Arthur Morgan (Louth, Sinn Fein)

The Government has invested €54 billion into the banks and ensured that we will be back here again next year in an even worse position. This eventuality could have been avoided if a proper stimulus package had been put in place in respect of enterprises which are struggling. These are vulnerable but viable enterprises which are haemorrhaging jobs and which would require only a small and temporary injection of financial support from the Government to assist them in overcoming their current difficulties. Such financial support should have been provided in order that the people employed by these enterprises might have remained in employment. I have met many of the employers who could have sustained those jobs with some support from the Government. It is most unfortunate the Government looked the other way. There is no easy way out of this recession but there is a better way. The Government's way is to slash spending. Our way is to save and create jobs and protect the most vulnerable. Our way is better for the economy and better for people. The only jobs the Minister will create with this budget are in debt collecting agencies.

Sinn Féin's pre-budget submission proposed a stimulus package costing approximately €4 billion, roughly 2.5% of projected GDP in 2010. That is a considerable difference to the paltry few millions of euro offered to job creation and retention today. There was not even a decent nod in the direction of what it should have done. The €54 billion allowed to NAMA is approximately 33% of GDP. This makes quite a comparison. Our stimulus is equivalent to the investment made in Anglo Irish Bank, which was some investment in a zombie bank. Our proposals have the potential to save more than 100,000 jobs in 2010 and to create more than 100,000 more, as well as better positioning the economy to increase jobs in 2011. According to trade union estimates, the cumulative cost of new jobs will be €10 billion. If we spend in 2010, we could see positive growth in the Exchequer in 2011. If we do not, we will see further contraction.

There are 425,000 people on the live register. This number is likely to grow and there is no Government strategy to deal with it. The Government claims that saving the banks will fix the economy. Proving them wrong will be cold comfort to the many people who lose their jobs, who face this Christmas in debt, in poverty and with the prospect of the very small payments made to them by the State, being cut. Emigration is already on the rise. This year was the first in a long time that saw emigration outpace immigration. Sinn Féin believes there is a better way forward. We do not have to return to the 1980s. Our suggestions are immediate, and if invested in, should see a return to the Exchequer by way of saved social welfare payments and tax by the end of next year.

We have raised money for our costed proposals and propose transferring some €2 billion from the National Pension Reserve Fund, which should be accessed in this exceptional period of need. Our rationale regarding use of the NPRF is simple. At this point in time, the State cannot afford to keep money in reserve for future pensioners when the current generation of pensioners are being asked to live in poverty. Does this not make sense? Can the Minister not see the sense in it? We could access this money now to help the State recover and when we have recovered, we would begin saving for the future again and implement a new system of decent universal pension provision that does not see billions spent on the private pension industry while State dependent pensioners suffer.

Our proposals include establishing a jobs retention fund available to SMEs worth €600 million per year. We want to reduce the cost of doing business by freezing the cost of State-controlled services for one year. We want to use the public sector and direct public employment to kickstart the economy. The national development plan must be completely redrawn to focus on the more labour intensive and necessary infrastructure, such as schools, hospitals, energy savings in homes and public transport provision. This infrastructure will improve the State and provide jobs in construction, architecture, engineering and all other trades. It will kickstart the economy, which is what we need. We also want to build the State child care and pre-education sector through fully-trained accredited child care workers, infrastructure provisions and State subsidies for employees in this sector.

Just like with the taxation system, the need for a stimulus must be addressed. I do not have any faith in the Government's ability to address it. I fear the Minister and others like him will have run this State into the ground before anyone with vision is in office to turn things around. Sinn Féin has set out its vision. We may have a while to wait before a general election but I am afraid there is much more damage Fianna Fáil and the Green Party can do before then. My party will continue to set out the alternative. I hope this budget serves the purpose of waking up the Irish people. The Government may be afraid to put itself before the Irish people any time soon but they have long memories.

This was a missed opportunity. The Government could have turned its back on its crazy policies of depending entirely on the banks and supporting only the banks while not dealing with enterprises, workers or a proper job stimulus package. Young and old will suffer as a result. The budget has done nothing to help the economic crisis created by the mismanagement of this Government and its failed policies. I look forward to further debate on this matter.

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