A global recession is on the horizon - please read OP for mod warning

rob316

Meta is a bit of an outlier, it's an aging platform and they have spent about 40bn developing the metaverse with no return. I still believe it's going to be the first whale to drown.

Frank Bullitt

https://www.boards.ie/discussion/comment/120497571#Comment_120497571

Very true, still a large number all the same. A lot will land on their feet hopefully.

fliball123

https://www.boards.ie/discussion/comment/120497571#Comment_120497571

Outlier ehhh no its not . Already we have breached more layoffs in tech and supporting industries from the start of 2023 to now than in all of 2022. Jobs are being lost all over the place.

https://layoffs.fyi/

rob316

https://www.boards.ie/discussion/comment/120498091#Comment_120498091

Tech over hired it's no secret but most are just trimming the fat now,meta is one the largest companies in the world with no direction. They are bleeding money with this metaverse and the only way to appease investors is to cut costs.

fliball123

https://www.boards.ie/discussion/comment/120498115#Comment_120498115

Its not just tech this is spreading into other industries, once the funny money that was printed during the pandemic is spent and the rate rises hit 4%+ after the summer your going to see a tsunami of companies hitting the wall the cheap money that was being used as a lifeline is gone.

Jonnyc135

https://www.boards.ie/discussion/comment/120498091#Comment_120498091

SME Sector taking a hit now too along with construction in recent months. Credit crunch from the banking sector world wide will not help things in the slightest as the world is a credit based system. A lot of commentators saying the incoming credit crunch will cause deflation and CBs will lower rates once that happens - Core inflation is stubbornly high and seems like it is fully entrenched at the minute.

Why oh why did the so called Central Bankers of the ECB and the FED leave it so long in terms of low rates and QE into nearly March 16th 2022 before they decided to control it - Inflation expectations were already out of control. Had these idiots made the decision back in July 2021 when inflation started to rare its head core inflation would not have became entrenched and would not be near as high or as sticky as today as inflation expectations would have been subdued.

Inflation in the US was 8.5% in March 2022 before they decided to do anything about it - what absolute idiots. ECB were even worse, Lagarde telling stupid paddy on the Late late show it came "out of nowhere". Pity it wasn't Vincent Browne instead of Tubridy doing the interview.

When I think about it, they really screwed things up so so badly.

ECB, FED, BOJ take ownership of your own your ****!

mingkim

This capitalist market where the government allowultinational company's like apple ext come in and rip people off which high prices for goods and pay no tax ...that's for starters.the retirement age is way out of alignment alright and it's most of Europe who are out of alignment .60 years of age is the right age to retire...I don't want to retire at 66 when prob my health is bad like most people

Wanderer78

interesting study from the ecb....

fliball123

https://www.boards.ie/discussion/comment/120498271#Comment_120498271

I completely agree with the you. As a worker your squeezed while your working and trying to do things the right way 40 years is long enough to be host for the parasitic state to suck your earnings from you to give to every bleeding heart story that's going while any essential service you need you have to pay on the double.

Wanderer78

https://www.boards.ie/discussion/comment/120498318#Comment_120498318

...theres clearly something fundamentally failing with this new era of capitalism, its been claimed that wealth will eventually trickle down etc, but this is clearly not true at all, we re now experiencing a rapid rise in wealth trickling up, leading to rapid rise in wealth inequality, and consolidation in the ownership of everything, i.e. monopolisation of markets, keep playing this game long enough, and we ll all end up completely fcuked, including the wealthy!

Hotblack Desiato

https://www.boards.ie/discussion/comment/120497376#Comment_120497376

If they were taking climate change seriously they'd be keeping those nuclear power stations open as long as possible

fliball123

https://www.boards.ie/discussion/comment/120498334#Comment_120498334

Where its failing is if your rich enough you pay feck all into the system and if your poor enough you get everything handed to you while the worker bees in the middle are fleeced and are feeling the worst effects of both the capitalist and socialist systems in play. Yet for the life of me I cannot understand how our politicians are left off the hook every time.

BattleCorp

https://www.boards.ie/discussion/comment/120498271#Comment_120498271

https://www.boards.ie/discussion/comment/120498318#Comment_120498318

Not really in the spirit of this thread but how do you think pensions would be able to be paid for if we all got to retire at 60?

We won't be able to afford to pay them at 66 in the years to come because people are living too long and there won't be enough people working to contribute to the pension pot.

Wanderer78

https://www.boards.ie/discussion/comment/120498370#Comment_120498370

....ah thats only a perception, spend some time with those lower on socioeconomic scale and you ll find their life isnt all rosy, mental health and addiction problems are rife, extreme precariousness in general life, ridicule and shame from society, and on and on and on, but yes, the middle are the ones footing the majority of the bills, and are getting very well fcuked in it all. we re predominantly capitalist based in this part of the world, and thankfully so in many respects, but we clearly took a completely wrong turn with it in the 70's, and now we re all getting fcuked, but we re just all at different stages of fcukedness.....

...ah shur, the whole idea of this more modern form of capitalism is to undermine and depower our political institutions, so, ta-da!

fliball123

https://www.boards.ie/discussion/comment/120498392#Comment_120498392

Well the idea would be if your paying in so much tax from you income for 40/45 years and you retire at 60 with some kind of annuity built up for that tax you have paid in so you can live off. Why should the tax your paying into the system pay for every one else's woes/fortunes and you get little in return for it.

fliball123

https://www.boards.ie/discussion/comment/120498405#Comment_120498405

I know its not all rosy but at the same time the system has turned the middle class into indentured slaves and there are is large cohort of people who are in the lower socioeconomic scale by choice and are gaining the system.

Wanderer78

https://www.boards.ie/discussion/comment/120498421#Comment_120498421

...ah shur we all know the whole pension system is completely fcuked, and simply wont work in time for more and more, i think radical ideas such as a ubi is probably the only way out of this, but that ll introduce its own set of problems also....

BattleCorp

https://www.boards.ie/discussion/comment/120498421#Comment_120498421

So you are saying that you should get a pension out of what you put into the pot (your 40/45 years of tax). Fair enough. What happens if you don't have 40/45 years of tax? Do you get a lesser pension than someone who does? Does someone on minimum wage get a lesser pension than someone on €50k? They have paid in less tax haven't they?

And who'll pay for the pensions of those who can't work or won't work? Each week 1.3 million people claim some sort of social welfare payment. Granted, not all of them are unemployed but it leaves a big hole to be filled if we only pay into the pot for ourselves.

Anyway, not a discussion for this thread.

Wanderer78

https://www.boards.ie/discussion/comment/120498427#Comment_120498427

again, this is what was the whole point of modern socioeconomic theory, i.e. to ultimately protect wealth, while fcuking over all others, including the middle classes, and its working, perfectly! theres also no conclusive evidence to support your claim on lower classes, i come from a disadvantaged area, and all i see is serious generational dysfunctions, mental health issues, addiction problems, complex psychological issues/disorders that have gone largely unchecked and untreated, and on and on and on....

bumped into an old mate during the week, long term unemployed, a history of mental health issues and alcoholism etc etc, glad to see hes in a state training program, so hopefully he ll be back in the workforce soon, he has many years ahead of him before retirement, and we need people like him working...

quokula

https://www.boards.ie/discussion/comment/120498421#Comment_120498421

That's not how taxes work. They're paying for infrastructure, for police, for schools, for hospitals etc in addition to covering social protection. Our taxes are paying for current pensions, and future generation's taxes will pay for our pensions. It's not the government's job to squirrel away all the taxes you pay into some savings account then give it back to you at 60. Surely that doesn't need explanation. You can set up your own pension pot and get tax breaks on it if you want a personal investment account, which is what you're looking for.

Wanderer78

https://www.boards.ie/discussion/comment/120498475#Comment_120498475

...we really need to implement automatic sign up on pensions, and fast....

fliball123

https://www.boards.ie/discussion/comment/120498453#Comment_120498453

If you have worked 45 years and paying tax in all of that time you should be entitled to a pension that you can comfortable live off. Our tax regime should be widened and even those who are on the minimum wage should be paying more into the system so that would square that circle. Those who cant work should be assessed on an annual basis to route out the liars who are gaining anyone who is a genuine case should be covered I would hazard a guess it would a very low %. I mean not every penny we pay in tax should be for the induvial paying so those who cant work would be covered by this. Its simple really but it seems the brainfarts we have in power convolute a very simple process I wont mention the public sector as thats where the water gets completely muddied.

Wanderer78

https://www.boards.ie/discussion/comment/120498484#Comment_120498484

...shur when you come back with concrete facts about welfare fraud, rather than your 'opinion', shur lets us know, and we can have an adult conversation about it!

fliball123

https://www.boards.ie/discussion/comment/120498475#Comment_120498475

I know its not how it works as how it works now is as someone in the middle class you pay a lot of money in taxes into a black hole and see feck all benefit for it most services that are available have to be paid for again out of after tax income and its not working for the vast majority of the middle class so saying "thats not how it works" does not mean the current paradigm is right and working fine. Not all income tax paid in should be for the individual, we also pay for infrastructure though a myriad of other taxes and charges toll bridges, motor tax, VAT etc, hospital we pay per visit or an additional private health care cost or GP cost. It should be the governments job to actually give the individual paying the income tax back a decent % for when they retire. The vast majority of workers cannot afford to put away for their own pensions with the high costs of living in this country add in the fact its at the mercy of any finance minister to dip into a persons private pension and pay for other peoples woes/fotunes yet again and tell you to go swing.

fliball123

https://www.boards.ie/discussion/comment/120498483#Comment_120498483

There will be a huge reluctance on this after private pensions were raided not so long ago. This act of theft was always going to come back and bite. Not to mention it cant afforded with the current high cost issues and asking people to pay more at a time when our income tax is already a burden on working will result in fewer people working.

fliball123

https://www.boards.ie/discussion/comment/120498497#Comment_120498497

Will you give over I am simply point to the fact that if someone is sick and not able to work fine but there are able bodied people gaining the system. As an example you do know that there are able bodied people receiving welfare for drug and alcohol abuse, now should these people not be assessed annually and brought back into the work force when they have been clean/sober for say 6/12 months or do we leave them off for the rest of their lives on the dole where they can buy a few 6 packs of linden Village and hit the green on a daily basis and then when the time comes give them a pension too. Its not all black and white there is a whole puddle of sh1t that is paid for via welfare last time I checked its 20Billion plus that's some amount of genuine sick people.

Dohnjoe

https://www.boards.ie/discussion/comment/120498463#Comment_120498463

I remember when we had almost 20% unemployment in this country, high emigration, awful infrastructure, busted cars on the roads, terrible goods on the shelves, low job mobility, worse education system, I can go on and on and on.

And the worse areas you are speaking of, yeah I've lived in those places, they were 10x worse back then.

In most respects we improved since then. It's pretty considerable progress all things considered.

Unfortunately a bunch of external events have hit us: a global pandemic, a war in Europe, an energy crisis (and the ensuing high inflation). So of course all the armchair economists are seizing on the moment to complain about everything.

Hotblack Desiato

https://www.boards.ie/discussion/comment/120498271#Comment_120498271

🙄 so you want to spend one half of your adult life working and the other half not working, who the hell is going to pay for that? because your pension contributions won't

fliball123

https://www.boards.ie/discussion/comment/120498625#Comment_120498625

Who makes the rules why should some people work less and live of the rest of us for longer? If someone has paid 45 years of tax (and our tax rate is paid in at a very high rate at a very low income level) at a decent rate they should be allowed retire on a reasonable pension.

BattleCorp

https://www.boards.ie/discussion/comment/120498542#Comment_120498542

The Government can't hold 40/45 years worth of your tax as a pension for you because if they did, they'd have nothing to run the country on today. Very expensive business running a country.