I thank the Taoiseach for his prompt action last week in regard to the pension being reinstated to Annie in Ballyfermot.

I would like to draw out the points I made last week. Will the Taoiseach join with me in marking the passing of the folk singer, Pete Seeger, who wrote and recorded some of the most famous protest songs used by the civil rights movement of the 1960s? He was not just a folk singer; he was an organiser and a socialist activist and he and the Weavers were blacklisted during the McCarthy era. Pete Seeger spent his life fighting for justice and against austerity, inequality and creed.

The recent report by Oxfam aimed at the World Economic Forum and its recent meeting in Davos, to which the Taoiseach flew out after I raised these issues last week, shows a world of unbelievable inequality and an enormous concentration of wealth in the hands of a few side by side with massive poverty, squalor and disease. The 85 richest people in the world, who could fit comfortably on a double decker bus, have wealth equal to 50% of the poorest of the world's population, that is, 3.5 billion people. The richest 1% own almost half of the world's wealth at 46%, leaving the balance of 99% for us. In Ireland, we have the same process of inequality where 1% of the population receives 10% of the national income. It has increased its share of the national income by more than 50% since 1980.

Some crocodile tears were shed at Davos but, as one woman leaving the conference said, the issue of inequality seemed to dissipate off the table. There was no serious discussion on, or support for, the pledges Oxfam asked the rich to consider, namely, to stop evading taxes and support progressive taxation-----

A question, please.

----- to stop using their influence to lobby and coerce governments to introduce policies in their favour, to disclose the real ownership of companies and to pay decent wages, but this is like asking a wolf not to eat sheep. We are dealing with a capitalist system based on creed, profit and inequality.

Could I have your question?

After attending that conference and hearing some of the comments and the request from Oxfam, will the Taoiseach reconsider his austerity programme and consider taxing the wealthy in this country and bringing in an effective corporation tax, which will deal with the issues of inequality and social equality?

The late Pete Seeger's words and music will last for a very long time. I am quite sure that sometimes I could take consolation from one of his songs, "If I had a hammer". It could be useful.

I recall the Seeger sessions in the Point with the Boss. They were quite incredible.

The Deputy made a serious point about the World Economic Forum. I have been there on three occasions. On the first occasion, Ireland was in very poor shape. Last year, it was a case of engaging in discussions on the promissory note and what progress we might make. This year, there was a very different interpretation and perception of our country. I had the opportunity, as Taoiseach of a small country, to tell our story in an extraordinary meeting with people from the United Nations, the World Bank, the OECD etc. - all of the people who carry real influence. I pointed out that we live in a world where 1 billion people are starving, 1 billion people are obese and 4.5 billion are in between. For the first time in human history, dietary problems have surpassed medical problems. The influence, responsibility and capability of world leaders to impact on these things is quite striking but it requires political decisions and a fixing of objectives in terms of what we can actually do.

In this country's case, I pointed out, the exceptional humanitarian contribution our people have made over very many years. This is one of the few countries which can say that since the United Nations was founded, it has had people on peace-keeping missions or involved in humanitarian efforts in locations around the word. Ireland's story of progress to date is one in which other countries have an interest but it requires clarity of strategy, a clear plan and decisiveness to implement it. If one got that response from the European Union, think of the potential one of the largest markets of 500 million could achieve in the context of what the Deputy mentioned.

At home, that is why we reversed the reduction in the minimum wage; took 300,000 out of the universal social charge net; did not increase income tax and improved the options for research, innovation and development. Two days ago, I was glad to see a firm coming back to Ireland and announcing 500 jobs. The chief executive of that company referred specifically to the benefit to families where people are able to contribute to the local economy again.

Of course, there are real challenges but they are ones of which the Government is not ignorant. We are very cognisant of what it is we have to continue to do to hold the momentum and to keep our objectives in sight, which are to sort out our public finances and put our people back to work.

The specific pledges Oxfam asked people at that conference to consider were not to dodge their taxes, not to use their economic wealth to seek political favour, which is lobbying governments to implement their policies in privatising essential services such as water, waste and other utilities, to make public all their investments and companies, to support progressive taxation on wealth and income, such as wealth taxes and corporation taxes, to challenge governments to use their tax revenues to provide universal health care, education and social protection, which has been decimated in many countries, and to pay a living wage to workers in companies they own or control. This is about transparency, accountability and fairness but that was not dealt with, nor was it ever going to be dealt with, at that conference.

A question, please.

After seven austerity budgets, will the Taoiseach continue with the same type of policy of not taxing wealth and not diverting that money to where it should be, namely, social structures? Does he believe that if he continues in this way, there will be social revolution, as was said by commentators on the Davos conference?

Of course, I understand the challenges so many people have had to face with the challenges of the past three budgets. This has not been easy for so many people but that is why the Government has introduced a whole raft of opportunities for those in mortgage distress to be dealt with, for small businesses to have access to credit and for opportunities to take people off the live register and put them into the world of work. The situation is very different from what it was. The Government, in concluding the past three budgets, published its medium-term economic strategy to 2020. The signposts and objectives in the coming years are very clear and we intend to achieve those. That is all based on strengthening our economy and providing opportunities for jobs and work because, irrespective of what else happens, that will give people the opportunity to contribute, to have a life, to be able to raise their families and to contribute to their country.

One cannot do that if one is living beyond one's means. We could not do that with the desperate situation we were in. For instance, the decision by Moody's to change its rating of Ireland to investment status means that some of the largest sovereign wealth funds in the world are able to come here and consider investing in Ireland, which they could not do when we were not rated by all of the rating agencies. I assure the Deputy that we intend to continue to provide opportunities to people. We want to ensure employers can access credit and take people off the live register. We want to give small businesses an opportunity to set up in niche areas which can grow. I remind the House that two thirds of the 58,000 new jobs that were created in Ireland in the last year were created by firms that have been in existence for less than five years. In the next decade, the vast majority of the jobs that will be provided in Europe and beyond will be created by companies that have not yet been heard of. Over 10,000 innovators turned up at the Dublin Web Summit last autumn. We have enormous opportunity and potential. The Government intends to give that its head in the time ahead.

If the Taoiseach had read The Price of Inequality, his answer would have been very different.

Go over and sit on Gerry's knee.