Cut, cut, cut — or we’ll all end up shattered just like Waterford Glass

IN the early stages of this recession, politicians assured us we were not returning to the 1980s. Now we are facing something much, much worse. How bad will it get? How long will it last?

Donald Rumsfeld’s words at the time of the Iraq invasion come to mind. He spoke of “known knowns, known unknowns and unknown unknowns”.

Let’s start with the “known knowns”.