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Leaders' Questions (14 Jan 2016)

Joan Burton: A number of comments in the executive summary may have escaped the Deputy's notice, so I would like to draw them to the attention of the House.Ireland's economic rebound is remarkably strong, underpinned by an ongoing successful macroeconomic adjustment and the supportive external environment. Economic growth is projected to moderate towards more sustainable rates in the medium term and...

Leaders' Questions (14 Jan 2016)

Joan Burton: Yesterday we set out our plan regarding how to bring our country and our people forward, so that everybody who wants a job can get a job-----

Leaders' Questions (14 Jan 2016)

Joan Burton: -----and we as a society can move to full employment.

Leaders' Questions (14 Jan 2016)

Joan Burton: What in God's heaven or earth is wrong or irresponsible about bringing unemployment down from 15.2% to 8.8%?

Leaders' Questions (14 Jan 2016)

Joan Burton: That is why the Commission, in its executive report, rightly acknowledges the gains and successes of Ireland. They are not total. We know that.

Leaders' Questions (14 Jan 2016)

Joan Burton: I oversee the Intreo and social welfare offices, so every day of my working life I meet young people who have not yet got back to work. It is my-----

Leaders' Questions (14 Jan 2016)

Joan Burton: -----passion and my mission to get them back to work. We have had remarkable success. That is our objective. The Deputy worked in a previous life with the IMF or the World Bank on debt. When we came into office, the debt level of this country was 123% of GDP.

Leaders' Questions (14 Jan 2016)

Joan Burton: It is now, at the end of 2015, 97%.

Leaders' Questions (14 Jan 2016)

Joan Burton: The projected debt level for the end of this year-----

Leaders' Questions (14 Jan 2016)

Joan Burton: -----is 92% or 93%.

Leaders' Questions (14 Jan 2016)

Joan Burton: I know the Deputy is a policy wonk in this area, so let me say that they are the gross debt levels. They do not take into account the cash balances we have as a country and the interest the State has in the banks, which have already begun to realise cash to the Exchequer and will do so again in the future.

Leaders' Questions (14 Jan 2016)

Joan Burton: If we were to do the calculation in that way, our net debt level is heading below 80%. What is wrong with that? Can the Deputy not celebrate the fact that people are businesses are going back to work, that USC is coming down for people on incomes of between €25,000 and €70,000 and it is capped at that level? What is irresponsible about that?

Leaders' Questions (14 Jan 2016)

Joan Burton: I am not sure the Deputy really understands what the Government is doing.

Leaders' Questions (14 Jan 2016)

Joan Burton: The core reason-----

Leaders' Questions (14 Jan 2016)

Joan Burton: The executive summary of the report acknowledges the core reason, namely, that we had more than 15% of people unemployed in this country as a result of a property bubble which I warned against on numerous occasions - Deputy Donnelly is right in that respect - and which I would warn against if it were to happen again. It was a property bubble as opposed to the recovery here which is a jobs-led...

Leaders' Questions (14 Jan 2016)

Joan Burton: The consequence is that tax revenues, PRSI and USC have grown very significantly. In a balanced budget there has to be scope for some tax reductions. Deputy Donnelly stated earlier that there should have been no reduction in USC. We gave a reduction in USC to benefit the lowest paid at work in Irish society-----

Leaders' Questions (14 Jan 2016)

Joan Burton: -----so as to ensure that work always pays and we then provided further relief, in terms of reducing the USC rate of 7% to 5.5% for individuals earning between €25,000 and €70,000, and it was capped at that point so that very high earners only got the same benefit as an earner on €70,000.

Leaders' Questions (14 Jan 2016)

Joan Burton: Let me tell the Deputy about Ireland's current capacity to borrow. Ireland ended up inviting the men in suits from the Merrion Hotel across the road here to take control of the country's finances-----

Leaders' Questions (14 Jan 2016)

Joan Burton: -----because nobody would lend to us.

Leaders' Questions (14 Jan 2016)

Joan Burton: Nobody would lend to us.

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