Economic Crisis

That this Conference condemns the decision of the previous Government to socialise the banking debts by placing the full burden on the backs of the Irish citizens. The Conference further notes that the current Government has failed to fundamentally change this policy that is stifling the ability to develop economic growth and move out of the crisis.

Conference believes and records its opinion that this debt should be repudiated. The Government's economic strategy is not working. High unemployment, falling living standards, business closures and higher deficits are leading us to a high debt, low growth future. Further cuts in public spending must be resisted by all sections of society. Conference calls for a new investment strategy to promote jobs creation and economic growth. We need to substantially increase economic investment in infrastructure, indigenous enterprises, new green technologies and construction, start-up public and private enterprises. The existing semi-state companies have a key role to play and Congress records its opposition to plans to privatise State companies. The way out of this crisis is to generate jobs, increase growth and repair our public finances. We must reject and reverse the policy of sucking further billions out of the economy, we must note the facts that banks are failing to provide adequate credit to new enterprises. Irish private banking has contributed little to the productive economy. It is therefore necessary to not only consider public ownership of the banks but to ensure that their mandate is to help investment in industries and services and to ensure that credit is put to productive social use. Conference rejects the attacks on wages and living standards of working people and notes that labour costs in Ireland are below the EU average. These attacks are not about creating competitiveness but rather about enhancing the profits of corporations. We must recognise that fighting poverty and low pay is a key to growth and this will raise domestic demand and stimulate consumer confidence. Only by developing a strong indigenous enterprise base, both public and private, can we begin to grow our way out of this recession. Alongside this we need legislation to provide workers with the right to collective bargaining and greater democracy in the workplace both private and public. All the evidence shows that greater democracy in the workplace results in higher productivity and a more successful enterprise. These economic choices and the new direction will not come about simply by struggle of the trade union movement on its own. We need a wider debate on how we begin to construct the creation of a left of centre Government which has trade union policies and values embedded in its programme.