Cowen now reckons unemployment will hit 500,000 this year

[supamolli]

Only last February, Brian Cowen stated that unemployment could hit 400,000 by the end of the year. We are into July and An Taoiseach has had to up that figure to 500,000, rising even further in 2010.

“By the end of this year unemployment is expected to be in the region of 15 to 15.5%,” he said.

“It could, in fact, going into next year, rise somewhat again.”

Cowen: Unemplyoment to top 500,000 by year's end | BreakingNews.ie

According to Labour's Eamon Gilmore, this will mean more than €4bn euro is needed to finance this, totally eclipsing the reported €1.5bn euro savings to be recommended by An Bord Snip Nua, he claimed.

Is Cowen being realistic with half a million or could it hit even higher before the end of they year?

[robert151410]

Savage cuts now required in social welfare, CS salaries, health care, education and probably several other things I can't even think about.

[Ecoguy]

Did you hear the La La man from Bloxham stockbrokes on drivetime today saying Cowen was being overly pessimistic!! Seems they haven't got over their "soft landing" prediction yet

[He3]

Time for an Unemployment Clock along the lines of the Debt Clock?

[robert151410]

Yeah, I would scrap the tribunals. We cant afford them.

[JollyRedGiant]

500,000 - he will be lucky - more like 600,000 - and we might be lucky enough to see him become one of them before too long.

[JollyRedGiant]

Savage cuts now required in social welfare, CS salaries, health care, education and probably several other things I can't even think about.

How about savage cuts in profits and ceo pay and wealth and speculation - would comfortably clear the deficit for years without having to touch any of the public services or payments you mention.

[Terminal Frost]

Did the man from Bloxham stockbrokers not make a comment along the lines of Cowen's factoring in public sector job losses into that figure?

[jpc]

How about savage cuts in profits and ceo pay and wealth and speculation - would comfortably clear the deficit for years without having to touch any of the public services or payments you mention.

Have to go offshore to get it.

[Ecoguy]

Did the man from Bloxham stockbrokers not make a comment along the lines of Cowen's factoring in public sector job losses into that figure?

Wild speculation on the part of said individual - though it would be a typical irish stockbrokers wet-dream