8 1 min 12 yrs

Interesting to read that the number of unemployment claimants in the Irish Republic rose by a record 36,500 in January, the highest monthly increase on record, There are now 327,861 people claiming jobseekers’ payments which corresponds to an unemployment rate of 9.2 per cent, Mr Cowen admitted at the beginning of a two-day debate on the Government’s €2 billion spending cuts package. The total number of people seeking employment is now higher than at any other period in the history of the State, even eclipsing the numbers recorded in the early 1990s as today’s workforce is significantly larger. It would be interesting to know what % of the newly unemployed are foreign nationals? I also wonder where will this soaring unemployment end? Will it be 10% – 15%, maybe even 20%? The Celtic tiger is dead, mounted and stuffed.

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8 thoughts on “TIGER STUFFED..

  1. Percentage wise David, I don’t think it is as big as during certain periods of the 1980s.

    Whatever the statistics, it is tragic for everyone. Mismanagement of the boom years is a big part of the problem.

  2. Pinky,

    Yes, it IS a tragedy for all those now facing life without a job and to be honest I think the UK is headed the same way. I also think that Cowen has failed to show real leadership over this very real issue and wonder if others agree?

  3. The live register doesn’t just measure the unemployed, it also includes under employed workers.

    What’s the betting we’ll have an economist proclaiming the "Celtic Tiger is back" in 5,10 or 20 years (Dan McLaughlin 2004 style). It’s a marketing term, of course. And even countries with catch phrases have recessions 🙂

  4. I also think that Cowen has failed to show real leadership over this very real issue and wonder if others agree?

    David, I think if we look at every single nation today- we will find that most leaders and even those in opposition have shown poor leadership over this issue. I think that in itself is an indication of how huge the problem is- and likely to get worse.

  5. The Troll

    I’ve no doubt unemployment will go much higher than 10%, but we’re not there yet. The Live Register figure != total unemployed. Includes significantly more workers – part time workers and the like.

  6. I don’t want to over-simplify the matter but the reluctance to let prices fall is now the biggest problem in the world economy.

    For example there are thousands of unsold cars piling up all over the world. Yet it’s very hard to find a real bargain on the forecourt.

    It’s the same with property. even the alleged high street bargains are unimpressive in my opinion. The world needs a fire-sale. It does not need government trying to support prices or prop up markets.

    Of course the argument is that deflation is a big danger. But deflation is the slow decline of prices. What’s needed is a massive once of drop to get inventories moving.

    Governments can help by cutting taxes. We were in a price bubble. That is the problem and only a swift bursting of the bubble will get us going again.

    Businesses will say that they can’t afford to sell their stock at a loss. But the loss is a fact. The choice is to take the loss or hold on to the stock.

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