Thomas Byrne (Meath East, Fianna Fail)

The process we are going through at present is the correct one to keep all sectors of the economy and society involved. I am delighted to see the builders involved in it because I am sure they will have many ideas on how to spend capital money and create jobs. We had many jobs in construction and we need more construction work to be done.

Last year, we saw a 2% reduction in national wealth. As Deputy McGinley stated we expect it to decrease more this year and probably next year. The impact on workers and their families is all too real. Unemployment is rising and people are having difficulties paying their debts, particularly mortgages. My constituency has the second-highest number of mortgaged families in the country after Deputy Michael Kennedy's constituency of Dublin North. Many of these people with mortgages are suffering and cannot pay them.

The Government and the social partners are discussing this crucial issue. Not only is it important for the families who are suffering but it is also important for the wider economy. At present, people's homes are not being repossessed in the same numbers as in the UK or the United States. However, if repossessions happen here on a large scale it will have devastating effects for the wider economy.

Through its public expenditure programme, the Government is responsible for a large number of jobs including public sector jobs, jobs which feed off these jobs and jobs created through the capital investment programme. Therefore, at the very least the capital investment programme should be maintained and restructured so it creates jobs. All aspects of the programme are designed to create jobs. If we can put money from the National Pensions Reserve Fund into bank recapitalisation, which is necessary, we should also be able to put a substantial amount of billions of euro from the fund into capital expenditure to create jobs and build roads, schools and sports and community facilities.

Getting the public finances into shape is crucial, as is maintaining our triple A credit rating at international level. This is the main background to what is happening at present in terms of a reduction in expenditure which the other parties do not seem to want. They want it in principle but when we get down to the practicalities we will have a motion in this House criticising it. Deputies Joe Behan and Finian McGrath will speak on such motions criticising cuts, as will the Opposition. However, this would not be to consider the reality of the situation. If the money is not there it cannot be spent. The Government's responsibility——

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