An article in the Sunday Business Post reports that:
Unemployment in Limerick has risen from 7,630 in November 2007 to 12,886 in November 2008- an increase of 69%. In addition the decision by Aer Lingus to discontinue the Heathrow service is a further blow to the economy of the Mid West region. It is an open secret that Dell was considering its options. Nevertheless the loss of 2000 jobs at Dell-if realised- would be catastrophic.
Up to 2,000 job losses are expected at Dell in Limerick in the new year when the computer firm announces its intention to cut back manufacturing in Ireland.....
Unemployment in Limerick has risen from 7,630 in November 2007 to 12,886 in November 2008- an increase of 69%. In addition the decision by Aer Lingus to discontinue the Heathrow service is a further blow to the economy of the Mid West region. It is an open secret that Dell was considering its options. Nevertheless the loss of 2000 jobs at Dell-if realised- would be catastrophic.
3 comments:
We just had a bronze plant and coal mine shut down in my home county in the east. The mine just installed a 250 million dollar state of the art processing plant and conveyor system 5 years ago. But in Colorado Springs it is getting hard to even find some fast food jobs. Everyone is grabbing them up that have got laid off in the city. Our county workers have been working just four days a week for about six months now. But it sounds like things in Ireland are really getting bad.
The Irish Government will borrow at least 18 billion Euro in 2009.This is very serious. The public finances in Ireland were in surplus in 2006.
Similarly Barack Obama is speaking about ignoring the deficit for 2 years. This is crazy and will come back to haunt him if the American economy fails to revive. Gordon Brown in England is pursuing the same policy.
The reality is that there is in my view no point in throwing good money after bad. There is huge government waste in Ireland, UK and the US. It must be rooted out. In addition I think that we in the Western World must accept a cut in our living standards. This must apply to bankers, politicians and big business men also.
Confidence in the banking system is at an all time low on both sides of the Atlantic. Small businesses can't borrow and in many cases are going under.
It may take years for the world economy to recover.
A cut in the standard of living would likly work for the average guy on the street but those in authority will just keep on spending. Time is passing but I will wait on the new president to see what he is really going to do. He seems to be holding most of his cards close to his chest.
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