Economy

Stormont Gives The Tories The Power To Destroy Our Welfare System

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It's no secret that Stormont has gone into one of its regular crises.

A few months ago they were arguing over Welfare Reform, then Kevin McGuigan was shot dead and they were then arguing about whether or not the IRA still existed (great timing for Robinson as the NAMA scandal was just being brought to light).

Bombardier and Crisis Capitalism

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Bombardier reported a profit of $125 million last quarter yet our media is telling us that the Company is in a serious financial crisis and that significant changes will have to be made to the workforce as a result.

Class War: Household Charges to Rise as Millionaires Multiply by 40% in 5 Years

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Recent studies in the North have shown that the rich really are getting richer while the poor are getting poorer.

It is no secret that household charges are set to rise due to ongoing “austerity” measures by Capitalist governments.

Today, research from PwC (PricewaterhouseCoopers accountancy firm) indicated that households in the North will be hit hardest in the UK by this rise in charges.
 

What Will Be The Next Thing That Stormont Faces Collapse Over?

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Last December, after weeks of intensive talks the executive finally agreed upon the Stormont House Agreement, an Agreement that was primarily about economic reasons but needed to use the traditional technique of divide and conquer by throwing in sectarian issues such as flags and marches.

The Northern NAMA Scandal - a look at the shadowy world of Project Eagle

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Project Eagle, or Nama's northern portfolio, was landed in March 2014 by American private investment firm, Cerberus. If this sale has done anything, it has proven that good old fashioned political and economic corruption is not an exclusively American affair.

Nama, oftentimes referred to as the south's "bad bank" - as if there are any good ones - was set up in late 2009 as an attempt by the southern government to try and deal with the property loans issued by Irish banks.

Renua exposed as yet another party for the super wealthy

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It's not really a secret to anyone paying attention but Renua have really blown their cover with their pre-budget submission. Far from being any sort or radical departure they are yet another party for the wealthiest 1% who have been plundering our labour with the aid of every previous government.

As Michael Taft explains "Renua has called for a flat-rate tax. It represents a massive transfer from the lowest income groups to the highest income groups. It will require low and middle income groups to fund not only their own tax cuts but even higher tax cuts for those on much higher incomes.
... they want to cut inheritance tax to 20 percent while raising thresholds to €500,000. Someone inheriting €1 million would gain over €150,000."

Stephen Hawking - choice is between life of shared luxurious leisure and greedy miserable poverty

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"If machines produce everything we need, the outcome will depend on how things are distributed. Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality"

In 2013 15 of the super wealthy in Ireland paid a total of only €1.8m tax

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Rich people in Ireland as elsewhere are good at not paying taxes. When you give them a chance to prove you wrong we get figures that show that in 2013 just 15 of the super wealthy paid a total of €1.8m.

Who are these rich people and how do they do it? By rich we mean that you have an income of more than €1 million rolling into you from around the world, and that you have assets of more than €5 million here. That is some wealth right there. How they manage it is that whilst they might live here they register to pay tax in a low-tax haven like Malta or Monaco.

Ireland's Great Wealth Divide - A critical look at the David McWilliams documentary

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Monday night (22/09/2015) RTE aired the misguided David McWilliams documentary "Ireland's Great Wealth Divide". It points out that the richest of the rich have far, far more than their fair share and that it's considerably worse than "we" think it is - this is demonstrated with opinion poll data (see image below) showing how Irish people would like wealth to be divided, contrasted against how "we" think it's divided and how it's actually divided. It also argues against the notion of trickle down economics, pointing out that the wealthy don't let their money trickle down and do not create jobs.

The government are trying to stop Apple giving Ireland 19 billion in owed taxes - how's that for 'looking after our own?

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How many could we house, educate and care for with 19 billion? Our government is currently furiously fighting the European Union to prevent Apple paying us back taxes it owes us. There has been a lot of ‘concern’ about government plans to spend 48 million looking after 4000 people fleeing warfare in Syria and Iraq. The government and the media defend there ‘our own’ is first - the super rich in Ireland and elsewhere!

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