Budget 2014 – the Socialist approach

The Socialist Party’s budget statement can be read and downloaded here.

Or to download it as a PDF, click here.

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Budget 2014 – The socialist approach

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Budget 2014 – The socialist approach

Introduction

The crisis faced by working people, the unemployed, students and pensioners in Ireland is a crisis of capitalism. While the crash in Ireland has had its own special features related to the property bubble and an historic over reliance on Foreign Direct Investment, this should not obscure the fact that capitalism, a system based on private ownership of key sections of the economy as well as economic activity being geared towards profit and not need and the absence of rational planning of resources, is a crisis prone system that has to be replaced.

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Eurozone break-up edges closer

With the prospect of a so-called double-dip recession looming in the world economy, pressure is once again mounting on the eurozone. The prospect of one or more countries opting out, or being forced out, of the eurozone is becoming increasingly real as the crisis deepens and tensions between the capitalist classes in northern and southern Europe rise.

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Stock market collapse: Global economy shaking

Thursday, 4 August was a black day on world stock exchanges. In New York, the Dow Jones index fell by 4.3 per cent and the Nasdaq index closed down 5.3 per cent "and all the gains that have occurred since year end were deleted to zero" (as the financial website E24 said, 5 August). "It was an outright massacre," said John Richard, head of strategy at RBS Global Banking & Markets, to the Wall Street Journal about yesterday’s events.