Follow Ireland’s lead

A recent Associated Press story regarding Ireland should be required reading for all Maine politicians. The story outlined how Ireland has gone from economic doldrums to become the European Union’s shining star. From being among Europe’s poorest nations, it now boasts the EU’s highest per capita gross domestic product.

Of course, employment there has kept pace. The unemployment rate in 1993 was 15.7 percent, but now is the EU’s lowest at 4.4 percent. Multinational businesses used to shun Ireland. Now they flock there.

Doesn’t this sound like something Maine should strive to emulate? Isn’t it a bipartisan goal to attract business to Maine, thus providing employment for our graduates?

The message is clear. Ireland has developed a reputation for being friendly to business, including adjusting its corporate taxes to be the lowest in Europe. Its individual income taxes are now among the lowest in the world. Got it?

Note that taking money out of the economy (via taxes) to “reinvest” in the economy was not the Irish formula. We cannot tax ourselves into prosperity. But governments do enjoy economic prosperity when the private economy is robust.

Dale Sprinkle

Surry