Billy Kelleher (Cork North Central, Fianna Fail)

To simplify the debate to this level does a disservice to the seriousness which confronts us as a society, a Government and a Parliament.

The figures on the live register this month show a worrying trend in unemployment. Everybody in this House is fully aware of the impact unemployment has on individuals, communities and broader society. Reference was made to how we deal with these problems in the context of unemployment. I remind the House that this year we will spend €8 billion in capital project expenditure which is 5% of GNP. People take for granted that the national development plan can be just rolled out without finding the resources to fund it. We will have to go onto the markets and borrow this €8 billion.

The Labour Party pointed out that we need a stimulus package to promote further economic growth and generate more employment. In theory, this might sound impressive but the reality is that we are a small open economy. Already we are borrowing well beyond our means and fundamentally this would mean going back to the international markets and borrowing at very high rates to fund further capital projects when we have anticipated funding of €8 billion this year in schools and roads and throughout the area of capital infrastructural investment.

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