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Exchequer figures show Government’s approach is failing – Morgan

2 March, 2010

Speaking today after the release of the Exchequer figures for the period ended February 2010, Sinn Féin Spokesperson on Finance Arthur Morgan said the figures are clear confirmation that the Government’s approach to the economic crisis is wrong.

Deputy Morgan said:

“The latest Exchequer data is confirmation that the Government’s deflationary policies, through welfare cuts and wage cuts for lower paid public sector workers, is having an adverse effect on the public finances.

“Sinn Féin cautioned that Government cuts to poor families who are trying to survive on social welfare payments and low wage income would be counter productive. The Government should be encouraging a reasonable level of consumption within the economy, which in turn would help preserve jobs and give much needed confidence at this critical time.

“The Government set out to reduce the budget deficit by making these savage and brutal cuts but today’s figures are a clear confirmation that the Government approach to the economic crisis is wrong; wrong for the people of this State; wrong for enterprise; and now it is clear that it is wrong for restoring the public finances.

“The Government took the conscious decision not to go after those people who could best afford to pay, those individuals earning in excess of €100,000 per annum. They have an opportunity to correct these failures by bringing forward an economic stimulus which would get people back to work, thereby generating a reliable source of income to Revenue and reducing the Social Welfare Bill.” ENDS

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