Jimmy Deenihan (Kerry North, Fine Gael)

I am somewhat amazed that for the first time since I came into this House, economic commentators are welcoming the borrowing of such a large amount of money, €5 billion. It is the highest ever in the history of this House and I am very concerned about that. What the Government has done in recent years is skilfully transfer State borrowing to personal indebtedness. The result is that on a per capita basis, this country is the highest borrowed jurisdiction in the world, I understand. As Deputy Kennedy knows, most houses are bought with borrowed money and an average house is worth about €100,000 to Revenue, which is really borrowed money. So the Government was really using that borrowed money to fund several projects over the years, some of them good, but more of them wasteful.

This economic activity was not based primarily on what we were selling abroad. Some of it was but much of it, especially that represented by stamp duty and other taxes from housing, was based on borrowed money which will have to be paid for by individuals in the future. I hope they are in jobs which will last, but they may not be. We on this side do not want to be prophets of doom and gloom. I have been in the House for 25 years and I have always been very positive. However, I have an obligation to be realistic as well and practical wherever possible and to support good proposals. Certainly I am very worried about this budget. It was skilfully portrayed to the media and there was a good deal of briefing beforehand. Obviously one could see the spin doctors were very busy. There was a good deal of selective leaking of evidence for the past month or so. What I am concerned about is that——

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