Labour leader Eamon Gilmore seems to think that a €2.5 billion "adjustment" is all we need. The most recent deficit figures being bandied about are €20 billion+. Gilmore wants to take some sort of "wait & see" approach & hope things fix themselves. This is as he claims that the problems are due to recent unemployment. This hole in the government's finances has been starkly obvious since last August (and predictable from before then). So
Is Gilmore credible ?
Is this leadership ?
PL: If €6 billion this year is too much, what do you think would be appropriate and do you think then that it’s possible to borrow the difference on top of current borrowing?
EG: First of all, the information from Finance is quite scant . . . but I would think that, ballpark, we would be looking at an adjustment of about €2.5 billion for the remainder of 2009.
PL: Should the extra money be borrowed?
EG: Yes, but subject to this -w e can’t have borrowing continuing long-term.
EG: You’ve to get your economy moving again! Unless we get economic activity moving again and get people back into employment, we’re not going to be able to solve the problem in the public finances.