Jim Walsh (Fianna Fail)

I advise the Minister to take as much external advice as he possibly can garner. Last year when the budget was published and the figures and prognosis were predicated on a 2.75% GDP growth rate this year, I stated that we would be fortunate to get anywhere near half of it. From speaking to the Minister, I am aware that he expects growth of 2.5% next year. Budgets should be based on a fairly stagnant economic position for the next five years. I would bet the Minister a Wexford Opera Festival ticket that during the currency of the Minister's term in Government, if it lasts five years, there will not be a cumulative increase of 5% in GDP. There are clouds on the international horizon, with a fall-off in exports, the possibility of a double-dip in the United States and the federal debt in the United States now reaching almost 100% of GDP. Professor Nouriel Roubini, at a meeting I had with him some months ago, mentioned that there is debt of approximately another 100% of GDP among the individual states which would lead to a situation where the United States could be approaching debt of almost 200% of GDP. The professor relates that once one's borrowings rise beyond 120% of GDP, one is insolvent.

There are major challenges. I very much regret that we do not have the opportunity in this debate to expand on many of these issues and interact with the Minister on these serious economic issues. What is happening is a disgrace.