TD's warning over Ireland's 'increasing debt mountain'

Aontú leader Deputy Peadar Tóibín has warned the government on its approach to Ireland’s increasing debt mountain.

He elaborated: “This is the second time in just over a decade Ireland is experiencing massively increasing debt.

"The major difference is, on the last occasion Ireland started from a relatively low debt level before the debt ballooned.

"However, on this occasion Ireland’s debt is again rocketing but from a very high base.

“Most estimates indicate that the budget deficit will continue until 2025 with our debt topping out at €270 billion.

"This would mean that Covid and the government management of it will have cost €70 billion in financial terms.

"This works out at a debt of €54,000 for man, woman and child living in this state.

"This equates to over €100,000 of debt for each worker in the state.

"It is likely to mean that Ireland will be the third highest indebted nation of the world surpassed by only the US and Japan.

“There is no doubt that the enormity of this debt has been added to by Ireland having the longest and most severe economic lock down in the EU.

"Extended lockdown has happened here as a result of government mistakes on vaccine roll-out, protecting our airports, protecting our nursing homes, lack of all Ireland cooperation and extremely poor hospital capacity.

“Our debt mountain, however, can be reduced by managed inflation and steady growth," he added.