Willie O'Dea (Limerick East, Fianna Fail)

There is an international credit squeeze. The effects of the sub-prime crisis in the US are being felt worldwide while increasing worldwide oil and food prices are putting the brake on global growth. A small open economy, like ours, is not immune to what is happening in the rest of the world. The reality, however, is that the fundamentals of the Irish economy are strong. It is a reality that the more pessimistic economic forecasters and most Members opposite seem, amazingly, to have missed. We have more than 2 million people in work. We have a highly educated and very flexible workforce. We have a vibrant export sector. We have had a decade of unprecedented investment in infrastructure and in our productive capacity. We have a strong welfare system to support those in need and at risk. Welfare payment rates in Ireland far outmatch those in the UK. Contributory State pensions here are 94% higher than in the UK, job seeker's benefit here is 160% higher and child benefit rates are 60% higher. That is real progress.

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