Alternative to years of austerity

While the Government might celebrate our most recent ‘pat on the back’ from the Troika it should react seriously to statistics that revealed the dire health of our domestic economy and the impact on households.

Firstly, the CSO’s estimates for the first quarter of this year show declines for both GDP (-1.1%) and GNP (-1.3%) compared with the fourth quarter of 2011.

Secondly, the research published by the Irish League of Credit Unions (ILCU) highlighted that there has been an increase in just three months of 180,000 in the number of adults that have less than €100 a month to spend after bills are paid.

There are alternative, viable, policies that could deliver recovery. Elements of a Plan B could include a significant stimulus investment in job creation by setting up a Strategic Investment Bank as outlined in the Programme for Government to invest funds from the National Pension Reserve Fund in infrastructure development. Raising significant finance from taxing higher incomes and wealth, rather than lower income households.

Rory Hearne

Siobhan O’Donoghue

Claiming Our Future

Dublin 1