It’s been under severe scrutiny since Enda Kenny revealed his plan to hold a referendum to abolish Seanad Eireann, and last week the upper house fought back. Rather than attack the media for failing to make a case for the country’s most exclusive club (even senators recognised that would be a self-serving step too far), the members instead launched an assault on what they consider to be the unremitting stream of bad news reported in mainstream news outlets.

The Seanad contributions were typically comic. One senator suggested that the media should “step back” from reporting the details of our current crisis “until we see if we can get back some order to the finances”. Others spoke about the need for “balance in the media” and queried the effect that bad-news stories are having on the nation’s health. And they wonder why the public scoff at these part-timers pulling down €70,000 a year plus expenses?

The media has been to the fore in reporting the extraordinary developments of the past 18 months and claims of imbalance are largely in the eye of the beholder. Long before the bandwagon started to roll, this newspaper ran a series of articles highlighting waste and extravagance in the public sector, arguing that unless spending was reined in the public finances would spin out of control. That editorial stance means we are considered to be members of the anti-public sector brigade, but that interpretation is too simplistic. What we oppose is unsustainable public spending and that is quite different.

When the banking crisis erupted last year we were the first newspaper to propose a rescue vehicle similar to the National Asset Management Agency (Nama) that the government is currently putting through the Dail. Supporting Nama means we run the risk of being labelled pro-banker and pro-developer. Again, this is incorrect. Our only concern is the restoration of a properly functioning banking system.

Everybody agrees on the importance of putting in place policies that will restore this country to financial health. There is little agreement, however, on the steps that must be taken to turn that objective into reality. Senators believe that polarised positions have created an unhealthy divide, particularly between the public and private sectors. This is unavoidable in a democracy where issues are thoroughly debated and passions run high.

Seeking to dampen this debate because it exposes uncomfortable realities, as some senators suggested last week, is anti-democratic and dangerous. The public cannot be expected to take a position on whatever decisions the government takes unless it is first given the context and the facts. Naturally the media plays a vital role in that process.

The tax take this year is going to revert to the levels of 2003. That is €2 billion less than predicted last April, proving that the income levies imposed earlier this year have been a failure. Tax increases simply will not work and that is why Brian Lenihan, the finance minister, is so adamant that they will not feature in December’s budget.

Mr Lenihan’s strategy is now clear and he must not be deflected from his stated aim of reducing public spending by €4 billion (even though the argument for an even larger cut can now be made). In addition, he must take steps to stimulate the economy, releasing some of the €83 billion that a worried public is holding in savings deposits. Mr Lenihan must start by cutting the Vat rate, in a bid to boost consumer spending and stem the tsunami of money disappearing across the border. That’s the kind of positive message that everyone, senators included, would appreciate.

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