Government must stop digging debt hole
The exchequer returns for the first quarter of 2011 are truly frightening. In spite of all the cuts, levies, charges and taxes, the current account deficit is more than €1bn worse than for the same period last year.
By refusing to slash the €20bn public sector wage bill and the €20bn social welfare bill, our new Government is determined to keep digging the deficit hole deeper. Just to bring these big ticket items into line with European norms would save billions.
I would plead with the Troika not to lend us another red cent. This way we don't increase the debt burden on our children and we have to live within our means.