Austerity filling the pockets of Ireland’s richest

Austerity is filling the coffers of the country’s richest 10% and creating poverty among an increasing number of the general population, an EU-wide study has found.

Instead of Ireland being the poster child for austerity, what is happening in reality should be a warning to all about the dangers of such policies, the report states.

In a pre-budget warning, Oxfam said Ireland and the EU are ignoring the evidence of similar policies elsewhere that condemned millions to decades of hardship and failed to resolve debt problems. “Ireland’s return to growth is often held up as an exception to the above. Yet Ireland potentially offers a window into the future for other EU countries, with reports of high levels of regional income inequality, insecure employment, and significantly decreased spending power.