Pringle: Austerity will destroy economy

Pringle: Austerity will destroy economy

Pringle: Austerity will destroy economy

Independent Cllr. Thomas Pringle said the austerity required by the International Monetary Fund/European Union bail-out will condemn another Irish generation to emigration.

Pointing to offers by Fine Gael, Labour and Sinn Fin to fasttrack the Finance Act this week, Cllr. Pringle said, "The only difference between the parties is whether the budget should be brought into EU requirements within four or six years and all will ensure that years of austerity lie ahead for everyone, where their policies will continue to destroy our domestic economy and condemn another generation to emigration."

The councillor said the domestic economy will continue to shrink and unemployment will continue to rise as the effects of the Universal Social Charge are felt.

"If we do not find a new direction before the end of this year, whatever combination of parties are in power will have to default on the IMF/EU deal as the economy comes to a halt," Cllr. Pringle said. He said there was no quick fix to the economic problems, but said, "We can work our way out of this disaster by using imaginative policies to create jobs and stimulate new industries that can displace imports and rebuild our domestic economy, but this cannot be done by slavishly following the IMF/EU deal and protecting British, French and German banks."