The global economy collapsed in 2007–2008. The Irish initially accepted harsh austerity when the economy tanked. Yet, when Ireland had the fastest-growing economy in Europe in 2014 and 2015, mass demonstrations, standoffs and clashes with police, and other forms of civil unrest occurred. In this article, I introduce the “Deprivation-Protest Paradox.” Drawing on in-depth urban ethnographic work in a small Irish city and randomly sampled interviews at a series of seven national demonstrations in Dublin, Ireland, I illustrate the ways in which people were aware of a narrative of objective economic recovery in the Republic of Ireland but were not feeling it subjectively in their lived experiences. And this gap—between expectations and lived experiences—galvanized and legitimized protest and civic discontent. I discuss the implications of this paradox for developing a new theory of unfair economic inequality, democratic engagement, and social change.