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THE AMERICAN newspaper columnist and author Bill Vaughan once wrote about the Christmas and New Year period: “The optimist stays up until midnight to see the New Year in. A pessimist stays up to make sure the old year leaves.”

THE RECESSION is biting hard. Many have lost their jobs or have been forced to take pay cuts. The Government, for so long in denial about the economic downturn, is threatening savage cutbacks in the upcoming Budget, and industrial unrest looks certain.