to compete.

If the Government makes such an announcement on or before budget day, it will send the clearest possible signal to the electorate and international observers that it understands the seriousness of the situation and is leading by example.

If it fails to do so, there is every chance that it will not secure the electorate's support for the budget measures. In these circumstances, it is possible that even more painful medicine will be imposed unilaterally by the ECB or IMF as a precondition of a financial bailout.

Letter published in Irish Times on 23rd March 2009.

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This page contains a single entry by Brian published on March 20, 2009 4:16 PM.

Economy & Taxation was the previous entry in this blog.

Time to Nationalise Banks? is the next entry in this blog.

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