Eamon Gilmore (Dún Laoghaire, Labour)

What is new about this Government is not its composition, but the circumstances in which this phase of single party Fianna Fáil rule is taking office. When the Labour Party left office in 1997, the economy was growing at a rate of 10%. Now it is growing at less than 2%, the lowest rate in 20 years. In 1997, jobs were being created at a rate of 1,000 per week. To date this year, jobs are being lost at a rate of 1,600 per week. When we left office in 1997, inflation was at 1.5%, but it is currently 5%. There was confidence and optimism among the people when the Government took office, but the latest ESRI consumer confidence index is at its lowest level since the index was invented. The recycled Government has led the country from boom to gloom in an 11-year period. The new Taoiseach would have us believe that this is due to international conditions. While I accept that the global economy, particularly the situation in the United States, has an effect, the new economic circumstances in which we find ourselves are due in no small measure to the poor domestic management of the economy by the man elected Taoiseach by the Dáil a few hours ago.

For the past 11 years, Fianna Fáil and its allies in the Government have ridden the crest of an economic wave. Ministers have claimed political credit for every economic achievement of enterprising businesses and a productive workforce. Deputy Bertie Ahern, who led the Government for 11 years, spent his time going around the country, looking into people's eyes and, as the Minister for Communications, Energy and Natural Resources, Deputy Ryan, stated last week, asking them "how is the hard-working man?". I will tell the House how the hard-working man and woman are. They pay an additional €400 per month for the mortgage they took out to buy their home a few years ago.

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