Nat O'Connor: We are reminded again in today's Irish Times that some people are not living in the same economy as the rest of us. Despite cuts to frontline wages, managers in manufacturing are giving themselves a pay rise of 6.5 percent.
One of the results of the recession is that it shows how contingent our economic systems are on state intervention, especially as the insurer of last resort. Today's evidence is a further reminder that, once the economic system is patched up at our expense, businesses will return to business (and profit) as usual.
So, since we are funding economic recovery by risking our money on buying bad debt from the banks, maybe it's time to start raising our voices about the need to regulate profit; for example, by linking managerial wages to those of frontline staff.
Dr Nat O'Connor @natpolicy
Dr Nat O’Connor is Assistant Professor of Social Policy at UCD, a fellow of the UCD Geary Institute for Public Policy and former Director of TASC. Nat also previously worked at Age Action, the Labour Party, Ulster University and the Homeless Agency. You can find him on LinkedIn (natoconnor) and TwitterX @natpolicy.
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