Austerity

My nomination for word of the year. The other would be “unexpectedly”.

Related
Irish Cutbacks Pile It on for ‘New Poor’

The measures are draconian. The government plans to shed nearly 25,000 public-sector jobs, slash welfare spending and reduce the minimum wage. Ministers argue that such radical measures are needed to tame Ireland’s gargantuan budget deficit, which this year stands at 32% of GDP—the largest in Europe—and to reasssure investors who have stampeded out of Irish government debt.

When Irish Eyes Stop Smiling

It’s hard to imagine Irish wit cutting much ice with Frau Angela. Assuming a zero rate of interest and no population growth, every man, woman, child and baby in Ireland would have to pay back $250 a year for 2,000 years to clear the debt.

Meanwhile in the USA…

CBO report: Debt will rise to 90% of GDP

Keeping a sense of humor…

Lt. Frank Drebin: What’s Nordberg doing in Detroit?
[pause]
Lt. Frank Drebin: So, send him some plane fare and a new pair of pants.

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