Majority favour stimulus package
Published 04/04/2010 | 05:00
THE Government should have tried a major stimulus package in an attempt to reboot the economy, according to more than half of the country's major corporate chiefs.
Almost 54 per cent of respondents to our survey indicated that Finance Minister Brian Lenihan should have copied the approach in the US, UK and other European countries by introducing a stimulus package to boost consumer spending.
The US emerged from recession quickly and has reported strong growth, with the UK and other European countries also exiting recession, albeit with a massive debt burden.
The US introduced a package of measures worth around $787bn -- split between tax cuts and massive capital-spending projects.
Ireland's attempt at stimulus has been negligible, with small, green home-improvement and car-scrappage schemes introduced by the cash-strapped Government -- which has instead followed a policy of spending cuts and deflation.