One would have never guessed that this recession in America would serve as a guide to the rest of the world about how to save you economy, jobs and country but it could. While other countries are now beginning to go through a terrible ordeal with their economy, they do have a model to look to for answers. Granted, this economy has not completely recovered as our president and the middle class would like to see it but it unmistakable to see it slowing coming around.
“As EU experts dug through the books of Ireland’s debt-crippled banks, the question moved from whether Ireland will take an international bailout to under what conditions.” “On the firing line was Ireland’s prized low business tax, which the government says has lured 1,000 multinationals to Ireland over the past decade – but which it may have to give up to satisfy conditions of being rescued.” “The Irish rescue is the latest act in Europe’s yearlong drama to prevent mounting debts and deficits from overwhelming the weakest members of the 16-nation eurozone.” “Greece was saved from bankruptcy in May, and analysts say Portugal could be next in line after Ireland for an EU-IMF lifeboat.” “Officials on all sides cautioned that the Dublin talks could stretch into early December, after Ireland gives more clarity on its plans by publishing a four-year outline for slashing euro15 billion ($20.5 billion) from its deficit – forecast this year to reach a stupendous 32 percent of economic output.” “The Irish government said the plan, to include euro4.5 billion in cuts and euro1.5 billion in new taxes for 2011 alone, will be published by Tuesday – but won’t include any change to its 12.5 percent rate of corporate tax, among the lowest in Europe.” “But many more Irish people express disbelief that – in the midst of a crisis caused by Dublin bankers who gambled hundreds of billions on property deals gone bust – the government is bailing out those same banks and defending profits for wealthy multinationals like Microsoft, Intel and Google.” “The Rev. Sean Healy, a Catholic priest who leads a pressure group called Social Justice Ireland, called the government focus on protecting bondholders and Fortune 500 companies “hypocritical and deeply unjust.” (Pogatchnik, Shawn and Steinhauser, Gabriele, 11/19/2010, Associated Press, Irish, EU, IMF face marathon talks for loan deal, Retrieved from email@example.com ).
We always talked about America regaining its footing as the one country all others looked to for guidance but no one could have guessed that this may be one of the reasons so many other countries pay close attention to what we are doing. To our detractors, this may be another reason to hate us but we all know that this is what leaders do, they lead.