Sunday, September 27, 2009
A "Yes" Likely for Lisbon
The economy dominated the proceedings in the house. I made a speech on the issue on Wednesday evening. I focused on the government debt, and compared the likely trajectory of the debt to GDP percentage to that of other countries.I pointed out that Japan has a percentage of debt to GDP of around 200%. The debt to GDP percentage is made up of a numerator (debt) and a denominator (GDP). Historically in the G20 countries the percentage has been reduced by growing the denominator and I believe that's what we should be doing here.
I am of the view that the way out of the crisis is to invest in infrastructure, education and research, and that we won't create any jobs or wealth by a slash and burn approach.
I spent a lot of time last week out talking to people about Lisbon. I met people in Ratoath, Ashbourne, Dunshaughlin, Laytown and in Drogheda. We were joined on one day by Nessa Childers, Labour MEP for Ireland East. On another canvas Harry McGee of the Irish Times came along. The key message I am getting is that it will be a YES vote, because sufficient people who previously voted "No" are switching, with little leakage from the "Yes" side.
Finally, congratulations to Laytown scouts for a very enjoyable pub quiz last Tuesday in Jimmy Gilna's bar in Laytown. As an ex-scout I was keen to be involved, and I got together a few other ex-scouts who are now Labour party members. Remarkably, my team ended up as the winners, picking up the prize of a dinner for four in the restaurant upstairs. A great night's entertainment, all for a good cause.