Bleak Reality Belies Government Spin on Economy
State media (and media friends of the state) like to report stories that perhaps “65 new jobs have been announced for Dublin”… not telling you that it is over 18 months and half of them will be building jobs that last only a few months. They hype little morsels of good news but fail to tell us about the huge number of bankruptcies every week. What do we expect around election time I hear you say. I’m sure they will be offering us tax cuts next, but only if we vote for them aswell….. oh hang on a minute there they are right on time !!!
Well there is a much more bleak story going on in this country. Business is being crippled by rate hikes and by the imposition of stealth taxes that are killing the consumer and our domestic economy. Thankfully the Journal ran with the real story today and although they highlight a rise in Tech Company start ups it also highlights that these homegrown companies only account for 3% of that sector in Ireland so we are talking very small greenshoots.
The worry is that with the mainstays of our domestic economy on the verge of collapse and the hard pressed consumer burdened with ever more taxes, it is hard to see where even the Tech start ups are going to find customers.
66 per cent of hotels and restaurants at risk of collapse
The construction industry and retail sector are not doing too great either, according to credit-risk analysts.
Image: hotel image via Shutterstock
FIGURES FROM LAST month show 66 per cent of hotels and restaurants are at risk of collapse and other industries are also in trouble.
The figures from credit-risk analysts Vision-net.ie reveal that last month 61 per cent of construction and 53 per cent of wholesale and retail businesses were also facing collapse.
The wholesale and retail sector is also currently the most insolvent, followed by professional services and real estate. The construction sector also showed the most improvement in this regard in April, with a 41.4 per cent reduction in insolvency on the same month last year.
Over half of insolvencies were recorded in Dublin, followed by 5.5 per cent in Meath and Kildare.
In March alone, some €15.7 million was awarded to creditors for non-payment of debts and a large number of these cases involved consumers failing to pay for goods or services.
Of the total, 254 of these, worth €12.8 mllion, were awarded against consumers in March, with an average of €50,307 per judgement. While the figure appears high, it is still a 17 per cent drop on the number of consumer judgements in the same month last year.
Despite the shaky business environment at the moment, there was a 47 per cent increase in the number of tech start-ups last month compared to April last year.
Figures show there were 122 of these start-ups last month – a considerable rise on the 83 last year. The IT and tech sector was the fourth most popular industry for new company start-ups.
ICT currently contributes €72 billion to the national economy but only three per cent of that is generated by Irish companies. Christine Cullen, Managing Director of Vision-net said it was “heartening” to see Irish tech entrepreneurs committed to investing their skills and ideas here.
Government parties will as usual promise the economic recovery, tax cuts, handouts coming up to the election. Enda Kenny is still using the laughable mantra of “jobs, stability, growth”. In reality we all know none of it is true. They have been, and continue to, hide the reality shown here. They massage the figures and spin until we’re dizzy looking them. We know they just want our vote and will promise us anything. They will even orchestrate events to pretend to be having ‘in fighting’ so they can make it seem like they will give us back a morsel of the water tax they are stealing from us in the first place. That will make us like them again wont it?
No. No it wont. We need people who will go to the root of these problems. The reason for all the extra taxes and rates and liquidity problems. Stand up to the economic terrorists. DDI intends to bring those people to the fore who will do their utmost to take back our country from the vulture capitalists and give business a fighting chance.