Debt Mountain ‘Ireland Inc’ II

” Two facts are apparent:
1) we are witnessing the steepest assent in the unemployment in years, with the speed of unemployment rise shown in the table below; and2) DofF forecast in January 2009 was for the economy to reach 9.2% unemployment this year. Just a month into 2009, we are already there in standardized unemployment terms. DofF 2010 target for social welfare spending is based on the projection that unemployment will reach 10.5% or a notch over 372,000 in today’s labour force terms. 2009 Live Register average was assumed to be at 290,000 in the Budget. In other words, at the rate of jobs losses in January, we are less than 2 months away from blowing through 2010 assumption, never mind the 2009 estimate!”

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