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Fiscal Responsibility Bill 2012: Second Stage (Resumed)

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Fiscal Responsibility Bill 2012: Second Stage (Resumed)

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Snippet Contents:

As other speakers noted, this week the IMF admitted it had been wrong about the impact austerity would have on the Irish economy. It told us it had not foreseen the massively damaging impact tax hikes and cuts to expenditure would have on jobs and spending. It is very hard to believe that the IMF, or indeed any economist or commentator worth her or his salt, could have believed that taking tens of billions of euro out of an economy over a short number of years was a good idea. Certainly the citizens to whom Deputy McHugh referred knew that from the absolute get-go. A contractionary approach was never going to work or bring about growth; it will never bring us to recovery.
The Government's decision to continue socialising private debt is not only deeply unjust but is deepening the crisis and condemning in particular a generation of young Irish people to joblessness and emigration. Government failure to secure a real and substantive deal on the Anglo Irish Bank promissory note and its refusal to end the obscene payments by State-owned banks to unguaranteed bondholders makes this Bill almost laughable.