Ireland, Greece, Spain, Italy. Yes the USA too. At some point deficit spending IS important. Social Benefits have to be paid for through the elevation of taxes, or the social benefits get gutted. We in the US, like you in Ireland, are coming up against some hard facts. The solvency of a government DOES matter, and its ability to pay back bail-out loans is critical. It amazes me that people who find living within their means is difficult but essential on a personal level, think that government has a mandate from God to keep paying out without taking in.
I know. The RICH aren't suffering and the RICH need to pay their fair share, but for the rest of us to abdicate responsibility until the Rich start paying what we think is their share reminds me of a barely solvent factory whose employees go on strike because the ownership earns more than they do. The strike may land us all in the same boat if we shut down the factory, but that satisfaction won't last long.
Sorry Schweik, that was quite a rant on my part, but I sure feel better now!