Ireland threw money away like a drunk in a bar room during Celtic Tiger boom
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Ireland threw money away like a drunk in a bar room during the economic boom, according to a new survey.
Okay, that's not quite what they said, but they should have.
A damning new report from Davy Stockbrokers says Ireland wasted the boom years blowing money on the housing bubble.
The Davys report says Ireland failed to invest in even basic services like roads, rail, school, hospitals and telecommunications between 2000 and 2008.
The lack of investment has put Ireland way down the European ranks for the basic building blocks of a country. Even tiny Finland and Belgium are better off than Ireland.
The report says that 63 percent of net investment in capital stock went on housing which Davys calls an "unproductive asset."
Far more productive are the country's young people; although they, like my generation, are leaving the country in droves.
However, unlike my generation; they're up to their neck in debt.
They're emigrating to help raise money to pay off vastly over-priced housing whereas we emigrated to try and earn money to save for a house.
Davys should have added another line to its report.
The Irish Government blew the boom and they blew the future for hundreds and thousands of our young people.
It's one thing emigrating (as I did) with $300 in your pocket. It's quite another emigrating with a $300,000 mortgage to feed.
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