The Minister said the public had contributed to the dramatic economic fall, felt since the boom, by buying larger homes, cars and holidays.
Mr Ryan was addressing TDs yesterday, ahead of the unveiling of Government plans to cut public spending.
Higher energy prices, and the general rise in living costs, have been the result of affluent consumers' spending behaviour, according to the Green Party’s Minister.
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Mr Ryan said: "We bought bigger cars for the status that it gave. We built bigger houses with 'X' number of bedrooms and bathrooms, regardless of how we were going to heat these massive properties."
"We flew to New York in a way that turned Madison Avenue into our latest Grafton Street."
"Let us be honest with ourselves, that is the phenomenon that occurred."
However, Fianna Fáil TD Mary O’Rourke argued that the recent economic downturn is not exclusive to Ireland, rather a global issue.
Ms O’Rourke said: "Listening to some of the Opposition TDs, the impression is being given that this downturn occurred just in Ireland, as if a big bold witch came along and said I’m going to single out Ireland."
"This is a global downturn not one just visited on this country," she added.
(PR)
