Ireland’s Economic “Recovery”: The Emerald Lie

It must suck to be a liberal economist these days. The entire field has been distorted by conservatives who look at reality and refuse to acknowledge it. This is a field with highly educated people and they look at a chart of Ireland’s austerity fueled “recovery” and claim “It worked!”

Six years to go up one point is a recovery?!

Six years to go up one point is a recovery?!

Wow. What a success story! Sure, Ireland’s a smoldering wreck, but look! The fires are out! Victory!

As the German finance minister, Wolfgang Schäuble, a fiscal hawk, put it in October: “Ireland did what Ireland had to do. And now everything is fine.

It must be nice to live in that kind of bubble. Once upon a time, conservatives raged about “Ivory Tower” liberals that were out of touch with the common man. These days, the Ivory Tower 1% gaze down from their lofty positions of power and can’t even see the ants peons unwashed scum rest of us scurrying about. A few million unemployed here, a few unemployed million there, nothing to worry about as long as the stock markets are stable.

2 Responses to Ireland’s Economic “Recovery”: The Emerald Lie

  1. Austerity is NOT the answer EVER to a depression or a recession. Stimulating the economy is the way to go. If Obama had been permitted to have a larger or a second stimulus, we would be enjoying a much more robust recovery, and taxes would be pouring in. We need a Congress that will close corporate tax loopholes….the money is out there, or more likely in the Caymans!

  2. Where is the success story then? Pious wishes do not make it so.