Memo to public sector: Get real — or suffer

SINCE I launched my latest economic outlook, I have been subjected to an incredible amount of personal insult as a result of a suggestion I made that public sector workers earning more than €50,000 per annum might take a salary cut of up to 10% on their earnings over that amount.

It is great to see that the spirit of free speech is still alive here and that people are prepared to engage in rational debate without resorting to personal insult. Not.

It worries me that many people are either unaware of the economic and financial morass in which Ireland now finds itself, or are unwilling to admit it. This is dangerous because if individuals and businesses fail to adjust to changed economic circumstances, they may just be storing up much greater problems down the road.