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Fareed Zakaria
Works at CNN
Attended Yale University
Lived in new york city


Fareed Zakaria

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The question we should all ask is: What would make this economy grow? What has stopped it from growing much over the last few years - indeed over much of the last decade?

One theory heard a lot these days is that the economy is burdened by excessive government regulation, interference and taxes. Cut them, the Republican candidates all say, and the economy will be unleashed.

It's a compelling picture, but the data simply do not support it.

The Organization for Economic Cooperation and Development (OECD) released a study last week measuring tax revenue as a percentage of GDP. Of the 30 countries studied, the United States came in 27th. Taxes are low in historical terms as well - the lowest since the early 1950s.

The Kauffman Foundation, which looks at the level of U.S. entrepreneurship, found that in 2010, 340 out of every 100,000 Americans started a business each month. That rate hasn’t changed much in the past few years; it is only slightly higher than in 2007, before the recession. Regarding regulations, Bloomberg News has crunched the numbers and found that the Obama administration has not reviewed or issued significantly more rules than its predecessors.

Or look at competitiveness. The World Bank publishes a report that looks at "Doing Business" across the globe. The U.S. ranks 4th in the world. The World Economic Forum does an annual ranking of overall economic competitiveness. The U.S. ranked fifth. In both these rankings, the countries that score higher are tiny places like Singapore and Finland, with populations often at 5% that of the United States.

And these rankings have not slipped much over the last decade. So where has there been change? Where have we slipped?

The answer is pretty clear. Only five years ago, American infrastructure used to be ranked in the top 10 by the World Economic Forum. Now we're 24th. U.S. air infrastructure has gone from 12th in the world to 31st - roads from eighth to 20th.

The drop in human capital is even greater than the drop in physical capital....(Read on or watch the video through the link below)
Randy Resnick's profile photoChristian Parley's profile photoMichael S. Ruedas's profile photoSatya Murti's profile photo
Over taxation and regulation is certainly not the cause of the slow/no growth.  Under investment in infrastructure and people is the problem.  But how to accomplish that?  No suggestion was given here.  I suggest the sound and well proven in practice concept of shifting taxation from earned incomes to unearned incomes/values especially private ownership of land and natural resources.  This first will remove the clear disincentive of destructive taxation on earned incomes from labor (this would call the conservative/Republican bluff regarding lowering of taxation) and real capital invested in the real economy and second could  provide more than enough non-incentive destroying public revenue to pay for public infrastructure and development of human capital.  
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If you're the leader of a country these days, chances are you have historically low approval ratings. It's true of Obama, Sarkozy, Merkel, but also the Prime Ministers of Japan and India, and the leaders of the Arab world. We are living in an era of global dissatisfaction.

So I found it surprising that one nation just re-elected its president by a whopping margin. This incumbent won 22 out of 23 provinces, and beat out the nearest contender by 37 percentage points. No, this is not a Russian election...

It's actually the leader of a pretty vibrant democracy: Argentina's Cristina Fernandez de Kirchner. If you gauge the mood from her victory parade, Argentines are happy and prosperous. They've had eight years of strong growth, leading up to a 9% rise in GDP this year. Annual salary increases there are approaching an astounding 30%. Imagine if your boss put 30% more in your paycheck next year. You would be happy, too.

But the success of Argentina's comeback may also be blinding the country to a build up of problems. Loose money, large subsidies and a cheap currency are leading to inflation. While Kirchner's administration puts the figure around 9%, that number is widely regarded to be doctored. Reliable private estimates put it closer to 25%. Kirchner's populist campaign has promised "beef for all," "fish for all," even "TVs for all." Further subsidies on energy, transport and water are said to cost up to 5% of GDP. Meanwhile the surpluses that led to Argentina's decade of fiscal stability are now dwindling - at the rate of two billion dollars a month.

While the remedy to that is structural reform, Kirchner has instead resorted to crude protectionism. And external headwinds are on the way - a global slowdown will mean lower incomes from agriculture and reduced demand from China and Brazil. Simply giving people subsidies doesn't work in the long term: Sooner or later, the money runs out. And so does popularity.

Partying hard is fun, but it is often followed by a painful hangover.
Phil Miller's profile photokamala sistla's profile photoGrant Hancock's profile photoKamal Kyrala's profile photo
Fareed, I just posted the comments below on a Daily Mail g+ post on the cornish pasty farce in the UK. I'd be interested in your views on this. Is dissatisfaction down to primarily the economic climate, or is it a combination or that and technological progress...
Technology has irreversibly changed the dynamics of politics. It reveals almost instantly public sentiment and so exposes media choreography that used to work so well at fooling us and protecting and perpetuating them, but now serves to make them just look foolish. We are demanding a new type of leadership, not a Cameron or a Miliband, but someone we actually like, someone who resonates with the people, inspires the majority, and lays it on the line. This will happen, the only question is how long will it take to deconstruct the existing hierarchies. The Tories may have already started.
The other thing technology brings is the possibility of true democracy. We have MPs, Lords, the existing system because historically and practically we needed a hierarchy and we needed to give them 4-5 years to have a good shot at governing. Interestingly, it's now possible to imagine dispensing with all this nonsense, inefficiency and corruption and let people vote on the process of managing the system on a daily basis. We're probably not there yet but someone should start a new party that promises exactly that - you the voter make the daily decisions. It'll be interesting for sure.
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As James Lindsay points out on "What does economic inequality in the United States look like compared to the rest of the world? To answer that question you need to know a bit about the Gini coefficient, the most common metric economists use to measure inequality. The Gini coefficient runs on a scale from zero to one, with zero indicating total equality and one indicating total inequality (that is, one person has all the income and everyone else has nothing). Based on data from 2005, the last year for which comparable data are publicly available, the United States had one of the highest levels of income inequality among OECD nations."
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Unearned income (income and economic value pocketed by someone other than the one or the community that creates that value) especially from near monopoly ownership of land and natural resources is the historic root cause of the disparity of wealth and income.  It is estimated that unearned income from this and other sources amounts to 40+% of GNP in the U.S.  It is only less in countries that manage to tax this kind of income/value to pay for public services.  The U.S. does a terrible job of taking back to the community the value that such services give to land and natural resources.  It is the unquestioned free lunch subsidy given to land/resource owners.  It is the flaw in capitalism which is inherited from feudalism and is not properly considered part of capitalism except by those owners of the earth and their apologists who like to hide in the legitimate skirts of real capital and real free markets.
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After the S&P downgrade of the U.S., no country with a presidential system has AAA rating from all 3 major ratings agencies. Do we need a prime minister?
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Hello Fareed at CNN. I read your posting  regarding the presence of North Korean doctors in Libya. I concur with your view on this issue. How ever please find out a similar story on The Gambia where western food is considered to be one of the causes of erectyle dysfunction for Gambian youth, per remarks from Yahya Jammeh the head of state. The irony here is that the same head of state invited Syrian doctors to the small west African country! Syrian doctors??? When Syria needs these doctors more than the entire ECOWAS Economic community of West Africa states combined. If you want to find out simply search for the name Yahya Jammeh. Or extend the search thus find out what he said regarding western medicine  and see.  President Jammeh also claims to be able to cure HIV Aids. May sound surreal but true Fareed. That will just be the tip of the ice berg though.
Essa Bokarr Sey
Louisville Kentucky USA
US citizen.
Resume - Former Gambian Ambassador to the United States of America, France and China.
Current - Analyst, columnist and researcher.
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Here's my conversation with the man behind the "Ground Zero mosque." Real estate developer Sharif El-Gamal came up with the idea in the first place, and is still pressing forward with it.
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I want it to be built....the more steps we take in integrating different ways of thinking, religion, lifestyles, etc, then my hope is the more open minded and accepting we will be. Sandeep has is oh so right. When everyone stops generalizing and realizing that HATRED is the issue (not Islam), then we will be better suited to maybe, just MAYBE fixing the ills of this world and making it a better place (rather than exacerbating the problem)......after all, an eye for an eye makes the whole world blind, right?
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In 2009, Senate Republicans filibustered a stunning 80% of major legislation.
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Whatever happened to "silent Minority" ???
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I noticed a strange item in the news this week. An estimated 200 North Koreans are stranded in Libya right now, among them doctors and nurses whose services are much needed back home. Why are they there? Why can't they go back?

Well, it turns out that they were sent to Libya to earn desperately needed hard currency for North Korea's tyrant, Kim Jong-Il. But now, despite Gadhafi's death and the changing circumstances, he'd rather these essential workers stay away. The same goes for hundreds of other doctors, nurses, technicians and other workers in Tunisia and Egypt.

Why? The Arab spring.

The Dear Leader doesn't want these people, who have seen street protests succeed and dictatorships fall, to return and talk about it. In fact, editorials in South Korean newspapers say that only 1% of North Koreans have even heard of the Arab spring. But how you would have such an exact figure beats me.

What we can say for sure is that the North Korean press has simply not reported on any of the popular uprisings of 2011, obviously for fear of sparking protests within North Korea. In fact, Pyongyang issued a statement in March simply saying Libya's dismantling of its nuclear weapons program made it more vulnerable to western intervention. In other words, 'We, the North Koreans, will keep our nukes as our insurance policy against regime change.' So don't expect Pyongyang to disarm anytime soon. The regime interprets the fall of Gadhafi as a cautionary tale. Don't disarm; don't try to talk to the west; don't open up.
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click here.
harley street dental
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U.S. gross domestic product (GDP) has returned to where it was in the second quarter of 2008, before the worst downturn of the great recession. Annual GDP is back over $13.3 trillion (in 2005 dollars), according to new data from the Bureau of Economic Analysis. So economic output is back. But why aren’t jobs?

As Byron Auguste of McKinsey Global Institute explained in our GPS special Getting Back to Work, recent recessions are different. Each economic downturn has had a lag between when GDP recovers to pre-recession levels and when employment catches up. But as the chart above shows, for much of the last century this lag was about half a year. At most it was eight months. But something changed starting with the 1990 recession, which had a lag of 15 months, more than double the length of the 1981 recession.

The recent great recession lag has been longer still. At current job growth rates it will take five years for employment to recover.

What explains this change? Globalization is creating more competition for the U.S. workforce. Automation and technology is raising productivity per worker while requiring fewer workers overall. There are more reasons we explore in the special (, and I'd love to read what you think is causing this change.
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Technology and automation mean that certain sectors are less labor-intensive than they would otherwise be. Those displaced then have to shift to new areas. The problem is that when things change rapidly, the educational system doesn't keep pace. And so jobs shift to whomever catches up first.
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Able Lawrence's profile photoCatherine Smith's profile photoMichael O'Connor's profile photoFareed Zakaria's profile photo
my name is daniela romania i like gps
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During the Reagan years, the national debt tripled, from $712 billion in 1980 to $2 trillion in 1988. Reagan reflected the American public’s basic preferences. We want big government but low taxes. The only way to make this work, short of magic, is debt.
Allan Finkelstein's profile photoJames Marchant's profile photoTochukwu Okafor's profile photoJohn Boyd's profile photo
Reagan hoodwinked the american public about his supposed economic policies. you cannot have governemrnt service without tax increase.if in duobt ask the nigerian govcernemnt
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  • CNN
    Host of CNN's Fareed Zakaria GPS, present
  • Time Magazine
    Editor-at-Large, present
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new york city
I'm the host of the international affairs program, Fareed Zakaria GPS, which airs Sundays 10am and 1pm ET and Editor-at-Large of TIME Magazine.
  • Yale University
  • Harvard University
    Political Science PhD
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