Believe it or not, the €70 billion we’re putting into insolvent banks is €38,000 for every person at work in the Irish economy. If we add €35 billion for NAMA, it’s €57,000 for every worker.
A worker on the average industrial wage will pay €260,000 in tax over a working lifetime. It would therefore take all the tax paid by more than 400,000 workers over their entire careers to pay for the bank bailout alone. Even if we’re wildly optimistic and assume that we’ll eventually get back half of the €105 billion; that still leaves 200,000 of us working our whole lives to save the euro and pay off the gambling debts of a private elite.
It simply cannot be done without reducing us to absolute poverty. The FG/Labour government is determined to make working people pay but we should shout ‘we can’t pay and we won’t pay’ – and call for a structured default now.