John Deasy (Waterford, Fine Gael) | Oireachtas source

By most economic indicators, the US stimulus plan of 2009 was a success, so I took a look at how it was structured. It substantially cut taxes to families, but significantly it spread the money in almost every way throughout the 50 US states. Transportation and mass transit projects were begun, federal buildings were modernised throughout the US and there were projects dealing with water, weatherising homes, school buildings and broadband infrastructure in rural parts. It concentrated on helping small businesses with tax deductions, credits and loan guarantees wherever they existed throughout the US.

We have a stimulus package in Ireland, and it is structured in such a way that 90% of the €6.8 billion of State money, which the Minister of State mentioned, could end up going exclusively into the urban economy of Dublin and its surrounding counties. At the same time no one in the Departments of Finance or Public Expenditure and Reform is taking account of where other Exchequer funding and private investment is spent throughout the country. We know at least 80% of jobs created through IDA Ireland companies end up in three urban areas and locations and this trend is continuing.

If a portion of the strategic investment fund is not diverted or earmarked towards locations which need it most, the money from the sale of Bord Gáis and other State assets needs to be directed specifically to these areas which have not seen any substantial inward investment in the past ten or 15 years. If I were to describe the Government's policy or lack thereof, when it comes to regional economic disparities it is beginning to resemble a form of economic laissez-faire, letting it be and letting the natural world take its path. This is becoming unacceptable and a very dangerous political path for the Government. The Minister of State's response compounds exactly what I have suspected for some time. No thought has gone into these issues when it comes to the economic disparities which exist throughout the country.

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