Paudie Coffey (Fine Gael)

I have listened with interest to some of the contributors and heard them refer to a "well-managed economy". When I hear this, I wonder whether we are living in the real world. The economy has enjoyed great growth over recent years and I acknowledge international factors, such as the price of oil, will affect it, but I would not go so far as to say it was well managed. In this regard, the facts speak for themselves. We have just experienced the greatest deterioration in public finances in the history of the State, amounting to €10 billion. In the past five years we have gone from a high to an all-time low. This certainly does not indicate that the economy is well managed.

Having listened to the Government spokespersons, I believe they are in denial. They, as public representatives, know the reality on the ground is that people face serious challenges and are experiencing hardship in regard to front-line services. Some Members have referred to these, be they in respect of education, health or other areas. Given these genuine challenges, we should not be in denial. The Government propagated over-dependency on the construction industry for the past ten years, despite warnings from independent economists, the media and members of the Opposition, who were all called prophets of doom.

We welcomed the construction boom but felt it needed to be better managed. All the while, the Government neglected our competitiveness, export markets and manufacturing industry. Our traditional indigenous industries, which have stood the test of time, are now falling by the wayside. This is not the result of having a well-managed economy.

I come from Waterford, where two flagship manufacturing industries, Waterford Stanley and Waterford Crystal, which have exported all over the world, are experiencing serious difficulties in the present economic climate. These companies, which are bigger than average, have received no help from the Government. Hundreds, if not thousands, of smaller manufacturing companies are going to the wall by the day. I refer to companies employing four and five people. The employers were willing to put their necks on the line, acquire skills and take out loans on the strength of the value of their houses with a view to creating jobs. They are being neglected by the Government, yet we are carried away by the great idea that we have had a well-managed economy. I ask the Government spokespersons to enter the real world.

Thousands of young construction workers and apprentices, trained over the past five or six years, have no prospect of work. The hated word with which I grew up in the 1980s, "emigration", is now being used again. Young fellows from my area are talking about it because they cannot get work. People of my own generation, who have made personal commitments and who have taken on mortgages to buy very costly houses, now face the challenge posed by negative equity. Let us not be afraid of facing up to this if we are to manage the economy properly. The people to whom I refer will be exposed over the next generation and have job insecurities because of the way the economy has been managed and because the Government put all its eggs in one basket. Any financial commentator, economist or adviser will tell one that one should not put all one's eggs in one basket, be it in respect of personal savings or otherwise. However, this is essentially what the Government did and that is why we are so exposed at present.

On the view that we have had a "well managed" economy, I draw attention to the overruns of recent years. Some €52 million was wasted on electronic voting, €160 million on PPARS, €37 million on the Kilkenny flood relief scheme, €99.5 million on Campus Stadium Ireland, €471 million on the Luas and €350 million on the Dublin Port tunnel. Bearing in mind these figures, we must ask what planet we are on if we argue the economy was well managed. Any compliant taxpayer should be appalled. I make no apology for becoming passionate because I am a hardworking member of the tax-paying community and I meet people on a daily basis who have worked hard to build this economy. However, I have no difficulty in stating the Government has put the money down the tubes and has squandered the good times.

We now face serious and challenging times. I refer to national development, regarding which the Government gave clear commitments to the effect it would continue to invest in infrastructure. However, Ireland has almost the lowest broadband penetration in the EU, despite being a country that describes itself as being at the leading edge in technology. Northern Ireland, which is on the same island as this State, has almost 100% penetration in both urban and rural areas. Although Ireland describes itself as a leading economy, our broadband penetration is below 25%. This is a joke.

We also face the serious challenge of climate change in respect of which significant targets have been set. Ireland has committed itself to reaching those targets on a cross-party basis. However, serious financial implications arise in respect of such challenges. How will they affect the Exchequer and how will we meet such targets? My questions pertain to front-line services, cuts to resources and the various challenges regarding the costs of living, food and fuel. Such challenges must be met over the next five to ten years.

Accusations have been made across the floor that Fine Gael is unwilling to stand up and be counted. When my party was called on previously, it stood up and was counted. Fine Gael always has stood by this country and will do so again. We will make serious contributions on how to overcome the problems afflicting this economy and how to bring it back to its desired state. Deputy Richard Bruton, who is Fine Gael's spokesperson on finance and the economy, has made suggestions with the requisite level of detail. However, neither the Taoiseach nor his Ministers are providing such detail. Instead, one hears bland and overscaled suggestions as to how he intends to turn around the economy. Members will see how this will take effect in the years to come. I will pay close attention to how this will affect front-line services, particularly given the waste that has taken place in recent years.