Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)

I am not disputing that there is a huge amount of waste and that we need savings. However, the savings in terms of the money that will be raised will be a pittance in comparison to the €60 billion or the €120 billion or whatever figure one takes. Yes, savings will be made, but savings alone will not dig us out of a hole which was created by the previous administration, and I accept that.

I look forward to the introduction of a job stimulus package on Tuesday because we need one. I do not think the Minister, Deputy Noonan, will go far enough. More radical proposals need to come forward to get people back to work because unless our society gets back to work the black hole will deepen. The austerity measures taken and the wages people will be on will not stimulate local economies or bring back retail, manufacturing or supplier jobs. Next week, we will debate whatever is created on Tuesday and we will put forward proposals.

Major problems exist in our present situation and the alleged stability programme states on page 8, "The global economy recorded stronger than expected growth in the second half of 2010, and the expectation is world growth will continue to expand at a solid pace in the coming years." This is to be accepted and I do not think anybody will dispute it. Unfortunately, the problem is that this is not the case for Ireland because the State will continue to be dragged down by the unsustainable debt taken on by the taxpayer on behalf of the failed banking sector. While exports are predicted to rise, the report admits - and this is key - that domestic demand is set to remain lacklustre for some time to come. Not only will it be lacklustre but it will continue to recede. The programme also states that disposable incomes are likely to decline in real terms and this is also a key issue. Perhaps this is to be reasonably expected but one might ask who is benefiting from the increase in exports. It is not the Irish taxpayer.

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