https://www.google.se/#safe=off&q=irish+growth+7.7%25
Scotland and America are not part of Ireland.
The burden of a huge national debt like that of America or Greece is detrimental to a sound economic development, guess we both agree.
On the other hand, I doubt having zero national debt is the best way to go for all countries.
I'm Swedish and my country has a rather modest national debt compared to other countries. Our currency, SEK (the Krona), is strong but do we wish to make it even stronger through reducing our national debt?
Perhaps not, as this would hurt Swedish exports and therefore all of Sweden's economy.
Neighboring Denmark boasts an even stronger currency than we do but also slower GDP growth.
Switzerland is yet another example of a nation that hardly would gain from an even stronger currency. Ask any economist of that country and they'll agree the strength of the Swiss franc poses a severe threat to their economy.
I believe my nation has achieved a healthy balance. We have somewhat of a national debt but still an AAA-rating.
Could the US one day accomplish this? Yes, probably. Especially if Europe (as well as certain other allies) would begin contributing to the defense of the Free World more than we Europeans presently are doing. On that account Europeans are more indebted to American tax payers than Americans are to European bankers..
I think you will find that the Irish number will be revised downward.
It does not align with the other data they are reporting. They still have a 11.2 unemployment rate.
Obama’s bean counters do the same here in the US, during election cycles in particular. Every now and them they have to make major corrections which in the US was last quarter where we posted a negative rate.
I have also been to Ireland. I think people in the US would be shocked at how they live. Not just in Ireland and Scotland, but much of the Eurozone.
Yes, Switzerland and Sweden are outliers in comparison. Sweden with it’s default currency and Switzerland’s banking system. Both have a superior education system as well. Much better than the US.
But the Eurozone as a whole, is a financial cesspool.