You are now €43,000 poorer than you were two years ago

[OceanFrog]

From the Independent editorial today

"How galling then, to see politicians clutching their privileged perks to their chests and forcing the introduction of legislation to separate them from a fraction of their income."

"Yet people need to be convinced that they have no choice other than to see their living standards decimated. If they are to burden their children and grandchildren with an as yet unknown level of national debt, the people would like to know why."

So when do the riots start?

[Fingal MCC]

VAGUE allusions to 'The Pain' and 'Tough Times Ahead' are now officially things of the past. The tough times have become a measurable, quantifiable reality and there is no longer any need to beat about the bush. The Central Statistics Office tells us that the average household has seen its wealth diminish by €43,000 in the past two years. And that does not include the plummeting value of the family home.

There is more to come, of course. The Government will have to raise at least €1.75bn in new tax revenue next year. We will all be asked to contribute more if the country is to weather the economic storm.

How galling then, to see politicians clutching their privileged perks to their chests and forcing the introduction of legislation to separate them from a fraction of their income.

In the hiatus between the 2007 general election and the abrupt economic collapse, the Review Body on Higher Remuneration recommended substantial pay rises for the public sector. These were jealously defended by the soon to be ex-Taoiseach, Bertie Ahern.

Now that difficult times have struck with a vengeance, as recorded by the CSO and experienced by just about everyone, nothing much appears to have changed in the mindset of the cosseted ranks.

Whereas 18 months ago, TDs and ministers were reluctant to forego huge pay increases, now we see obdurate opposition to voluntary cuts in ministerial pensions.

Ordinary people are already responding with resilience to the economic downturn. It could be argued that they are adapting more adeptly than their representatives in the Dail. According to the CSO they are borrowing less, saving more and seeking out ways to reduce their household debt.

Yet people need to be convinced that they have no choice other than to see their living standards decimated. If they are to burden their children and grandchildren with an as yet unknown level of national debt, the people would like to know why. It is not the sole responsibility of the Taoiseach, Tanaiste and Minister for Finance to get the message across. The entire body politic, not least government ministers and former ministers, need to acknowledge that there is no easy way out of the mess and, by their actions, set the example.

[odie1kanobe]

Nope as wealth fluctuates up and down any no such thing as an average.

If that was the case then clearly people are many times more wealthy than 10 years ago.

Take than and 5 Euro and you will buy a pint in most pubs and get change.

[fiannafuddy]

Most people in Ireland never had a liquid wealth of €43k. That article is tripe.

[johnfás]

Most people in Ireland never had a liquid wealth of €43k. That article is tripe.

And those who do have lost a hell of alot more than that.

[cactusflower]

I presume that includes house price and pension.