Wednesday, May 20, 2009

the Celtic Tiger in 2009

I have to confess that my experience of the so-called Celtic Tiger was chiefly vicarious. I saw people getting wealthy, I saw massive building projects (none of architectural merit, so far as I could tell), and I loved the vibrancy of the country as it experienced many luxuries other European countries take for granted. I also lamented the loss of civility and compassion in Dublin as the city lost its tender centre in favour of a hard-headed commercial demon nobody seems to have fully understood.

That we now live in a different Ireland is manifested in the unemployment figures, which make truly horrific reading. They reinforce the point that the recession in Ireland is deeper and less likely to heal quickly than in other countries (they have to be read in conjunction with the unimaginable shortfall in government income and 'toxic' debt). In April 2008 unemployment stood at 5.4% of the population, seasonally adjusted. In April 2009 it is a truly shocking 11.4%.

Every day we hear of the greed and recklessness of business tycoons whose rapacious acquisitiveness lacked any moral dimension or social accountability. One tycoon borrowed €700,000,000 to develop sites that have now been denied planning permission or been blocked in other ways. Unable to pay back the debt his problem, and the banks', has become ours. We have to pay for his greed.

Which brings me back to my main point. I watched as the Celtic Tiger pranced around the world stage, preening itself and inspiring envy in other European countries. I partook of very little of that wealth. I saw little improvement in my environment, in healthcare, in the university in which I teach, or -- to consider purely selfish matters for a moment -- in my pay packet, which limped along a few points behind inflation most years. Now any extra income I did acquire has gone: so far public employees have lost around a month's salary across the year and are struggling, though self-evidently less so than the unfortunates who've lost their jobs.

I'd love to end on a positive note and talk about light at the end of the tunnel, but so far the only glimmer is the suggestion that the economy might be back in reasonable growth in five years time. Dutch comfort!

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