It's clear that Ireland is caught in the double bind of the global financial collapse depending on external sources for continued day to day funding be it from the ECB or the markets which was also ultimately the source of our problems through cheap money. We'll obviously need their help being on fiscal life support for a number of years.
As we hack away at government spending and raise taxes new pressures are being placed on citizens and businesses. There's not enough money available through this method to fast track recovery and all the while reducing government spend will reduce economic activity and depress consumer expectations.
There's been many a tale spun about the knowledge economy with 150,000 future jobs recently been found behind a couch in a government department. Any growth in this area will take years and will hardly dent the 450,000 dole queue.
There has not as yet been a form of domestic stimulus announced. Recovery is not possible without this. This Guardian article suggests an interesting method of time limited money. As part of the Euro we do not have the luxury to pursue this without blessing from Frankfurt.
Does anyone have a novel idea to turn savings into spending that would benefit indigenous industry and domestic demand? The government needs our help!