West Virginia and the 'Celtic Tiger'

by: Carnacki

Mon Nov 22, 2010 at 11:03:49 AM EST

Here's one example from 2006 from Curtis Dubay at the rightwing group The Tax Foundation:

West Virginia should aim to be to the United States what Ireland is to Europe. Ireland lagged behind the rest of Europe for years, but 10 years ago it dramatically revamped its tax code with broad bases and low rates, and after only 10 years it is known as the Celtic Tiger.

Here's another from rightwing Bow Tie Boy at the rightwing State Journal:

Some have called it the Irish Miracle, while others, in a nod to the explosive economies of the Pacific Rim, refer to Ireland as the Celtic Tiger. But whatever you call it, while the rest of Europe is groaning under low growth rates, Ireland has been purring.

The reality of course is that the unfettered, unleashed capitalism that the Irish followed and that the rightwingers wanted for West Virginia has created this:

DUBLIN - Ireland's decision to accept a rescue package worth more than $100 billion prompted a call Monday for early elections and a warning from a major ratings agency that the bailout could prove to be a "credit negative" for the country.

European Union officials, who had been pushing Ireland to accept help, quickly agreed to the request late Sunday, committing a significant amount of money to an ailing member for the second time in six months. The total amount was not announced, but several officials said it would be 80 billion to 90 billion euros, or $109 billion to $123 billion. Last spring, Europe disbursed 110 billion euros to Greece to save it from default.

snip

But the Irish government has been sinking further and further into debt since its 2008 decision to protect its banks from all losses. The banking system had become so weakened that it could not afford to wait any longer for help.

Banks, which issued loans recklessly during the real estate boom, have losses of about 70 billion euros, almost half the country's economic output. A new set of bank stress tests will be imposed, and the number of banks will be pared down, officials said.

The rightwingers are always wrong. But they never pay the price. Everyone else does either in bailing out Wall Street or in the dead from George W. Bush's war in Iraq, but not them.