MacGill Summer School: There is now a "palpable sense of disillusionment in the country" and many people genuinely believe that they were "hoodwinked" into voting for the Government at the last election, the chief economist with financial services group Friends First, Mr Jim Power, said last night.
In a paper prepared for the MacGill Summer School in Glenties, Co Donegal, he said that while Ireland may have experienced considerable economic growth in the past decade, the quality of life has arguably deteriorated for many. He pointed out that a perusal of the letters page in any daily newspaper will bear testament to the dissatisfaction of the electorate, and commented that "if Ireland was a less stable democracy, one would fear the whiff of rebellion in the air".
Addressing this year's theme of "Building a more civilised society in Ireland", he said that, on the face of it, such dissatisfaction among so many people is hard to understand. Ireland's GDP per capita is now 20 per cent above the EU average, unemployment - although rising - is still low, and the majority of working people can afford a foreign holiday. Many others have holiday homes, either in Ireland or abroad, and the average age of our car stock has fallen. Indeed, in the first six months of 2003, 250 BMWs, 340 Mercedes and 45 Porsches were sold.
However, he pointed out that one can legitimately question the legacy of the now-defunct Celtic Tiger. After a decade of strong growth, Ireland is left with serious problems, including higher than EU average inflation, house prices beyond the reach of many, a physical infrastructure of "Third World" quality, and a health service in a shambles.