Feel the Pain

    Ya can not put the dark glasses on or hid under the bed for ever.  All the world's governments are looking to fix the mistakes of the past and in doing so there are riots in streets and politicians screaming that they could do better.  Even President Obama seems to now see that the recovery expected to be now is not happening and a new plan is needed including tax reduction, not tax increases.  One can only hope that the pension and public spending will be visited starting in our country in January.  Hard choices need to be made and even then it is no guaranty that new private jobs will be created.

Ireland:

The 2011 budget is the toughest in a four-year austerity plan that aims to save 15 billion euros -- nearly 10 percent of the country's annual economic output -- and get the worst budget deficit in the region back within EU limits by 2015 at the latest.

Cowen will push through some four billion euros in spending cuts next year, with social welfare benefits, public pensions and capital projects all set for the chop.

"I don't want to think about it," said John-Joe Feeney, a 41-year-old out of work carpenter in Dublin's poor inner city.

"I just know they (the government) are going to hurt the people who have nothing, like me, my wife and kids and leave the fat cats alone. It's not worth thinking about."

Tax adjustments will make up another two billion euros with roughly half of the additional revenues coming from lowering income tax bands and tweaking tax credits, allowing the government to target the 45% of Irish adults, on lower incomes, who did not previously pay income tax.