The EU treaty will force member states to stick to balanced budgets from now on with harsher rules to drive expenditure down. By signing this treaty, the government will effectively commit itself to introducing €6bil in tax increases and spending cuts. This is on top of the €8.6 bil in spending cuts and tax increases over the next three years. Not only will we be signing up for lots of extra austerity, but the treaty is making keynsian and socialist policies illegal and will tie the hands of any future government to the same measures.
I we fail to meet the target of .1% we'll be fined by the european court of justice which will send us into an ongoing debt spiral.
Article 9 says to cut wages and there is a significant proposal to shift budgetary power from elected governments to the unelected european commission and european council.
Either way, we're ****ed. Basically. BUT, if we vote against the treaty, we retain our democratic power which we will ****ing want.
It's an austerity treaty, but it's also a treaty to give the elite more power straight out of our hands.
Anyway, many more will be plunged into personal debt. Where's the money going to come from to save them? The banks? If the banks don't borrow there won't be enough money, and if they do we can say hello to another banking crisis. Ireland will only be able to borrow money for limited public works which will mean very very few jobs being created that way. Austerity isn't working and right wing economists have started to accept this. And now we're enshrining austerity into our constitution. Great.