The Irish government Wednesday unveiled its four-year plan to cut public spending and increase taxes - part of the painful measures the country must take to reduce its national debt.
The plan achieves savings through welfare cuts worth 10 billion euros ($13.4 billion) and higher taxes, expected to bring in 5 billion ($6.7 billion), according to the 138-page green booklet titled "National Recovery
The minimum wage will be reduced by 1 euro ($1.34) to 7.65 ($10.25) an hour and public sector pay will be reduced by a total of 1.2 billion euros ($1.6 billion) over the four years.
The U.S. will inevitably have to take similar steps, although the incentives within our political system are completely short-term focused.
At some point in the future, we will need to cut spending (not what Democrats want) and raise taxes (not what Republicans want). Not convinced yet that we have the leadership within either party to bring about the necessary changes to promote a healthy, SUSTAINABLE economy.
These are excellent recommendations that should be carried out in this country as well.
We especially need to spur job growth by lowering the minimum wage by at least a dollar.
We need to audit the Federal Reserve and force the Pentagon to pay back the money stolen from our social security administration, for starters. Thinking today's problems can be solved by simply tightening our belts or adjusting minimum wages or tax rates, etc. is just ludicrous.
What do you mean by "simply tightening our belts or adjusting ... tax rates."? As far as I can tell, those are our only two debt reducing levers.
Money remaining = Money earned (tax revenue) – Money spent (federal spending)