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Limerick pub talk goes a long way to explain the downturn
THE economic and social crisis was disected at great length on Monday night as economist Dr Stephen Kinsella delivered the first lecture of a unique new event in the city.
Dr Kinsella - who has appeared in both the local and national media discussing the economic downturn - made the White House his home for his birthday at a new weekly discussion forum organised by Barney Sheehan.
And he said that although there is bad news at the moment, with large redundancy settlements for employers leaving major companies like Dell, hundreds of new businesses could ultimately be set up.
Speaking in the White House, he said: "There are 24,000 people unemployed here, which is an increase of over 100 per cent from July 2008. Tourism is down, with new entrants to the region down by 24 per cent, and industrial production down by 11.3 per cent. Obviously, we are in a very tricky situation with regard to industrial development."
However, Dr Kinsella stated there was light at the end of the tunnell - and the closure of Dell's manufacturing facility here with the loss of 1,900 jobs was "just part of a pattern dating back to the 1950s."
He pointed out the city has previously recovered from jobs blows like Ferenka and Krups, which between them, let over a thousand people go in the 1970s and 1990s respectively.
"Its important to realise the Limerick region has been hit very badly in terms of males under 25 unemployed. While unemployment is a very serious situation for everyone, the proportion of males unemployed has dramatically risen," he told the audience.
One of the highlights of the evening was Dr Kinsella's simple translation of the National Assets Management Agency, to enable everyone to understand the government's plan to handle bad debts accrued by developers during the boom.
Speaking after the event, he told the Limerick Chronicle: "Its easy (for academics] to say €60bn this, €90bn that, and that your grandchildren will be paying for this and that. But the average person needs to understand what they are being asked to pay for. If they do not understand what they are being asked to pay for, they are likely to be taken for a ride. It is the function of academia to explain to people what is happening."
Mr Sheehan revealed next week's discussion will centre around the current questions surrounding health services in Ireland and further afield.
He has applied to Trinity College and UCD in the capital, as well as University College Cork in a bid to find a lecturer to speak on the issue.
Delighted with the first debate, Barney added: "The debating idea was a concept of mine which I felt was necessary. I put it on at such short notice and the fact we got somebody at all there is surely an indication that in these times, the truth is a vital necessity for the person in the street like myself or a professional person who does not know what is happening in the future."
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Weather for Limerick
Tuesday 07 February 2012
Today
Cloudy
Temperature: 7 C to 10 C
Wind Speed: 17 mph
Wind direction: South east
Tomorrow
Light rain
Temperature: 6 C to 8 C
Wind Speed: 20 mph
Wind direction: South east
