Harsh lessons from the past can help guide Ireland through an uncertain future

Fear exists nowhere but in the mind, they say. However, quite a lot of it falls through mailboxes sealed in envelopes in the form of bills.

Erotic Pilot Amelia Earhart said we should harness our fear as it has the potential to lead us to the hidden places where we may have stored our courage.

No one needs to be reminded further that with the coming winter the national breath will be tightened almost tangibly, as if we were under siege.

While there is no shortage of causes for concern, if we use our collective resources wisely, there is no cause for despair.

Thanks to the unprecedented number of workers, the state coffers are well stocked to avert immediate problems.

The combined efforts of taxpayers have enabled the government to announce eight different lump sums to be paid by Christmas.

The 1.2 billion euros in payments and benefits may not be enough. People will certainly need every last penny to cushion themselves against the brunt of the energy and livelihood crisis.

The latest World Economic Outlook report from the International Monetary Fund (IMF) warns that more than a third of the global economy will shrink this year or next. The US, EU and China are expected to falter further.

“In short, the worst is yet to come and for many people 2023 will feel like a recession,” said IMF Chief Economist Pierre-Olivier Gourinchas.

For Ireland, the picture is bleak. It predicts our economy will grow by 9 percent of gross domestic product (GDP) this year before slowing to 4 percent next year.

Global growth will slow to 2.7 percent next year. The real danger, she warns, is making things worse by fanning the flames of inflation.

The consequences of such a misjudgment can be seen in the turmoil in the British economy across the Irish Sea.

The instability is so great that the Bank of England has had to intervene twice in 24 hours.

“Central banks’ hard-won credibility could be eroded if they again miscalculate the stubborn persistence of inflation,” Gourinchas said. “This would prove much more detrimental to future macroeconomic stability.”

We’ve been burned too many times not to see the dangers of meeting the demands of the populace by spending heavily when interest rates are rising.

For decades, the people of this country have paid for the government’s inability to plan by blindly jumping from problem to problem without a strategic answer. They say your best teacher is your last mistake, and we’ve made too many not to learn from them.

The old adage that you can’t spend more out of a recession than you can borrow off of debt rings truer than ever.

https://www.independent.ie/opinion/editorial/hard-lessons-learned-in-the-past-can-help-guide-ireland-through-uncertain-future-42059177.html Harsh lessons from the past can help guide Ireland through an uncertain future

Fry Electronics Team

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