Brian Cowen (Laois-Offaly, Fianna Fail)

The important point to make regarding that matter is that basically the country has a strong balance sheet in terms of the relative low debt we have — although rising — but we have a very weak profit and loss account because our day-to-day expenditures well exceed our revenues. That is the issue we face. In the past increased public services were required as was increased capital investment, which was required to deal with the infrastructure deficit, a source of complaint by many on all sides of the House in terms of the growth that was being achieved in the economy. Employment creation was also high, some of which we are losing now. Even so, with more than 350,000 unemployed — every one of whom is too many as far as all of us are concerned — it represents 10% of the workforce when ten or 15 years ago it would have represented an unemployment rate of 20% and more. Our policies at that time were working for the economy. We are in a totally new situation now, as is every economy and country.

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