Dáil debates

Wednesday, 24 October 2012

Prospects for Irish Economy: Statements (Resumed)

 

4:05 pm

Photo of Eamon GilmoreEamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

I am pleased to have the opportunity to contribute to this debate. In discussing the economy in this House, it is well past time for a bit of perspective and a lot more honesty. When they look to this Parliament, the Irish people are entitled to expect better than fairy tale economics and the politics of denial. We need to be up front with people about how we got into this crisis and what it will take to get out of it. It is wrong to peddle false solutions but it is right to be hopeful about the future. Ireland will emerge from this crisis. We will create jobs, we will improve living standards, we will create opportunities for our young people and we will move on as a country. These are the tests.

Economic recovery is not about statistics. It is about people and it is about a better life for families who are suffering from the loss of jobs or income, who are struggling to get by and to manage debt, or who have been separated from each other by forced emigration. Recovery for people is what matters most. This Government in which the Labour Party is a partner, has one overriding objective, to secure economic recovery. In the 19 months since the Government took office, important progress has been made. Our country is in a far better position now than it was at the end of 2010. We all know that more remains to be done, but we also need to be realistic and clear-sighted about what can be done.

Austerity is one of Sinn Féin's favourite catchphrases. We are constantly told by those who like simple slogans that the Government is pursing a policy of austerity. This is not the case. The Government's policy is not about austerity; it is about solvency. In November 2010, under the Fianna Fáil Government, we reached a point where no one would lend to the Irish State because after the property bubble, activity in the economy fell by 10% in two years. The deficit sky­rocketed, and Fianna Fáil, with the support of Sinn Féin, guaranteed the losses in a broken banking system. This did not come from nowhere. Fianna Fáil is now trying to give us lectures on economics, when the reality is that it destroyed this country.

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