I have been thinking recently, about how cyclical the world economy seems, almost like seasons.
In 1980’s Ireland, it was similar to now, with tens of thousands of people emigrating every year in search of work. For for those who stayed, it meant harsh conditions on mortgages and taxation. This could be likened to Winter.
Ten to fifteen years later, in the 1990’s there was disposable cash in people’s pockets like they’d never experienced before. Ten to fifteen years after that, we’re at 2005 – the height of the Summer – people buying property, cars and holidays, many of whom couldn’t realistically afford. Interestingly, the government at the time started a savings scheme called the SSIA to encourage people into the savings habit and to put something away for a rainy day. I know one woman who spent the whole thing – all her savings for five years which was a sum close to €35,000 on her wedding day. Her choice.
Then came Autumn 2008, when perhaps like the foliage falling in the breeze, the established banking and government systems inevitably fell also. Everyone was so caught up in the blizzard, that noone anticipated Winter coming. And suddenly it was there. Again. Just like in the 80’s.
I feel like a thaw is about to come, as if Springtime is approaching. I hear from friends that a small increase in the cost of living has crept in in the past few months. An economic upturn can only be a good thing, and I really hope that it will change soon, I just hope that people remember to try to make provisions for the next Winter because time flies when you’re having fun.