There really isn’t much engagement in the debate over reducing pay in Ireland. A small part of the reason is that the protagonists retreat into their terminological camps. One side uses the value-free lexicon of competitiveness and the other side emotes with reference to a “race to the bottom” in wages.
The truth is that the boom years had two parts: an internationally competitive, largely exporting part and a property boom. The former helped fuel the latter but the former ended years ago and industry has been moving to exploit cheaper labour abroad. This movement certainly is not recent.
Let’s face facts. Ireland flourished by WINNING a race to the bottom. Holding on to the jobs necessitated staying below the competition. Other than state subvention which would not be allowed under EU rules, holding on would have meant workers accepting that their income could not rise unless international competitor wages rose first or worse accepting a decrease in line with international competition.