The framework was formally launched at a webinar today (Thursday, 10th September) addressed by SIPTU economist, Michael Taft, Maynooth University Lecturer, Mary Murphy, NERI co-director, Tom McDonnell and SIPTU Deputy General Secretary, Ethel Buckley.
Michael Taft said: “The Government needs to spend the resources necessary to shore up the productive economy. Over the medium term, it should abandon the Programme for Government’s balanced budget target. Instead, it should adopt the golden rule whereby the current budget of day-to-day spending is brought into balance or even a small surplus while productive investment is deficit-financed, or borrowed.”
He added: “Our framework expands on four core proposals which are essential to a fair recovery from the economic impact of the Covid-19 crisis. These are that economic growth will stabilise our public finances, there must be borrowing for productive investment, an expansion of the tax base is needed for social and economic prosperity and that a worker-centred recovery is essential.”
Ethel Buckley said: “This framework is an important contribution by SIPTU to the debate on what is the best way forward for Ireland in the face of the many challenges we face as a people and economy. It will form the basis of a wider drive by SIPTU to ensure that workers and their families are not forced to pay the price for the difficult times ahead but rather that out of the present crisis we build a more equitable, progressive and productive country.”
To read the full ‘Progressive Fiscal Framework’ policy for economic recovery click here.