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

Unemployment rate was 3.6 to 4.3 from 2001 to 2006. How would you rate the government for these years yourself?

Your reasoning is beyond anachronistic, you must be pretty old.

What's foolish is taking an obviously tongue-in-cheek comment seriously.

our move towards more credit fueled economies is in fact a global problem, not just here, we ve all followed each other down the more financialised root, and its having detrimental effects on all of us, inducing far more volatility in our economies and societies, and now, we actually dont know what to do about this problem, we ve reduced the abilities and powers of our state bodies to do anything about this, and empowered the fire sectors, in particular the financial sectors, and their needs come first, second, third,.......

...we have convinced ourselves that state money creation, via deficit spending, is simply the work of beelzebub himself, when it clearly isnt, our problem is clearly with bank created credit!

...oh and private debt levels are now far higher than they ever have been!

....established parties in many advanced nations, including ours, have been following this approach for a long time now, and you d wonder why most are now in serious trouble!

...this is a serious problem for us all!

It was bullshit and then they doubled down on it, but that's CA all over.

The next recession will see a real split in our demographics and there is going to be a huge increase in the gap between poor and rich and old and young and between rural and urban. It wont be the banks needing bailing out this time but everyone else will from renters to landlords and from the small high street shop to the farmers and from billionaires to paupers every one will want their own mini bailout. Those of us at an older age and with some cash in our pockets will ride through it but those younger and poorer are going to feel it. A lot of domestic based companies are gong to be hitting the wall in the next 12 months or so (if the ECB continue with the current rates and with the build up of back taxes from covid that now have to be paid). Costs for companies have really ramped up, wages are going up with things like the minimum wage going higher and with the large corporations that are based here looking like they are now under pressure (which we can see with the dwindling Corpo tax) throw in the tax harmonization which will be a further blow to our corpo tax in come. At some point we will see a gap between spending as this has ramped up beyond all recognition in the past 5 years again and what they take in with tax. Our only saving grace to date is our unemployment rate its when this figure starts ramping up that we will see our economy heading on a real downward spiral. There will also be pressure brought to bear from the banks as the no repossession ideology is not going to work for them as we see a lot of defaults from people who got a fixed rate mortgage anywhere in the last 5 to 10 years rolling off these and hitting the new variable rates and these rates will be a lot higher in the next 12 months. At the minute the government have the cash to not even have to fight things like the energy companies making record profits and charging, renters, landlords, and even people with mortgages. They are using money like confetti and are not making the hard decisions as make no mistake about it every politicians number 1 priority is re-election so buying votes has been at the fore for the last 2/3 budgets and it will be the same next year again. Ireland in 10 years time will be completely different. The majority of pubs/clubs/restaurants/high street shops will exist in areas of high density around the country and the more rural parts are going to become even more cut off and the small town of yesteryear that had a church 2 pubs and sweetshop will no longer exist... It will be bleak for some and no change for others (like 08 a lot of people didnt feel it)

This was all flagged last year with the bumper year we had. Most corporation tax collected was once off and not expected to be collected again this year.

Of course the doom-mongers will latch on to it.

Very well said

Assets or savings? Many people, well relationships, would have over 200k in assets, especially close to cities when you look at the cost of houses. 200k in savings is a different story. Not sure many would have that, or 400k per couple.

Jaesus, the idea of having 20k in savings between us, nevermind 200k each is mind boggling. Another useless statistic tbh.

I believe it is both.

Assets and Savings, Pension, Share value etc.

But given that many people still dont have much ny that metric, especially if they rent, it means that a lot of people must have a lot more than 200k wealth.

I never get this type of negativity especially when it comes from people without knowledge.

I'm an sme, I'm in two trade groups and would attend events with many similar SMES, a lot in retail and services.

Energy prices have dropped hugely and some other input costs have dropped. Rents, which are a big cost element, are stable (unlike 2005-2007 when rents went crazy).

I have 14 staff, 6 are students. They will now be paid 12.80 - up from 12 as we (and many others) tended to pay higher than minimum wage.

Other wages have increased 5-7% but net pay has increased 10-11% due to tax changes.

We've increased our prices by 7% as suppliers increased their prices. Turnover is up 5% so a very small sales drop when you exclude price increase.

Overall the feeling from most at these gatherings is positive and now it looks like interest rate reductions are coming for next year and that will give a bit of renewed confidence in the market too.

Thats GDP, not consumer spend.

And its higher in Ireland anyway than it was during the Tiger, according to the graph.

Household savings are not a trillion, more like 120bn.

Only 10% have shares.

I would have expected it to be much higher than that.

Not sure what you're criticizing, money is meant to be spent.

Once it's not debt.