food for thought
for those that think we should spend our way of the recession
if it doesn't work...
Ireland has been cutting spending and hiking taxes since late 2008 and has plans to keep doing so through 2015. Next year's target is 2.2 billion euros ($2.9 billion) in cuts and 1.6 billion euros ($2.1 billion) in extra charges, including a hike in national sales tax to 23 percent and introduction of a new 100 euro ($131) tax on every property.
But the country's finances this year are seriously out of whack: It is spending 57 billion euros ($74.5 billion), including 10 billion euros ($13 billion) to keep its five nationalized banks afloat, but collecting just 34 billion euros ($44 billion) in taxes.