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We need to adopt some ‘Is féidir linn’ attitude
By Jim Power
I am currently in the middle of a two-week programme in the US promoting economic development in rural areas.
Given the endless negativity and monotonous repeating of the same old arguments about issues such as burning bond holders, household charges and fiscal austerity in Ireland, it is really great to spend some time amongst people who are characterised by positivity and a can do attitude, despite considerable economic challenges.The US economy is of course still struggling to emerge from the most difficult set of economic circumstances that has beset the nation since the 1930s, but there is still very much a sense that the economic difficulties are gradually easing — the labour market has been showing decent signs of recovery in recent months, manufacturing and service sector activity is still expanding, and although relatively weak, there is a reasonable level of consumer spending. Indeed in parts of the country construction activity is starting to rebound quite strongly. All in all, the economy is moving along at a modest pace and, while it still has a distance to go before it returns to its potential growth rate, at least it is moving in the right direction.
The issue that is dominating the media at the moment is the Republican presidential campaign. It is interesting to observe that politics is basically practiced in the same way all over the developed world. The Republican candidates are tearing each other apart with an amazing level of ferocity. It makes one wonder how Mitt Romney, assuming he wins out eventually, will ever be able to get a united party behind him to take on Obama in a serious fashion.
Indeed the Republican party looks like an organisation that is totally split down the middle between the moderates and the “tea party” extremists. This will of course benefit Obama and, despite his own difficulties, he can stand somewhat on the sideline and allow the opposition tear itself apart.
Obama’s proposed $3.8 trillion (€2.9tn) budget for 2012/ 2013 is really only of academic interest given the year, but it assumes greater importance when viewed as Obama’s election manifesto. In terms of appealing to mainstream Democratic voters it does appear to tick many of the boxes.
The broad thrust of the budget is to increase taxes on the wealthy and increase spending to try to stimulate economic activity. He intends to end the Bush-era tax cuts for families earning over $250,000 (€192,000); raise the dividend tax for such families from 15% to as much as 39.6%; and introduce a 30% minimum tax on those earning over $1m.
Measures such as these will appeal to the traditional Democrats and would probably go down reasonably well with some Republicans. Based on what I have observed over the past couple of weeks, I would be highly surprised if Obama fails to get re-elected.
In terms of rural economic growth and development, it is interesting to note how much emphasis there is in the US on promoting economic growth at local level. In most states there are numerous agencies working tirelessly to promote economic activity.
The issues that keep cropping up are very similar to those that crop up in Ireland — broadband capability, physical infrastructure, transport links and most importantly of all the quality of the labour force and the standard of education. These are the priorities in the US just as they are here.
One is really struck by the nature of the competition for countries like Ireland, but in a city such as Boston, one is also struck very forcibly by the genuine affection for Ireland.
This is something I have never experienced in Germany, or indeed in any other EU country. I am left wondering if we utilise it enough. I suspect the potential is much greater than we realise.
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