Old and rich, young and poor?
Sir, – David McWilliams in his article on Ireland’s wealth distribution presented a spurious argument on both the situation and the solution (“In Ireland, the old get richer and the young get poorer”, Opinion, March 17th).
The owners who’ve seen their house grow in value over a lifetime of bubbles and bursts could be more easily described as asset rich and cash modest or even poor. Their houses were paid for through mortgages – in the main – and the increase in value is of little useful benefit to them. A hefty rise in inheritance tax would penalise the young.
The problem is a more complex one of low wages and insecure employment making the young unsuitable, in the opinion of the banks, for mortgages. – Yours, etc,