Seanad debates
Thursday, 21 November 2002
Book of Estimates, 2003: Statements.
The single greatest failure in this year's Estimates is the very short-sighted cutback in capital spending. I have always taken the view, as would any sensible person looking at the development of the economy, that capital spending is critically important, not just because of the social services provided and the individual projects such as roads, but also in terms of economic development into the future. If we slow down now on roads and public transport development, we will inevitably slow economic development and hence our capacity to pay for these projects in the future. It is a self-defeating cut-back. I would not have thought that the Minister needed to be persuaded of this because he has made this argument a number of times. When cuts in health and so on were offered, with obvious immediate and painful effects, he decided to take the easier option of cutting back on and postponing investment for the future. We will come to count the cost very soon.
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