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Tag Archives: Stephen Kinsella

“We’ll be bailing out each other”

WITH massive numbers of people out of work, even the language about the economic shock seems jaded, according to UL-based economist Stephen Kinsella. “The first thing to note is that we need to come up with new words for unprecedented,” he jokes. “The only time I can compare this to is the Second World War, the Emergency, when everything was rationed.” So many people who were contributing to the State’s coffers just a few months ago are drawing from them now but can this continue? “You could conceivably keep doing it. It costs something like €200 million a week. Every long month, that’s a billion quid. The stock of debt is slightly over €200bn and we can borrow very, very cheaply. “If it’s a question of keeping the wolf from the door for lots and lots of people or allowing them to go on the dole, then you should just keep spending the money. Forever isn’t possible but to the …

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“We are in the depression”

WHILE the battle against Covid-19 is being won in the towns and villages of the Banner, the county has slipped into an economic depression. Around 14,400 Clare people are receiving the Pandemic Unemployment Payment of €350, with 900 medically certified for receipt of a Covid-19 related Illness Benefit payment. More than 1,000 Clare businesses, employing approximately 7,300 people, have registered for the Covid-19 Temporary Wage Subsidy Scheme. There are also 5,662 people on the Live Register, according to the most recent statistics from the Central Statistics Office. When all of these are combined, it seems likely that the majority of Clare’s workforce are now receiving some level of support from the State, an unprecedented situation. Associate Professor of Economics at the University of Limerick Stephen Kinsella spoke to The Clare Champion on Tuesday and when asked if an economic depression is now inevitable, he said, “I think the right way to think about it is that we are in the …

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