stop spending subsidies and grants that do not account for new job creation. Make the spending more effective.

Stop spending on subsidies and grants that do not create new jobs! Applications should be measured primarily by new payroll to be created. Any money spent should be accounted for by the actual new hire. New job creation should be mandated for the foreseeable future.
The problem of grants and subsidies is that most of the money awarded goes to often corrupt middlemen, i.e. executives, management, shareholders, lawyers, lobbyists, brokers, bankers, insurance agents, etc. The money will not get re-circulated during recession like this.
Merit should be measured by the new payroll per dollars spent.
Stop awarding grants to government or government lab. Measure actual achievement in terms of new payroll, and punish the agencies and recipients and punish those who don't comply.