The Economist On Ireland

The economist spelt out very clearly the serious mess that the Irish economy now faces in the following article.

The article begins "The Irish economy is already in a deep recession and it now appears almost certain that activity will continue to contract over the next two years"

Moreover, "Private consumption, which accounts for 50% of annual GDP, is now also declining and will continue to do so over the next two years. Factors that will negatively impact on purchasing power and sentiment are falling employment levels, rapidly rising joblessness, strains in the banking system, further tax increases and the negative wealth effect of declining house prices and equity values"

And finally concluding "There is a considerable probability that this will happen, as bad debt levels rise in the face of the deepening recession. A far heavier form of government intervention than that undertaken so far would then be required to recapitalise the system. Should this be the case, our current forecast of three successive years of economic contraction could yet prove optimistic."

However, what will the government do to fix the mess and get us on the path towards more sustainable and controlled growth. They don't have a clue.

Now is the time for new thinking and a party with new ideas. But where does this exist within the Irish politcal landscape.

Abraham Lincoln describes it best when he said "The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise with the occasion. As our case is new, so we must think anew, and act anew. We must disenthrall ourselves, and then we shall save our country."