Figures Show Austerity Strangling Domestic Economy

Dublin South West representative Seán Crowe TD  responding to the latest ‘lack of growth figures’ from the Central Statistics Office said that the Government’s failed austerity approach must be dumped in this year’s budget. Crowe compared the Government growth predictions with an ‘in denial’ out of shape, balding man desperately trying to give the impression of growth by spreading the hair follicles across a receding hairline.

Deputy Seán Crowe said:

“This week we were told by Minister Michael Noonan that Ireland was out of recession even though the local and domestic economy continues to recede and shrink.

“The figures highlight a continued decline in GNP and a nominal increase in GDP. That increase is nowhere near sufficient to meet the Government targets this year. The decline in GNP shows the austerity policy is still strangling the domestic economy.

“When this Government came to power it predicted a 3% growth rate for this year. It has lowered that each year to factor in the negative impact their austerity policies are having on the economy.

“The Government growth predictions are bit like an  in denial’ out of shape, balding man desperately trying to give the impression of growth by spreading the hair follicles across a receding hairline.

“The CSO figures should be a wake-up call for Government to ease off on austerity in next month’s budget.

“They are certainly no reason to break out the champagne and start celebrating.

“The proposed €3.1 billion in cuts and taxes will put to bed any hope of real growth and may lead to an even worse decline.

“With or without the Troika, we are facing a continued period of economic hardship and difficulty. We have been in and out of recession for half a decade now and will continue to stagnate unless there is an about turn in Government direction.”