Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Saudi Arabia considers rent cap as part of major real estate reforms    Tebuk emir reviews rain response in Tayma    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Ministry of Education forms 425 community partnerships with SR653 million impact    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Published in The Saudi Gazette on 03 - 01 - 2011


US economy growing
n But for many life is not getting better
WHEN people say that the recovery does not feel like a recovery, they are describing reality. The economy is growing, but for many Americans life is not getting better. Unemployment remains high. Home values are depressed. And state budgets are in deep trouble, presaging more layoffs, service cuts and tax increases, The New York Times said in its editorial. Excerpts:
The question for 2011 is whether growth will ever translate into broad prosperity. For that to happen, the federal government must ensure that the recovery does not falter for lack of adequate stimulus, while fostering job-creating industries and committing itself to long-term deficit reduction.
With corporate profits robust and a one-year payroll tax cut set to start this month, there are reasons to hope for continued growth in 2011. Yet, growth is not expected to be strong enough to make a real dent in unemployment, which at 9.8 percent remains close to the recession's peak of 10.2 percent in October 2009.
Rising corporate profits should spur hiring, but recent history is not encouraging. Part of the problem is that companies are more apt to spend their cash on stock buy-backs and acquisitions that increase share prices but not hiring. Many companies that are hiring are doing it in fast-growing markets like China and India.
The rift between recovery and prosperity is also painfully evident in housing. Prices are likely to fall another 5 percent in 2011, as unemployment-related defaults and the failure to adequately address the foreclosure crisis add to the inventory of unsold homes.
Joblessness and the housing bust will continue to batter state and city budgets in 2011. Promises by so many newly elected state officials to balance their budgets without raising any taxes are not only cynical, they are a recipe for more crises to come.
President Obama's recent tax-cut deal with the Republicans included measures to support growth, notably extended unemployment benefits, and the payroll tax cut. Deep state budget cuts could offset much of that, unless Congress funnels more aid to states.
Such efforts, while vital, are only the start. Competing in a global economy requires spare-no-expense effort to improve education. And Washington needs to do a lot more to help create globally competitive industries with jobs that pay well. We have heard President Obama talk about green jobs and rebuilding the nation's infrastructure. The country and the economy need a big idea and a big project to move forward.
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