Sir, - Recent reports that the Irish economy will continue to boom in 1999 and that the surplus in the Government's finances by the end of the year may be as high as £4.5 billion are welcome. We are fortunate that, for the first time in our history, we have resources to invest in our social, as well as in our economic infrastructure. Indeed, as recently highlighted by Mr Dermot Ahern, Minister for Social, Community and Family Affairs (July 3rd), many other European countries that have been relatively well-off for decades have had the opportunity over the years to build up their economic infrastructures of industrial facilities, roads and communications and have also been able to develop the essential social infrastructure - pension funds, hospitals, social housing, early education and childcare facilities.
We welcome the Minister's warning that in these times of plenty it is just as important that we invest in our social, as well as in our economic, infrastructure. In this context, the Minister highlights the importance of establishing an explicit social insurance fund to secure the future for coming generations of pensioners, as advocated by the National Pensions Policy Initiative.
We agree with the Minister that the current Exchequer surpluses give us the opportunity to make such sound investments in the future.
In addition to funding pensions, there is another equally important consideration when it comes to investing in our social infrastructure and that is the issue of funding for long-term healthcare. As our population ages over the next generation and beyond, more and more of our people will be faced with the prospect of paying the crippling costs of long-term care. We consider, therefore, that priority needs to be given to examining new ways of financing long-term care which will ensure that the necessary finance can be made available to provide an adequate service. We also believe this may be achieved by integrating the financing of pensions and long-term care to provide for proper social security in old age, recognising the risk that many will need long-term care services and will not have sufficient income to purchase them. - Yours, etc., Dr Michael Loftus,
Chairperson, The National Council on Ageing and Older People, Grand Canal Quay, Dublin 2.