Brendan Griffin (Kerry South, Fine Gael) | Oireachtas source

I welcome the opportunity to speak on the Bill. The people made their voices heard clearly on 31 May with regard to the stability treaty. The majority of people to whom I listen in my constituency in Kerry and throughout the country tell me that we must eliminate our budget deficit, do so as quickly as possible and prevent future budgetary deficits from arising. Thus far, this has proved to be stubbornly difficult but it is a necessary remedy for our country and the economy. The move to balance the budget as quickly as possible is crucial to our long-term economic recovery prospects. The burden of budgetary deficits and the years of future negative budgetary adjustments represent a shackle around the legs of the economy, something we must cast off. It is affecting confidence in our domestic economy. As long as the level of confidence in the domestic economy remains low we will be faced with vast problems such as unemployment and emigration.

I welcome that the Bill provides for the establishment of the Irish Fiscal Advisory Council on a statutory footing. The advisory council has a significant role to play in our recovery, but only if it is listened to. Previous speakers have criticised the advisory council. It is unhelpful to hear criticism based on people not agreeing with what they hear. The country must face up to the reality rather than giving soundbites countering what we have no wish to hear. The country must accept that we are spending too much and we cannot afford it. Every cent we spend in excess of what we take in will have to be paid back by future generations and this is something I am uneasy about.

There are two main accepted ways of adjusting a budget: one is to cut spending and the other is to increase taxes. It is four years since the explosion of the current crisis but I believe we still have significant scope to do both. We must ensure that any cuts implemented will not hurt the sick, poor and disadvantaged and that any tax increases do not cost jobs. This is not easy to do but with some imagination it can be done. It has been said many times that the low-lying fruit has already been picked but I disagree. There is still plenty of low-lying fruit left but we must take our hands out of our pockets and reach up high.

See this speech in context