Irish Finance Minister Charlie McCreevy ignored their advice. He is also cutting spending in some areas, most notably in Social Community and Family Affairs. That puts additional money into government coffers because more people are working and paying taxes. Businesses can now afford to hire new employees because their taxes have been cut and they have more capital to spend. Those familiar with the old impoverished Ireland chronicled in Frank McCourt's Angela's Ashes recall a nation in which emigration topped immigration and poverty seemed like a permanent resident.
Housing starts are up substantially.
Six years ago, the government reported that 6,731 new houses were built. When fatigue or hunger made them pause, they flooded moderately expensive restaurants. Following dinner, some headed home in expensive cars while others returned for more purchases. Rosy economic projections of just a year ago have been eclipsed. The work force is at record high levels.