Ireland in Recession it's Official

national | anti-capitalism | news report Tuesday June 24, 2008 13:30 by Jimbo

ESRI declare Recession

The ESRI (Economic and Social Research Institute) have stated in their latest report that Ireland is in recession. They forecast minus 0.4% growth this year. The construction sector has retrenched hugely and workers are being layed off in their thousands. Comsumer spending is drying up as people stick to the basics. On top of this report are dire warnings that the banking sector is extremely exposed.

Already the talk is off cutbacks and belt tightening. We know who this will be directed at. The working class suffer most in a recession as more of our income goes on food, fuel, rent\mortgage than any other class. Food and fuel prices have been rising steadily for the past few years and the ESB are pushing for substantial rises in electricity prices (up to 30%) before years end.

It's a time for collective orgnising to defend what we have and protect those members of our class most vunerable.