Showing posts with label fiscal space. Show all posts
Showing posts with label fiscal space. Show all posts

Monday, 22 November 2021

The Great Resignation

@wwaycorrigan

[Listen to an audio version of this blog entry here.]

Much has been written about various "new normals" in our lives in the wake of the covid-19 pandemic. The enforced pause on people's modus operandi has led many to re-evaluate their situation.

The Great Resignation: Wrong Way Corrigan gets his hands dirty doing an honest day's work.
An honest day's work. It's nice to do it every now and again.

Getting "Brexit" done

In high-income nations and those in the comfortable classes elsewhere — in a Colombian context, I'm probably still classified as comfortable, the low bar that it is — this moment of reflection has been particularly felt in the employment sphere, resulting in what has been termed the Great Resignation.

Those with any sort of financial wriggle room and who were heretofore merely going through the motions at their less-than-fulfilling jobs decided to take action as they dealt with stay-at-home orders and other radical restrictions.

'If I can't implement change during a large-scale disruptor event such as this, then I never will.' That, no doubt, has been the thinking.

Now,  it would be stretching it to call me a trailblazer, but I did take that leap of faith — leaving behind a relatively well-paid but unfulfilling job — before the coronavirus catalyst got to work on the rest of the restless.

In advance of finally deciding on the nuclear option, I had been trying to plot a more financially secure exit strategy, keeping in mind the adage 'It's easier to find a job when you're in a job.' But the few alternative full-time positions that presented themselves didn't set the heart racing.
'One may have no other choice but to rejoin the dreaded rat race, sooner rather than later.'
Nonetheless, rather than hold tight, I simply said I had to get my own "Brexit" done, that being Brendan's leaving of the marketing agency DDB.

Perhaps akin to the UK's Brexit, my thinking was — and remains (no, not that "remain") — that things will work out. 'Our fundamentals are solid, we'll find a way.'

However, as the former United States Secretary of State, Dean Acheson, once said of Great Britain, that it 'has lost an empire and not yet found a role', this could apply in my case here. Not, I hasten to add, that my professional career can in any way be equated to the power of the British Empire at its height.

The Great Resignation: A fruit & veg shop in Bogotá is looking for workers. Some people don't have the luxury of choice with it comes to employment.
There is no shortage of jobs. They're just not the right ones ...

Resigned to the rat race

The idea, however, of the world being my oyster as one might think it should be for a Western-born, single, childless individual, is certainly weaker today than it was ten years ago.

There are reasons somewhat outside of my control for that, chief amongst them these new normals, particularly the illogical, punitive measures against unvaccinated folk.

Then there's the fact that after a decade of having Colombia as my base and earning the weakening local currency, my global purchasing power is less today than it was in 2011.

Yet, putting a more positive spin on it, the post-pandemic world should present as many opportunities as it does challenges.

That's the hope in any case. (I can't say, though, and shocking as this may be to regular readers, that I'm entirely optimistic about the short- to medium-term future).

In line with the spirit of the Great Resignation — or at least my interpretation of it, sticking to the reasons why I resigned ahead of the pack, so to put it — my ideal is to work with people, not for them.

The "fiscal space", however, in which the Republic of Wrong Way has to realise those ambitions is disappearing rather rapidly. One may have no other choice but to rejoin the dreaded rat race, sooner rather than later. 'Back into line, you rascal of a rodent.'

That may actually be the true essence of the Great Resignation: resigned to one's insipid fate.
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Monday, 15 February 2016

2021: An Irish fiscal space odyssey

What heady times they are experiencing back in the homeland. Excitement is almost at an unprecedented level as the electorate in the Republic of Ireland gets ready to go to the polls on 26 February to vote for a new parliament.

2021: An Irish fiscal space odyssey. Irish Finance Minister Michael Noonan.
If we've any left after we appease international creditors. (From Facebook.)
In the relatively short campaign — the election was only called earlier this month — one of the headline issues, going by national media anyway, has been that massive thorn in every Irish person's side: the fiscal space.

No, it's not some new Hollywood blockbuster that depicts us Paddies in a shady light. Rather, in the language that we 'ordinary folk' use, it's basically that sexy issue of how much money the new government will have to play around with during its five-year term in office — should it last that long that is. Who needs a Donald Trump to glam things up when you've got fiscal space to concern yourself with?

OK, OK, being serious for a moment, every country, in theory anyway, should be doing its best to balance the financial books, so it is an important issue. 

What's more, promises are ten a penny at election time, so by knowing the financial restraints the electorate and media can call the bluff on politicians who have overly fantastical manifestos.

Yet, coming back to Donald Trump and the ostentatious, populous, superficial type of campaigning we've seen in the US, the idea of talking about financial constraints doesn't seem part of the (Hollywood-style) script. 

Sure the United States has a massive national debt, but it's just numbers on a page. And this is the United States we're referring to: a country that has been practically built on bankruptcy.

It's only small, insignificant states, such as Ireland and others in worse conditions, that concern themselves about such tedious matters. And the piper's fee is relatively large. Some of us not only have to stick to the mantra but actually practise it as well so that it at least appears that all this borrowed money will be paid back some day; the system would, of course, fail without it.

As ever with such things, it's not those preaching the need to be financially prudent who tend to suffer the reality of meeting imposed monetary targets. 

No, it's the hard-pressed working classes who usually bear the brunt of state-enforced austerity — a state lying prostrate and feeble in front of the globe's all-powerful financial markets. The politicians who bow to every condition enforced by these untouchable forces live in a different, sheltered world to the rest of us little people.

But hey, who are we to pass judgement? In the Irish context, our 'leaders' are boldly and selflessly crunching numbers (but not their salaries) in a bid to find a formula to conquer the dark fiscal space — in the national interest that is.

Never mind the day-to-day, real issues blighting the masses, this space stuff is way more exciting.
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