(Coming to AmeriKa?)Irish Bombshell: Government Raids Private Pensions To Pay For Spending…
Joe Weisenthal and Gregory White
May 10, 2011
The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today.
Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today’s jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.