Martin Ferris (Kerry North, Sinn Fein)

This motion starkly summarises the crisis in which the State finds itself. It has record levels of mass unemployment and all the social decay that brings. It was ironic to hear a reference to the Irish diaspora in yesterday's announcement of job creation by the Government. The Government is certainly contributing to its growth by presiding over another era of large scale emigration.

The motion refers to the fact the recession in Ireland is far deeper and more prolonged than in any other EU member state. The reason behind this is directly related to issues around the State's bank guarantee and the NAMA debacle. The State has been virtually dragged to its knees by a small number of incompetent and greedy financial and property speculators. A so-called "golden circle" was able to gamble recklessly on the future of the Irish economy simply because of their political connections and political protection.

They have been likened to the old landlord class which lived like parasites off this country until the end of the 19th century. Likewise, the financial and property speculators of today contributed nothing to economic growth except to exploit the need for housing and accommodation. They also gambled overseas on the basis that they could borrow huge sums from Irish banks. These are the same banks that now refuse credit to legitimate Irish businesses and charge dubious fees to their regular customers who find it hard enough to pay their own way without having to pick up the tab for the Anglo Irish Bank disaster. The rest of us are forced into a situation where we are supposed to accept the dragging down of a whole society in order to pay for the criminal incompetence of these people. It is no wonder people are angry.

Over 450,000 people are on the live register, bringing the standardised unemployment rate to 13.7%. As these figures threaten to reach half a million people, even with rising emigration, the Government's focus remains on the future of a bank with no prospects but ignorant of the future of people with endless prospects.

Unemployment is the true gauge of economic success. These labour market figures tell their own story. The Government only suddenly discovered the jobs crisis last week. The Taoiseach organised a public session with the heads of all State jobs agencies for the first time since he took office. The public relations machine may have been in full swing but the cogs that actually create jobs are still rusty. The Government has also announced other such job creation schemes in the past. If the number of jobs it announced in the past year materialised, there would be no unemployment and a shortage of labour.

The success of its recent plan hinges on the Government's resolve and ability to keep job creation and enterprise development to the fore of the economic agenda. This involves more than just launching a plan. It involves investment and putting in resources to see the plan through. However, the Government will fall down on this and the job creation plan risks being shelved as just another public relations stunt.

Not only are we thrust into having massive structural deficits caused by an unchecked property crisis, but drastic spending cuts are throttling the domestic economy. The deflationary economic trend is disastrous for the public finances as it erodes current taxation levels while the debt burden rises. This austerity Government is failing while unemployment is soaring. People cannot afford day-to-day living and businesses cannot get access to credit, thereby creating more unemployment and emigration. That is the only policy the Government has.

The financial markets are not rewarding austerity but the opposite. As the State has introduced a bank guarantee and Anglo Irish Bank is nationalised, investors are assessing Ireland and its banking system as one. The State's sovereign debt has become tied to our banking institutions. The most recent increases in interest rates on Irish State bonds were directly linked to the uncertainty surrounding Anglo Irish Bank and Ireland's ability to pay its debts.

What is needed is a job creation policy with funding provided to small businesses to help them survive and to be able to take on more employees.

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