Long-term unemployment
Senator White highlights worsening unemployment statistics, especially the 59.9% long-term-unemployment rate, and calls for stronger ministerial action and debate.
Yesterday the CSO launched its quarterly national household survey for the second quarter, covering April to June 2012. The results show the continuation of a lack of growth in the economy and in employment. Up to June 2012, unemployment increased by 4,000. The unemployment rate of 14.8% has remained constant for the last few months. The actual figure for the number unemployed is 308,500. I draw Members particular attention to the figure for the long-term unemployed, that is, those who have been consistently unemployed for 12 months or more, which is now 59.9% of the total number unemployed. In other words, practically 60% of the unemployed people in this country have been out of work for a year or more. This figure is growing consistently.
The CSO report also shows a drop of 30,000 in the labour force in the year to June 2012.
This indicates that emigration could be reaching 40,000 people a year. I would like to see some emotion expressed by the Minister for Enterprise, Jobs and Innovation and for him to get passionate about dealing with unemployment in this country. He is very excited about the increase in jobs announced yesterday in Galway, which I have no doubt is good. However, two weeks ago, the chairman of the US Federal Reserve, Ben Bernanke, announced that he was to put $40 billion per month into the open bond market on an unending basis to stimulate the economy. He was shaking when he made the announcement. Unemployment in the United States is 8.2%. This morning, Senator Mullins spoke about the lack of credit available to small and medium-sized companies. I have spoken on this issue on at least 20 occasions in this Chamber. I would like Senator Mullins to become passionately excited when the Minister comes to the House and tell him what he said here.
Comment on this
I have no doubt the Minister is a brilliant academic. He is highly educated and a University of Oxford graduate but I want to see passion in him as regards bringing down this unemployment rate. If 40,000 people per year are emigrating, the figure could be 22%. As a person who created a company during the last recession in the 1980s, I know what unemployment does to people. I recommend Members read a document with evidence of the effects of unemployment on the mental health of people in an economic crisis.