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Boom Bust government made the recession deeper and longer than it needed to be – Tóibín

15 September, 2015


Speaking after the FF and Lab away days, Sinn Féin Jobs, Enterprise, and Innovation Spokesperson Peadar Tóibín TD stated ‘the two sides of ‘Boom Bust’ government coin held their think ins yesterday. The recession experienced by the people of Ireland was designed by Fianna Fáil and delivered by Labour and Fine Gael. The policies that they implemented made the recession deeper and longer than it needed to be’.

Deputy Tóibín said:

“After nearly a decade of stagnation, any economic growth is welcome, but it’s of the utmost importance that growth be real and sustainable, that its built on solid foundations. Unsustainable Bertieland growth will be seen for what it is and will simply prolong the ‘Boom Bust’ cycle that has ravaged this economy.

“Much of the growth being experienced by Ireland currently is being built on external factors not in the control of the Irish state, such as low interest rates and quantitative easing, falling oil prices, the falling euro, and growing the British and US market.

“Secondly, it’s not balanced growth. It is skewed towards contract manufacturing, FDI, and the Dublin region. Demographically, a whole section of Irish society, are locked out of growth through ongoing unsustainable debt. This debt will act as a generational brake for hundreds of thousands of people.

“We need a sustainable, balanced economy which is not based upon bargain basement effective corporation tax avoidance, but is built on competitive transport and communications infrastructure, a highly skilled and educated workforce, a properly functioning housing market with the state fulfilling its responsibilities leading to fair and competitive residential rents.

“A successful economy is based upon a dynamic balance between FDI and indigenous enterprise, with affordable key inputs such as commercial rents, credit, insurance, legal fees, and energy. A healthy economy is underpinned by a functioning health care system. It is fuelled by properly paid workers who can source affordable childcare.  

“This cannot be achieved without investment. This government have stated their intention to cut ‘Government Investment’ from 1.8% of GDP in 2015 to 1.5% in 2020. This will leave Ireland second from the bottom the European Investment scale and recklessly stealing competitiveness from the future.” 

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