Online reactions to the Budget and its aftermath include Karl Whelan over at the Irish Economy blog, who makes a pithy point today regarding Peter Bacon’s NAMA report, and Michael Taft of Notes on the Front, who points out that “We are being hit by a double whammy. More unemployment means a lot more people have a lot less to spend. At the same time, the Government is radically reducing people's disposable income (in particular, the key low to average income households who tend to spend almost all their income). Without people spending money, business declines, jobs are lost or short-timed, wages are frozen or cut – which sets off another round of deflation”.
Over at Turbulence Ahead, Gerard O’Neill says that “One consequence of the more flexible and fluid, predominantly private sector labour market that we now have in Ireland is just that: individuals and households are flexible - they make adjustments to the new circumstances that face them. Including decisions about whether to work, and for how long. I'm guessing Irish working couples will look at their paychecks this month and next and act accordingly.”
Meanwhile, Stephen Kinsella looks back at another Bacon Report and suggests that more attention should have been paid to its recommendations.