Ordinary taxpayers pay price of failure
AT least 12 middle-income earners have to work for one full year to provide sufficient income tax just to pay for the pension of failed Financial Regulator Patrick Neary.Similarly, another 12 middle-income earners have to work one full year just to pay for the pension of Rody Molloy, former chief executive of FAS.
Approximately 44 middle-income workers had to toil for one full year to pay for Mr Neary’s golden handshake. Similarly, another 44 middle-income earners had to slave hard to provide for Molloy’s golden handshake.
Therefore, in their first year of “retirement”, it will require the total income tax of over 112 middle-income earners to provide for their golden handshakes and pensions. Assuming that both gentlemen survive for another 20 years (God willing), some 570 middle-income earners will have beavered away to keep them in the lap of luxury.
This simple calculation can be used to put other Government wastage into perspective.
For instance; more than 5,000 middle-income earners had to work one full year to cover the outrageous wastage of Martin Cullen’s infamous e-voting machines, not including on-going storage.
Ordinary working people see these — and the many other unjust and unsustainable payments/wastage — as the real barriers to achieving any consensus in the concept of “shared pain”.
Unless Cowen and co grasp the nettle, through emergency legislation if necessary — and address these issues immediately in a fair, sustainable and transparent way — we will certainly face social unrest and turmoil.
Wilton Road, Cork