|
'Recession', 'economic downturn', 'the slowdown in the property market'… is it just me or does it seem like, if we are not exactly in the throes of a recession, we are certainly doing our damnedest to talk ourselves into one?
Despite the fact that we are told the worst thing we can do as we face into a recession is to curb our spending, given the dour pronouncements emanating from all quarters these days, most people would be forgiven for thinking they should rush home and tape their wallets to the bottom of their beds.
It doesn't help that our Finance Minister, who, along with the ERSI, should be acting as our economic watchdog, seems to want to roll over and play dead, recently bemoaning the fact that he had the 'misfortune' to inherit the finance brief just as the economy is going under.
Of course, Minister Lenihan is not alone. The Government met yesterday to discuss the exchequer returns for the first half of the year, which are released today, but, pre-empting cuts in public spending, Ministers have been getting their 'spake' in early, so as we are not too 'disappointed' when things really go belly up.
Secretly, the various ministers must be breathing a sigh of relief now that they have a recession to blame for all their failures. Hospital waiting lists showing no sign of abating….sure we can't afford it… no decrease in the number of children per class room… sure how could we at this tough financial time… no money to finish/start major road projects… are you mad?
The opposition have quite rightly hit out at the gaffe prone Finance Minister, saying he needs to stop whinging and get on with the job of riding us out of this one. However, blame as well as self-pity now need to be set aside in the interests of the country.
Given that economic analysts tell us that the current economic situation is no way as bad as the economic crisis of the 1980s, and the fact that, in theory, we should have learned something from the last recession, the Government needs to take the resolute, prudent and determined action Minister Lenihan has recently spoken of.
Minister Lenihan may have had the 'misfortune' to take on the brief at this time but by taking decisive action on borrowing, public spending, taxation, the NDP etc now, he can play a major hand in Ireland's fortune going forward.
Comments () » |
 |
 |
