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Sinn Féin propose €2.9 billion stimulus package to kick-start economy

10 May, 2011 - by Pearse Doherty TD


Speaking in advance of today’s Jobs Initiative Sinn Fein Finance Spokesperson Pearse Doherty has said that ‘the government should invest €2.9billion in a stimulus package to kick start the economy, saving and creating 75,000 jobs in the coming 12 months.’

Deputy Doherty said:

“Sinn Féin believes that they only way to get the economy back on track is to invest in a major stimulus package. Our proposals, the detail of which we will outline during the Dáil debate on the Governments jobs initiative, aim to save and create jobs, assist small and medium sized businesses, help hard pressed families and boost consumer spending.

“A stimulus in the order of €2.9 billion over the next twelve months is not only affordable, but is urgently needed if we are to break the downward spiral created by Fianna Fáil’s policies of austerity now followed by Fine Gael and Labour.

“Such a stimulus would not only get people back to work, it would also assist in reducing the deficit by increasing tax revenue and reducing social welfare expenditure.

“Sinn Féin would use €2 billion from the National Pension Reserve Fund to fast track labour intensive infrastructure projects. These would include school and hospital building, upgrading water infrastructure, developing public transport networks and rolling out State wide broadband services.

“Sinn Féin would also inject a further €500 million into the economy in the form of a family stimulus package funded through additional tax revenue. The aim of this package of measures is to reverse some of the heavy burden placed on working families and those on social welfare by the last government and in doing so to boost consumer spending.

“In addition to this family stimulus package, we would also immediately abolish the Universal Social Charge releasing a further €400 million of spending power back into the local economy.

“Sinn Féin has consistently argued that the Government can not cut is way out of the recession. The only way to reduce the deficit and return to positive growth is by investing in jobs, boosting consumer spending and strengthening the local economy.

“The policies of austerity implemented by Fianna Fáil and now supported by Fine Gael and Labour are not working. We need a new approach. Sinn Féin believes that investment in jobs to kick start the economy is the only credible alternative.”

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