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GOVERNMENT PLANS to spend €39.4 billion on a seven year capital investment programme appears impressive until you realise that, 10 years ago, a similar programme was costed at €57 billion and, before the economic crash, that seven-year investment figure had risen to €184 billion. The backside is truly out of our designer- trousers.

Still, €39.4 billion is not to be discounted as an economic stimulus, even if spending for the coming year will be cut by €1 billion. The ability of under-pressure Government Ministers to present a reduced capital programme as good news was impressive, with Taoiseach Brian Cowen leading the charge. In an atmosphere of economic gloom and high unemployment, they sold the job-creating potential of the programme rather than dwell on the reduced amount of the State’s investment.