Aaron McKenna’s plan to create jobs and stimulate economic growth focuses on creating a truly conducive environment for entrepreneurs and investors while maintaining the strong links to foreign direct investment. Government bureaucracy for the unemployed and entrepreneurs alike will be done away with and foreign investors will be attracted to Ireland with the same drive that we chase FDI today.
McKenna’s plan will see job destroying taxes cut and jobsworth bureaucracies broken up in favour of entrepreneurial government that itself will take bold steps and innovate to reap success.
Home Grown Business
Foreign Direct Investment has a very positive impact on our economy, but it only directly accounts for 8% of employment. We need to create high quality jobs at home, with Irish entrepreneurs taking the educated workforce that attracts FDI and starting up and expanding existing businesses to grow our economy.
Cash is oxygen and many small businesses are suffocated not for a lack of customers, but a lack of credit to serve their needs. Viable businesses have been going under or not taking off at all thanks to the stranglehold failed political banking policies have had on credit flow in the economy.
As well as cash flow new and expanding businesses need equity investments at all stages, from seed to multiple later rounds to fund expansion. The Venture Capital and other investment markets are underdeveloped in Ireland and growth has been slow.
Between 2011 and 2015 the government will raise tax revenues 26% while cutting spending by 11%. This is not a pro-growth strategy, taking an extra €8.9 billion a year out of our pockets in 2015 than in 2012.
Training the Unemployed
Several years into the crisis a majority of unemployed people are stuck on the dole long term with eroding skills and facing more competition from young graduates. Meanwhile our state training agencies continue to spend billions on make-work programs for themselves, with recent ESRI reports showing that taking many long term FÁS courses reduces your chances of getting a job.