Who Benefits from Austerity? ICTU Youth Conference Nov 2013

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Presentation given at ICTU Youth Conference, 17 November 2013

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  • * Yet 6 out of 10 Traveller children live in a family where their mothers have no formal education or some primary education only.
  • Who Benefits from Austerity? ICTU Youth Conference Nov 2013

    1. 1. Who Benefits From Austerity? ICTU Youth Conference 17 November 2013
    2. 2. “Let the good times roll for those who are on the ladder.” Alan Bridle, Bank of Ireland Head of Research NI. 21 Sep 2006.
    3. 3. Financialization refers to the increasing importance of financial markets, financial motives, financial institutions and financial elites in the operation of the economy and its governing institutions, both at the national and international levels. Gerald Epstein, ‘Financialization, Rentier Interests, and Central Bank Policy’,2002 1970s – The Monetarist revolution 1980s – war on labour 1990s – Credit as a substitute for wage increases 2000s – Credit solution for wage stagnation fails Present day – open conflict over monetary policy once again
    4. 4. “In the case of the United States, financialization during the 1990s led to a closer alignment of large industrial and financial firms in the U.S., leading to a greater emphasis by Alan Greenspan and the U.S. Federal Reserve in financial asset appreciation as a goal of monetary policy.” Gerald Epstein (2001)
    5. 5. “In the case of the United States, financialization during the 1990s led to a closer alignment of large industrial and financial firms in the U.S., leading to a greater emphasis by Alan Greenspan and the U.S. Federal Reserve in financial asset appreciation as a goal of monetary policy.” Gerald Epstein (2001) “The goal of monetary expansion has been to do just enough to stabilize financial asset prices without going far enough to produce catch-up growth in the labor market” Matthew Yglesias, Rentiers and Financialization (2011)
    6. 6. “What [the wealthy], businesses and banks share is a common interest in supporting asset prices, a lack of interest in seeking full employment unless it is a prerequisite for supporting asset prices, and an aversion to any policies that can trigger wage inflation.” Ashwin Parameswares (2011)
    7. 7. Closing down of Dissent - Attacks on Equality in Ireland Equality Bodies – closed down or with reduced Budgets  Combat Poverty Agency –closed 2008 incorporated into the Department of Social Protection Equality Authority – 2009 43% cut and now being merged with the Human Rights Commission Women’s Health Council – closed 2009 Crisis Pregnancy Agency – closed and merged with the Health Service Executive Irish Human Rights Commission -Budget cuts since 2009 and merged with Equality Authority Equality for Women Measure - co-funded by EU Operational Programme ---budget partly transferred out of this area and now under Dept. For Enterprise, Trade and Employment National Consultative Committee on Racism and Interculturalism (NCCRI) _Closed 2009 Gender Equality desk at the Department (Ministry) of Justice, Equality and Law Reform – Desk Closed 2009 Gender Equality Unit – Department of Education – Closed early 2000s Higher Education Equality Unit – UCC -Closed and merged into Higher Education Authority (early 2000s) National Women’s Council of Ireland -158 member organisations- budget cuts of 15% in 2008-11 and 38% in 2012 Traveller Education cutbacks 2011 and 2012 – all 42 Visiting teaches for Travellers removed* Rape Crisis Network Ireland – core Health Authority Funding removed 2011  SAFE Ireland network of Women’s’ Refuges - core Health Authority Funding removed 2011  People With Disabilities in Ireland's (PWDI) - funding removed 2012  National Carers’ Strategy – abandoned 2009             Kathleen Lynch, Equality Studies UCD School of Social Justice 59

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