Mick Wallace (Wexford, Independent)

There is a spectre haunting Europe. It is the spectre of mass unemployment. At the moment, there are 16.9 million unemployed people in the 17 country eurozone and 24.3 million unemployed in the 27 countries. In Spain alone, there are 5.3 million unemployed. In Greece, one in five people are unemployed. There has been a 40% rise in suicide rates in Greece. Austerity is literally killing Europeans.

The only solution to the austerity induced unemployment seems to be more austerity. The Germans argue that any loosening of the fiscal purse strings will increase borrowing costs and might panic the bond markets, yet economic stimulus is working in America. There have been 23 consecutive months of job growth in the US. They have created 3.7 million new jobs in the private sector alone over the past two years, yet we are insisting on turning our back on such a measure.

The irony is that mass unemployment itself is the biggest barrier to deficit reduction. The best way to cut borrowing levels is to get people back to work and paying taxes. Unlike GDP or inflation, unemployment is the only major economic indicator that measures real human beings rather than growth or prices. Having a job is not just about earning a living and paying taxes. It is about human dignity and self worth. We are looking at serious social consequences, such as financial hardship, emotional stress, depression, loss of morale and status among people, sickness, premature death, crime, disorder and social unrest.

There is more to life than the Government's fiscal package. It is about time it started looking at the big picture.

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