John Halligan (Waterford, Independent) | Oireachtas source

After the elation, back-slapping and self-congratulation on the Government benches last week on the promissory note deal or I should perhaps say re-mortgaging of our debt, people are, rightly, asking what the impact of this reconfiguration and restructuring of our debt will be on their lives in the coming years. As the Taoiseach is probably aware, what has been inflicted on the people in the past three years has been nothing short of horrendous. There is poverty in most communities; 250 people are leaving the country every day, and there has been a sharp increase in suicide rates linked with the recession. People see no end to tax increases, cuts in welfare payments and wages. In recent days we have heard many vague statements that the bank deal will boost prospects for growth and job creation and that money saved will be spent on public services. Is it not time that we heard some specifics?

We have been told, for instance, that last week's deal will ease the pressure on the nation's finances, that the hypothetical wolf is no longer knocking on the Government's door. The Taoiseach has said the Government's restructuring of the deficit will mean that approximately €1 billion will be saved every year and that our borrowings will be €20 billion lower. What people want to know is what is planned for these sums of money which will not be leaving the Exchequer. Are there plans to slow down the pace of fiscal adjustment with easier budgets in 2014 and 2015? Will some of the money be put to use to ease the pressure on individual finances such as restoring some welfare benefits or a clawing back on the increase in VAT to 23% which is destroying job creation and spending in the economy? Will the Taoiseach make a commitment to prioritise job creation, given that the latest figures show that 14.5% of people are out of work? These are reasonable questions for people who have suffered a great deal and been led to believe the deal will benefit all the people of the country. Under the last Government, people had high expectations for the Taoiseach that things would change for the better. They expect something back on this occasion. Will they be let down?

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