4 Sep, 2011
Will US do the right thing? | Opinion | DAWN.COM
WINSTON Churchill once quipped that the US always does the right thing — after trying everything else first. Well, when the right thing comes this time, it will be a long time coming.
The US is a country obsessed with instant gratification, defying patience. It likes to indulge in gluttony of all kinds almost tempting fate. With over two-thirds of the economy dependent on consumer spending, little wonder then that the pace of economic growth has been less than impressive given the noose around the consumer’s neck. Being ‘underwater’ in their homes, implying owing more than the worth of the asset, is commonplace. The unemployment rate is persistently high, and has been ever since the onset of the Great Recession, for reasons more than just situational. Structural factors have, this time, contributed to the perceptibly never-ending saga.
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