And I say that as a Democrat. Its funny to watch all the “I told you so” articles pop up around the internet chastising Republicans for citing the Celtic Tiger as an example of low tax rate driven growth. There’s a perverse glee in watch this countries economy being torn to shreds by forces that are largely out of control. There was something similar in the obsession regarding Dubai’s economy a few years ago. In addition to a general “gotcha” culture where we mock anything that our opponents have ever written, this obsession results from a paranoia regarding our place in the world economy. Thus, any story regarding the fall of some upstart allows us to say “see, we were right all along to do it our way.”
Here’s Megan McArdle with some brief thoughts on the fall of the Irish economy. I think she makes some great points regarding the benefits seen in the past 20 years and some of the forces that prevent Ireland from digging itself out of this crisis due to its EU membership.