Ireland’s government announced sharp public spending cuts and tax rises to dry out its debt-soaked economy, but failed to dispel the fears of European politicians that the eurozone’s turmoil is spreading to Portugal and Spain.In a four-year austerity plan without parallel in Ireland’s recent history, the government will cut the minimum wage by almost 12 per cent, slash welfare expenditure, reduce public sector pay and lower the rate at which earners start to pay income tax. (Source: FT)
In one country after another politicians are implementing "austerity programs". Translation: we gave you more than you deserved. Time to pay.
Is this what is going to happen in the USA?
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked best market timer in the 12 and 6 months ending 8/20/10 by Timer Digest
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