The emergency budget - Defaulters’ wealth must be considered

THE reactions to the emergency budget were as varied as some were distressed and angry. Amidst the fear there was an acknowledgement that it may represent a start to a long process to rejuvenate our plundered economy.

That sliver of optimism must be tempered though. The unfathomable reluctance to significantly cut State expenditure of e64 billion while on an income of e34bn is a lot more than a hostage to fortune. It remains the festering elephant in the corner, the one that, in time, may well trample us all.

This visceral fear — or is it just misplaced tribal loyalty? — of undoing the Ahern/McCreevy/Cowen spend-and-be-dammed lunacy must be overcome if the pillaged incomes, the attritional tax hikes, the reductions in benefits, the great emotional stress, are to achieve anything in this battle for our survival.