Articles

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Opening the Low-Low Corporate Tax Rate Door

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The Government’s paper on Ireland’s effective corporate tax rate confirms what the dogs in the street have known for a long-time:  Ireland has a low,extremely low, corporate tax rate.

There is that vexed question of what corporate income counts for the purposes of determining the actual rate of tax companies pay here.  Professor Jim Stewart produced data which showed that the effective tax rate of US multinationals operating here was 2.2 percent in 2011.  This was disputed because Stewart – using the US’s Bureau of Economic Analysis – included the $140 billion that US multinationals move through Ireland on their way to other places, including tax havens.  Some claim you can’t count this because it is not taxable in Ireland.

But, of course, that is the point.  The issue is not the Irish corporate tax rate per se but the role that Ireland plays in the global tax avoidance chain – the ability of multinationals to use Ireland to avoid paying taxes that would be due elsewhere.  That is the character of a ‘tax-haven conduit’.

In this respect, it is worth remembering:

Tax havens attract foreign investment not only because income earned locally is taxed at favorable rates, but also because tax haven activities facilitate the avoidance of taxes that might otherwise have to be paid to other countries.

The Irish corporate tax rate is the sign on the door.  It’s an inviting sign – a low-tax rate of 12.5 percent.  But the real goodies are what’s behind the door – the prospect of using Ireland as a transit point in the global avoidance chain.

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April Edition of The Socialist Voice is Out Now

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The April edition of the Socialist Voice is out now. Follow the links below or online here.

Contents:

At the same time, capitalist shock-troops are using different negotiating tactics: force and intimidation. On the one hand, employers’ organisations have been leaking stories about pay increases; however, they want the “pay increases” to come from a reduction in tax. In other words, everyone finances pay increases for employers, so they increase their profits, and there is a further reduction in public services.

Recent media reports suggest that, with a supposed “recovery” on the horizon, employers and unions are increasingly making noises about a return to some sort of partnership structure. The leadership of the unions, most notably Jack O’Connor and Shay Cody, have raised the idea of reconstituting some type of formal Employer-Labour Conference.

The offices of the Law Society in Chancery Lane, London, were the venue for the International Commission of Inquiry into the Case of the Cuban Five; but the British government sought to scupper the event before it even began.

On the 19th and 20th of December last the European Council met; and to anyone who thinks that the EU is a benign body of people seeking to ease travel for all its citizens, and various other media-friendly soundbites, you are wrong—very wrong.

There was a major increase in the annual surpluses of the surplus countries between 2000 and 2009 and between 2010 and 2015, as can be seen in table 1. The mean for the countries was up from 4.2 to 6.8 per cent.

Did anyone read about the study partly funded by NASA that says “industrial civilisation is headed for irreversible collapse”? It was reported in the Guardian (London) in March.*

Following the threatened national dispute in the electrical contracting industry that prevented, once again, an attempt to cut the wages of electricians, the Technical, Engineering and Electrical Union has employed significant resources to sustain the terms of the National Collective Agreement, formally registered with the Labour Court.

Enda Kenny has lost control of his government, and of his party, and now even his own position may be in question. The wretched man is thrashing around in despair as his government lurches aimlessly from one mishap to another.

At its recent meeting the National Executive Committee of the Communist Party of Ireland discussed the political and economic situation throughout the country.

Give ear to my words, O Lord
Hearken unto my moaning
Pay heed to my protest

“What is needed then is a new kind of imperialism, one acceptable to a world of human rights and cosmopolitan values. We can already discern its outline: an imperialism which, like all imperialism, aims to bring order and organisation but which rests today on the voluntary principle.”

This month we celebrate the 450th anniversary of the birth of Shakespeare. When Shakespeare wrote his great tragedies—yes, the ones studied at school, year in, year out—he had a very great and grave concern at heart.

Missing from many left-wing critiques of transnational corporations is the part played by cinema. We read daily about the depredations of the oil, financial and media giants. In Towards a Third Cinema by Fernando Solanas and Octavio Getino the cinema is described as “the most valuable tool of communication of our times.”

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Sheehy Skeffington School, Saturday April 12th in Ireland Institute, 27 Pearse St

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The Sheehy Skeffington School is on this Saturday April 12.

Ireland Institute, 27 Pearse St., Dublin 2

The keynote speaker this year is Gareth Peirce.

Schedule: 

09:30 Registration

10:00 Introduction by chair, Carol Coulter (former Irish Times journalist, now Director Child Care Law Reporting Project)

10:15 Michael Farrell (Sen. Solicitor, FLAC, former ICCL & IHRC) ’Brief update on human rights infrastructure’.

10:30 Gareth Peirce (leading human rights lawyer) ’No World for Whistleblowers’

11:00 Questions

11:15 Break

11:30 Seanie Lambe (Inner City Activist, Chairperson ICON) ’Communities, regeneration and rights’.

11:50 Clare Daly (TD) ’The Legacy of Austerity’.

12:15 Panel Discussion

13:00 Lunch

14:00 Leeann Lane (Head of Irish Studies, MDI) ’The Irish Suffrage Campaign on the eve of World War 1 : Tensions and debates’.

14:30 Questions

14:40 Richard Sheehy (Glasnevin Parish and relative of Sheehy Skeffingtons) ’Thoughts on Francis Sheehy Skeffington’
followed by Donal O’Kelly (playwright and actor) & colleagues Readings from ‘A Prodigal Daughter’ (a play written by Francis Sheehy Skeffington, first performed in 1914).

15:30 Close

Speakers biogs:
Dr. Carol Coulter is Director of the Child Care Law Reporting Project and a former Legal Affairs Editor with the Irish Times which she joined in 1986. She has been deputy News Editor, acting London editor and acting Belfast editor. She has won a number of journalism awards, including a National Media Award and the overall Justice Media Award in 2012 for her coverage of legal and justice issues. Carol’s chairing of previous Sheehy Skeffington Schools contributed substantively to the level of discussion on the subjects under consideration.

Clare Daly is a TD for the United Left Alliance in the constituency of Dublin North. Formerly a Students’ Union President in NIHE and later DCU as well as a long standing SIPTU shop steward in Dublin Airport when she worked for Aer Lingus, Clare has a long track record as a campaigner for workers rights and the interests of the community.

Michael Farrell is the senior solicitor with FLAC. He formerly worked as a solicitor in private practice and has taken cases to the European Court of Human Rights, the UN Human Rights Committee and the European Committee of Social Rights. He is a former Co-Chairperson of the Irish Council for Civil Liberties and was a member of the Irish Human Rights Commission from 2001 to 2011 and of the working group on the proposed merger of the IHRC and the Equality Authority. He is the Irish member of the Council of Europe Commission Against Racism and Intolerance (ECRI) and a member of the Council of State.

Seanie Lambe is the Chairperson of the Inner City Organisations Network (ICON). He has been involved in the development of the area for many years and sits on a number of boards. He is currently the Director of the Inner City Renewal Group (ICRG).

Dr. Leeann Lane is Head of Irish Studies and Head of the School of Humanities at the Mater Dei Institute of Education, Dublin City University. She is the author of Rosamond Jacob: Third Person Singular (2010). She is a member of the “Expert Advisory Group on the Decade of Commemorations” appointed by the Government in 2012.

Donal O’Kelly is one of Ireland’s foremost socially engaged playwrights. His recent production, ’Hairy Jaysus’ is a bifocal perspective of Francis Sheehy Skeffington’s final hours – through historical and contemporary viewpoints. His other plays include Catalpa, Jimmy Joyced! and Bat the Father Rabbit the Son. Donal’s creations include The Cambria, The Adventures Of The Wet Señor, Vive La, Operation Easter, Asylum! Asylum!, The Dogs, Farawayan and The Hand. As an actor, he has appeared in Translations, Juno and the Paycock and The Tempest in the Abbey, played Lucky in the Gate Theatre’s Waiting For Godot, and on screen played leading roles in Kings, The Van, and Spin The Bottle, as well as RTE’s Paths to Freedom and Fair City.

Gareth Peirce is a solicitor, educated at Cheltenham Ladies’ College, University of Oxford and the London School of Economics. She is best known for her tireless, groundbreaking work and advocacy in high-profile cases involving miscarriages of justice, and those of people (particularly Irish and Islamist) accused or convicted under anti-terrorist legislation. Gareth’s calm and reflective demeanour belies a passionate and longstanding commitment to the use of law to promote human rights and justice for the most vulnerable.

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New LookLeft out now!

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New LookLeft out now!

€2 for 48 pages of progressive, news, views and solutions

In Easons and selected newsagents countrywide.

This issue includes:

  • Who Watches the Watchmen: The Gardai, drugs and the working class
  • Look Back in Anger: Brian Hanley on remembering the reality of WW1
  • Conor McCabe on Ireland, the frontline of the class war
  • Sean Garland pays tribute to RMT leader Bob Crow
  • LookLeft talks to Andy Irvine
  • Kevin Brannigan on the struggle to save the home of Irish football
  • Interview with Belfast’s Red Devil: Des O’Hagan
  • Jennifer Silva on Economic Uncertainty and Mental Health
  • Mark Walshe on Making a market out of education
  • Chris Hudson asks Where is progressive unionism?

And much, much more….

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National Competitiveness Council Twists the Evidence to Suit a Political Argument

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Take a very quick look at the green line on the chart below.  Very quick – the green line represents Irish labour costs.

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On a quick look, it appears that Irish labour costs started growing in 2010; and that by last year labour costs growth in the EU and Ireland converged.   Now take a closer look.  In reality, Irish labour costs actually fell in 2010.  In fact, the gap between the EU and Ireland are widening.  The chart was ‘structured’ to not only elide over these inconvenient facts but to actually give the opposite impression.  Welcome to the world of massaging stats to fit a political purpose.

For make no mistake – the National Competitiveness Council’s Costs of Doing Business in Ireland completely fails to present the reality of wages, labour costs and taxation in the Irish economy.  Instead, they construct ‘evidence and arguments that neatly into line with the Government’s desire to depress wages and cut taxes.  Funny that.

Are wages a danger to ‘competitiveness’?    First, let’s remind ourselves of the current situation, something the National Competitiveness Council (NCC) fails to do (again, funny that).  Using the last year for available date we find, using the mean average:

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Whether using the labour cost survey (which surveys firms) or the macro-economic data contained in the national accounts (where you divide employee compensation by hours worked) the results are pretty much the same.  We are well below averages – in particular, when compared to EU-15 countries not in bail-out (excluding really low-waged Greece and Portugal) or other small open economies.

So we start out pretty low.

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Pressing On Both Sides of the See-Saw

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The slump in the Irish economy continues to be driven by the collapse in investment. The fall in investment more than accounts for the entire contraction in the economy during the recession.

The chart below shows the annual totals for both GDP and investment (Gross Fixed Capital Formation, GFCF) versus the peak in 2008. The worst GDP outcome was in 2010 when it was €12.7 billion below the 2008 peak. But by 2013 it was still €9.5 billion lower. Not much sign of genuine recovery.

Investment has fared even worse. It carried on falling even after GDP had stabilised. The low-point was in 2012, when investment was €16.6 billion below the previous high-point. But in 2013 it was still €15.9 billion lower.

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Over the 6 years of the slump GDP has fallen by 9.6%. Investment has fallen by 47%. As a result, investment as a proportion of GDP has fallen from 20.8% to 12.1%. Since the level of investment is decisive for the long-term productivity of any economy, a falling rate of investment will hurt growth over a prolonged period.

The relative weakness of investment by firms in Ireland is shown in the OECD chart below. Over a prolonged period leading up to the crisis private firms (Private Non-Financial Corporations, or PNFCs) operating in Ireland invested much less than firms in the other industrialised countries.

This weakness has been further exacerbated by the crisis. Since 2008 firms’ profits have actually risen in cash terms, by €6.7 billion. But on the same basis, investment in transport equipment and other equipment have both fallen by €1 billion, road building and other construction apart from homes have slumped by €5.4 billion.

Private Non-Financial Corporations Investment:  Decade Averages

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One of the key factors which has worsened the crisis is that successive governments have cut the state’s own level of investment. On the same cash basis, government has cut its investment by €7.6 billion. This was not always the case. Previously, when the economy was growing rapidly government had a higher level of investment than in the other industrialised economies, as shown in the chart below.

This is the see-saw of the Irish economy: very low levels of private firms’ investment and relatively high levels of government investment. The policy of austerity is pushing down on both ends of the see-saw at once. As a result the economy is cracking.

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Three Cheers for the USC

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The Universal Social Charge (USC) is a great tax.  Many progressives were critical of its introduction and rightfully so.  In replacing the Income and Health Contribution levies, the USC ended up increasing tax on low income earners – at a time when the economy was still melting down, people were losing their jobs and income was falling. That was inequitable and economically irrational.

However that is a criticism over rates and thresholds – elements which can be easily changed. The reason the USC is great tax is because it is simple, transparent and, most of all, no matter how many tax accountants you hire, you can’t escape it.  The tax has almost no exemptions, reliefs, or allowances – unlike the income tax system.

Dr. Tom Healy of the Nevin Economic Research Institute made an interesting observation:

‘Perhaps there is a case for abolishing income tax as we know it, replace it with USC, make the rates more progressive (e.g. by introducing three or even four bands) and then re-term it as ‘income tax’! . . You see – the beauty of USC is that, it applies to many different kinds of income,  it is not riddled, to the same extent as ‘income tax’  with all sorts of reliefs and exemptions,  it is reasonably simple to understand and operate.’

Now that’s blue-sky thinking.  Check out this little stat:  income tax– with tax rates of 20 percent and 41 percent – raises €11.4 billion in revenue.  The USC, with a tax rate of 7 percent raises €3.9 billion.  At a much lower rate, it raises over a third of the entire income tax system.

To raise the same amount as income tax, the USC would need to be raised to 20 percent (with the lower rates rising proportionally).  A tax rate of only 20 percent would raise as much as income tax.  That’s pretty effective and efficient.

This is not an argument for a flat-rate tax.  Dr. Healy points to the potential of introducing three or four different tax bands.  In fact, in the EU-15 only Ireland and Germany have two tax rates.   Other countries have three or more:

  • Austria and the UK have three rates while Sweden has two central tax rates and one local
  • The Netherlands has four tax rates
  • Belgium, Finland, France and Italy have five tax rates
  • Spain has seven central tax rates and four regional rates
  • Luxembourg has 18 tax rates (yes, 18)

So a number of tax rates can be used, rather than an essentially flat-rate.

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Chris de Burgh Notes our Opinions – and Suppresses Them

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This article originally appeared on Raymond’s blog, The Deanery today, the 31st of March.

In 1979 Chris de Burgh chose to tour Apartheid South Africa, in violation of the boycott call from the African National Congress. In justification, he pleaded that “I’m not singing for the government… I hope to make a difference…”

It is arguable that by ignoring the boycott call from the democratic opposition to South Africa’s anti-democratic regime de Burgh was indeed “singing for the government”, and that, far from “making a difference”, he was in fact helping to reinforce the status quo more than a decade before the release of Nelson Mandela from Robben Island.

In 1984 “12 Dunnes [Stores] workers went on strike [in Dublin] for two and a half years for the right not to handle goods from Apartheid South Africa. The strikers were feted by Bishop Desmond Tutu and international human rights groups. Nelson Mandela said that their stand helped keep him going during his imprisonment.”

Almost exactly thirty years after this, Chris de Burgh announced that he would perform in Tel Aviv on 29th March 2014, ignoring the Palestinian call for a cultural boycott of the Israeli state. The Ireland-Palestine Solidarity Campaign learned only two weeks before the event of de Burgh’s plan to cross the picket line, upon which the usual procedures were followed. A letterwas posted via his website, followed by a telephone call to his management – or, more precisely, to an anonymous answering-machine in London. Neither approach having received a reply, the letter was made public. A Facebook page was set up and supporters of Palestinian rights posted pleas on de Burgh’s own Facebook page.

At this point, things turned nasty. It would appear that defenders of the Israeli state set particular store by de Burgh’s imminent visit, perhaps bearing in mind his 1979 performance in the other Apartheid state that was Israel’s most intimate ally. Veterans of internet campaigning reported that they had never encountered such an outpouring of Zionist propaganda as flooded de Burgh’s page, replete with the usual venomous and mendacious defamation of anyone with a track record of support for Palestinian rights. Abuse ranged from “hater” and “old fart” to “anti-Semite” and “Nazi”; in my own case, hoary canards about my visits to Hong Kong and Iran and my supposedly having “intimidated a cancer victim” (the latter rebutted here) were dredged up and recycled shamelessly.

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From Alpha to Omega Podcast: #048 Whither Underconsumptionism?

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This week we have the second part of our interview with Professor Andrew Kliman. We continue our discussion about his latest book – ‘The Failure of Capitalist Production’ – and in particular focus on Andrews critique of the Underconsumptionist Theory of Crisis, which is pretty dominant on the Marxist and non-Marxist left alike.

We hear how the empirical evidence sits squarely in the face of this theory, what role financialisation has actually played in the economy, and the similarities between Keynesianism and Underconsumptionism.

We also talk about the new book Andrew is working on, and just how impressed I am by how well Marx’s theories are able to explain the world around us today.

You can find the article for the New Left Project that Andrew mentions in the interview, critiquing Sam Gindin’s view of the crisis as financial, here.

And you can find Sam Gindins response to Andrew here.

Enjoy

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Anglo: Not Our Debt Campaigners Alarmed at ECB Pressure

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Debt Justice Action – a coalition of community, trade union, global justice, academic, faith-based and other groups that hosts the Anglo: Not Our Debt Campaign –  has described as “alarming” media reports that the Irish government is being pressured by the European Central Bank to quickly sell on to the private sector the government bonds it issued to replace the Anglo promissory notes in 2013.

Spokesperson Niamh McCrea said that any such sale would “make an already bad deal even worse”.  She said, “The debts run up by a bank like Anglo, which is under criminal investigation, should never have been taken on by the Irish people through the promissory notes, and those notes should not have been turned into sovereign debt, as the government did last year, extending the repayment period but with no write-down of the debt”.

Andy Storey pointed out that as the bonds are currently held by the Central Bank of Ireland, any interest paid on them stays with the Irish state, but that “if they are sold to the private sector, as the ECB is now pushing to happen quickly, then the same class of creditors and bondholders whose gambles were made good by the Irish government will end up making yet more money by raking in the interest payments due”.

Ms McCrea called on the Irish government to “for once, resist ECB pressure and insist that the bonds remain with the Central Bank with a view to negotiating the write-down of this odious and illegitimate debt”.

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The Garda Inspectorate Report is Just One Small Part of More to Come

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In April of last year, former Irish Independent journalist, Gemma O’Doherty did something that no journalist appropriately indoctrinated is supposed to do: She dared to question the received orthodoxy. The dogma in question related to prominent figures in Irish society having penalty points and Fixed Charge Notices (FCNs) cancelled. O’Doherty discovered that the Garda Commissioner, Martin Callinan, had penalty points of his own cancelled and dared to approach him about it. Not long afterwards she was brought in front of an internal committee of Independent News & Media (INM), the company which owns the Irish Independent, and reprimanded for her approaching the Commissioner. By August she was made compulsorily redundant. Her former boss, Stephen Rae, also happened to have penalty points cancelled and was the former editor of Garda Review magazine, “the professional voice of the Garda” according to its website. This is just one part of the larger story surrounding the penalty points scandal which has been slowly coming to a boil over the last two years. The only reason that the cancellation of penalty points has been thrust into the public sphere is because of the actions of two whistleblowers; retired Garda John Wilson and Sgt. Maurice McCabe.

There has been much obfuscation on the part of certain elements of the media and amongst the political echelon. The two gardaí have been labelled as “uncooperative” and “disgusting”. Character assassinations of this kind are nothing new and neither are the reasons for their characters being attacked. They, like O’Doherty, also dared to tell the truth and challenge the status quo. Wilson related that he first became aware of the level of the cancellation of penalty points in 2012 when one of his colleagues was transferred to a particular district in order to “clean it up”. There were numerous problems there relating to discipline, lack of proper investigatory procedures, and in general “shoddy practices”. Wilson’s colleague contacted him and informed him that he felt isolated and unsupported by his superiors. It was this colleague of Wilson’s who informed him of “strange patterns in the penalty points system”, with “clusters” of cancellations being found. What this meant was that the same people were having penalty points cancelled on multiple occasions. Wilson decided to do his own investigating and began “mooching around” the PULSE system in order to “garner full knowledge” of what was taking place. He soon discovered that the cancellation of penalty points was widespread, i.e., countrywide. What’s more is that the same type of “clusters” described above were also discovered around the country.

Wilson then decided to make a complaint to the garda Confidental Recipient regarding a small number of the penalty point cancellations. The person in question contacted the offices of various government ministers, including the Taoiseach’s, in which he made it clear that there were serious allegations being made regarding corruption in the gardaí. Concurrent to this, Sgt. McCabe wrote to the Taoiseach in July, August, and September outlining his concerns with reference to the cancellation of penalty points. From here the Taoiseach passed the issue on to Alan Shatter who in turn contacted Garda Commissioner Callinan about the issue. Not long afterwards, Callinan appointed Assistant Commissioner John O’Mahoney to head-up a report on the subject. This report was apparently preliminarily completed within one month, in November 2012. In the meantime, months had gone by and neither Wilson nor McCabe were contacted. Wilson, fed up waiting, then approached TD Clare Daly with his findings. One month later in December of 2012, Sgt. McCabe was visited by Chief Superintendent Mark Curran who had arrived at McCabe’s station in order to issue him a directive from the Commissioner. Callinan claimed that McCabe was a directed to cooperate with the investigation being carried out by O’Mahoney. The transcript of the conversation, which was surreptitiously recorded by McCabe, says otherwise. McCabe was ordered to “desist searching PULSE” and from handing over information regarding the penalty points issue to a third party. This interdiction also included handing over the relevant information to the garda Confidential Recipient and the Taoiseach. It was mere weeks later when Daly was arrested on suspicion of drink driving, a suspicion which turned out to be completely unfounded. By the time Assistant Commissioner O’Mahoney’s report was finalised in March of 2013 neither Wilson or McCabe had been contacted by the report’s author.

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The Case of the Elusive Paid Job

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I’ve heard a great deal recently about economic recovery and job creation. Ireland’s unemployed should be optimistic, and if we’re not, well, who’d want to hire us with that attitude? All we need to do is ride it out, keep a positive outlook and before we know it we’ll all be upstanding citizens again, able to pay our bills without the weekly humiliation of social welfare. I’d like to believe that, but I don’t see any evidence of it: all I see in the jobs pages are some high-tech, highly specific positions in large multinational companies, jobs that require qualifications and languages that very few Irish people possess, and an enormous, unshakable, mass of Job Bridge Internships.

Yesterday I looked up one of the main recruitment sites and put “Cork” and “admin/PA/secretarial” into the search engine. I got five results for paid jobs (not Jobs Bridge), four of which were: “Finnish Customer Service Associate”, “Polish Accounts Assistant”, “Logistics Administrator with Turkish or Hebrew” and “German SAP Rep”. The outlook is similar whenever I search for vacancies. I’m under no illusion, I fully understand the requirements of EU free movement of workers, and I don’t deny the right of any person to take up work in another EU member state, but I cannot see how these jobs are going to filter through to the vast majority of unemployed people.

The system implies it’s our own fault; Irish people didn’t learn the right skills, we should have been able to predict the future. We’re told that we’re living in a globalised world now, and it’s up to us to stay “relevant” to ever-evolving labour market requirements, requirements that now, seemingly, we are surplus to. We are in over-supply: cheap, expendable and easily substitutable.

The Irish unemployed, it has transpired, must be happy to do Job Bridge Internships. After all, we are the great unemployable, why wouldn’t we be satisfied to work a full week for our dole? We deserve it for not learning obscure languages or qualifying in high-tech areas that didn’t exist five years ago. Every second job advertised, that doesn’t require unreachable and prohibitive levels of experience – from cleaner and meat-counter assistant to teacher, solicitor and scientist – is a Job Bridge Internship.

When I was in university it was common for students to work in retail or as waiters or waitresses part-time to fund their studies. Now almost every low-paid casual job is a Job-Bridge that requires the lucky participants to be on the Live Register for three months, so I can’t see how students could possibly hope to work. It’s not just students: so many people I know in their late twenties and early thirties, people with post-graduate qualifications and years of work experience, have not only done Job Bridges but have had to compete with other similarly qualified people to get them. When I hear of a friend getting an actual, paid job, it’s like a miracle, and even then it usually comes down to personal contacts.

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Friday Stat Attack: Ireland Holds the Record for Longest Domestic Recession in the EU

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Some commentators are celebrating our ‘recovery’.  Some have even said that we have recovered relatively quickly, after a dramatic fall.  Here we go again – rewriting history, distorting the current situation.

Ireland holds the record for the longest domestic demand recession in the EU.  And the really bad news is that we may not be out of it yet.  The following table breaks down the length of consecutive domestic demand recession that EU countries have suffered since 1960.

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Almost all EU countries have, since 1960, suffered at least a two-year domestic demand recession – with the exception of France and Malta (though data only goes back to 1996 for the island).  Some domestic demand recessions have been harsh – Estonia’s two-year experience saw a fall of over 30 percent; some have been mild – Poland’s two-year experience saw a fall of less than one percent.

Ireland – along with Spain and Greece – have the longest consecutive domestic demand recession:  six years.  And in the tradition of breaking the tie, let’s count the number of years that domestic demand fell since 1960:

  • Ireland:  12 years
  • Greece:  10 years
  • Spain:  9 years

With 12 years where domestic demand fell, Ireland wins on points.

Indeed, Ireland wins the double:  longest domestic demand recession and the highest number of years where domestic demand fell.  Since 1960, Ireland has spent 23 percent of the time suffering from falling domestic demand. That’s the cup.

But, surely, this is nit-picking – what with all that recovery going on.  So don’t worry about it.

Enjoy the weekend.

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Launch of ATTAC Ireland, 5/6 April

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Disarm the Markets: Launch of Attac Ireland with a public talk by Esther Jeffers (University of Paris VIII and European Attac Network) and IFSC walking tour with Conor McCabe.

Where: Room 4-027, Dublin Institute of Technology, Aungier Street, Dublin 2

When: Saturday 5th April, 2pm.

Attac is an international movement working towards social, environmental and democratic alternatives to neoliberal globalisation. Founded in France in 1998, it fights for the regulation of financial markets, the closure of tax havens, the introduction of global taxes to finance global public goods, the cancellation of debt, fair trade, and the implementation of limits to free trade and capital flows (see www.attac.org).

5th April marks the launch of the Irish chapter of Attac. Attac Ireland is delighted to welcome Esther Jeffers who will speak at the event. Esther is a lecturer at the University of Paris VIII and a specialist on shadow banking and finance in the Euro area.

Esther’s talk will be followed by an open meeting for anyone interested in becoming involved with Attac Ireland. This meeting will provide an opportunity for people to learn more about Attac, and to discuss how Attac Ireland could be developed to challenge financial power and injustice through education and activism.

These events will be followed on Sunday morning 6th April, with a walking tour of the Irish Financial Services Centre (IFSC) by Dr Conor McCabe (UCD School of Social Justice). Time tbc.

Follow Attac Ireland on Facebook

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