A leading economist has criticised the “multibillion euro holes” in the spending plans of all the major parties.
On Newstalk Breakfast, Trinity College Assistant Professor Barra Roantree said there is an ‘air of unseriousness' to all parties on the issue of economic policy.
“If you look over the last few days in the US there's been front page stories on the Wall Street Journal highlighting the billions that Ireland is getting from almost exclusively US multinationals,” he said.
“We're putting it away into not one, but two sovereign wealth funds and have the money to be spending on [building] the world's most expensive children's hospital.”
Multibillion euro holes
Mr Roantree said there is a ‘multibillion euro hole' in all the major parties' manifestos.
“They have not made sufficient provision for what we think for what the Irish Fiscal Advisory Council tells us,” he said.
“Providing the existing level of services is going to cost in the years ahead.
“That's going to increase because of things like demographics - because wages are going to go up.”
Services
According to Mr Roantree, the Irish Fiscal Advisory Council estimate that providing the same level of services that we have today could cost €22 billion more by 2030.
“All of the major parties have not set aside anything like that,” he said.
“Fine Gael have set aside at most about €18 billion for that.
“Sinn Féin and Fianna Fáil [it] is a bit more about €20 billion – but then all of them have promised new spending commitments on top of that.
“That means that their plans, even within themselves, don't stack up.”
Mr Roantree said this reflects a ‘lack of seriousness’ about about dealing with the challenges facing the country.
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