Gutless Government risks turning economic disaster into a catastrophe

The bad economic news is unrelenting and unforgiving, but the Government is fearful of taking action, even though our recession is the deepest in the developed world, our recovery is many years off and will be weak when it happens, and non-existent until the public finances are sorted

THERE is no time for delay but that is what the Government has decided to do. The economy is in even worse condition than anyone had thought – with soaring unemployment the most visible consequence of a 12% fall in economic activity in the year to the end of March, a decline never before experienced in this State’s history.

There has never been anything remotely like that and the public finances are in rag order accordingly. Yet the Government is going to waste the opportunity to mitigate the disaster somewhat by the implementation of immediate cuts in public spending that will help close the gap between tax revenues and spending.