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Govt must take charge of the economy

Last update - Thursday, July 30, 2009, 12:59 By Metro Éireann

Our economy is in dire straits, no mistake about it, and what we need is an infusion of confidence in the system.

But this isn’t what we’re getting from the Government. Instead they’re and playing to the gallery, firing political cheap shots at easy targets – such as immigrants.
Certainly some things have to change, as the recent report of An Bord Snip Nua has made clear. But immigrants should not have to bear the brunt of any cutbacks at the expense of others.
As Michael Casey wrote in The Irish Times on 26 May last: “The economic policy choices available are down to either restoring stability to public finances at the expense of the economy, or re-inflating the economy at the expense of public finances.”
I support the latter; to prevent our economy from collapsing, businesses must be able to keep their doors opened to an employed public with disposable income.
Although this would require some borrowings, it would surely stimulate the economy by boosting demand, keeping factory gates and shop doors open, creating jobs, expanding the tax base and increasing revenue. This would on the one hand guarantee a halt to the economy’s downward spiral, while ensuring a growth trajectory on the other.
What we’re getting from the Government, however, is scrounging and rummaging in the pockets of already pauperised citizens through the imposition of higher taxes and levies.
Our leaders could do a lot better by instilling and boosting consumers’  purchasing power and confidence, instead of chasing shadows to maintain the status quo.
Victor Abayomi Oluwi
Dublin 15

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