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Michael Taft 4 March 09
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Michael Taft 4 March 09

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  • 1. Economic Recovery Deflation or expansion Cutting public expenditure and investment Cutting wages Imposing increased taxes on low-average income groups Cutting consumption
  • 2. The Imperative to Expand We need a stimulus programme – a ‘smart stimulus’ to do a number of things: Rescue our banking sector Address our infrastructural deficiencies Maintain wages, income and consumer spending Retool our indigenous enterprise base
  • 3. Mobilising the Resources Low overall debt and access to Central Bank and Pension Reserve Funds Wealthy asset base Public Expenditure Reform Exploiting accumulated and current savings
  • 4. First: Rescue our Banks Bring the Irish banking sector into public ownership Use either ‘good’ bank or ‘bad’ bank proposals to purge the system of toxic assets Redesign the banking architecture according to economic need Recapitalise through the Pension Reserve Fund
  • 5. Second: Address Physical Infrastructure Defects Physical infrastructure – Ireland ranks 64th in the world Road, Rails, Telecommunications, Electricity National Spatial Strategy New Green Deal Urban Regeneration
  • 6. Second: Address Social Infrastructure Defects European only in name Education (No Child Left Behind) Primary Health Care in the Community Pension Guarantees
  • 7. Third: Wages, Income, Spending A wage deal fit for purpose (flat-rate, local bargaining) Improve social welfare incomes (pay-related) Consumer Vouchers Targeted VAT reductions
  • 8. Fourth: Saving Jobs, Retooling Enterprises Redundancy Avoidance Schemes (short-time, career breaks) Solidarity Pact – democratic partnerships at firm and sectoral level Employers: guaranteed credit, sterling stabilisation fund, access to equity Employees: right to collective bargaining, family- friendly work practices, participation in decision- making
  • 9. Fourth: Saving Jobs, Retooling Enterprises Rescue firms through public equity, public- private partnership, public enterprises Key to maintaining our export sector base Key to upgrading in anticipation of eventual international recovery
  • 10. Conclusion Recessions are marked by lack of money and activity Taking money out, depressing activity is the wrong way to address collapse Inject money, investment, jobs, activity into the economy – in those areas and activities that you will need once the recession is over