MINISTERS MUST be shell- shocked by the daily stream of job-loss announcements – it’s the only way to explain the torpor that seems to have engulfed the Government of late.
While the British, French and other European countries bail out various industries and US president Barack Obama cracks on with his stimulus package, we’re hung up on who knew what and when about Anglo Irish Bank.
About 100,000 jobs will be lost in Ireland this year – if we’re lucky. Many of these are in low- end industries, with companies migrating to cheaper locations. These jobs won’t return and will be virtually impossible to replace.
So where will the new jobs come from? Not from financial services or tourism. Retail is on its knees and the pub and restaurant sector is creaking. Construction is bust but fast-food chains are thriving as we comfort eat to beat the blues.
The Government has trumpeted the so-called knowledge economy, but it won’t produce the volume of jobs needed to replace those lost and, in any case, it could take years to get them flowing. Nor will foreign direct investment do the trick. While welcome, it will simply not deliver enough jobs.
Across the board, pay cuts of 5 to 10 per cent will probably not be enough. We’re in big trouble and lacking decisive leadership from Leinster House.
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