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Economic slump a result of failed Government policies – Morgan

23 September, 2010

Reacting to the publication of the Quarterly National Accounts by the CSO which showed that economic output, as measured by Gross Domestic Product, fell by 1.2% from April to June, Sinn Féin Spokesperson on Finance Arthur Morgan said the development shows that the Government’s economic policies are failing and called for a stimulus package to save and create jobs.

Deputy Morgan said:

“Today’s news that the economy shrank by 1.2% in the second quarter of the year is dreadful news, albeit inevitable. The failure by the Government to make an investment in the State, coupled with their ruthless regime of austerity and cutbacks is responsible for today’s figures.

“The Irish economy may have technically emerged from recession in the first quarter of the year but today’s figures underscore the reality that there can be no sustainable economic growth when there is still an absence of jobs.

“Job creation is not a by-product of cutbacks and retrenching public investment. The combination of austerity and financial repression as delivered by the Minister for Finance is failing to deliver economic growth. Economic recovery is being stifled by the withdrawal in public investment.

“The 1.2% reduction in economic output is confirmation that the Governments deflationary policies, through welfare and wage cuts, through reigning in investment and through a redundant banking strategy, are crippling the economy.

“After the Taoiseach’s meeting with job creation agencies yesterday and the release of today’s CSO figures, the need for a stimulus package that will create and save jobs and that will address economic imbalances could not be more evident.” ENDS

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