By Fareed Zakaria
The fiscal cliff looms ominously. But compared with the rest of the industrialized world and the arc of other post-bubble recoveries, the United States is ready for a robust revival.
This is partly because of the dynamism of the U.S. economy, but also because of the timely and intelligent actions of the Fed and the Obama administration. The next president will reap the rewards of work already done.
So it would be the ultimate irony if, having strongly criticized almost every measure that contributed to these positive trends, Mitt Romney ends up presiding over what he would surely call “the Romney recovery.”
Watch the video for the full take.
Is the U.S. economy really quite as rosey as Fareed Zakaria likes to point out or is this just another right-wing fairy tale to make the politicians in Washington look good? It's hard to tell. There are still millions of people out of work and it's dubious that we'll ever return to our former prosperity as we enjoyed in the past. One reason is because of all this excessive and unnecessary military spending which will only continue no matter who get's elected next week.
Îndeed, there are still millions unemployed, but the number would multiply, should Romney take over. His heart doesn't really beat for ordinary Americans. How is he going to create jobs? Where should the money come from?
Virginia might vote for Romney as there would be many servicemen out of work, should defence spending be cut!
In case you dont know, four largest defense contractors are launching program to train 600,000 veterans to fill jobs in manufacturing sector.
Thanks for this important information. I only hope the Democratic campaign informs this great news in their campaigns. We are moving in the right track. I am sure Obama will win this election.
Its really unfortunate how easy the populace can be fooled and Romney knows this. Republicans are certainly aware of the beneficial policies that Obama pushed for. The Republicans want to be in power when the American people can feel the benefits of a democratic regime to basically steal the credit. To me this is complete and utter disrespect to the intelligence of American citizens.
Sorry but you are overestimating this 'intelligence of American citizens' you claim is being disrespected. Poor and middle class people who screamed about Obamacare and socialism, when it was for their benefit. People voting for Republicans every chance they get only because they are the party that wants to stop abortions...all the while knowing full well from every other election that the little guy always gets the shaft from that party. Insane might be the better description of the gen. pop., as Insanity=Doing the same thing over and over and expecting a different outcome. And yes, I say all this AS an American Citizen. Altho a mostly ashamed one due to my fellow Americans' lack of said intelligence, at least evey time we go to the polls...
In contrast of Reagan's legendary job of saving the country from the Jimmy Carter disaster, I'm embarrassed for you.
Go Fareed Zakaria! Great information that should not be forgotten.
u.s. is dead.
It will be interesting if this news gets out before the election. I'm sure the media will play it down and even try not to report it. It will be a disaster for the middle class and even the poor in the US if they don't get it. If Obama doesn't win this election it will be years before they can recover from this loss, if at all. However hopefully the storm will help show how Obama is able to stay ahead of the disaster and is able to keep ahead of it unlike Bush not able to control the need for firm actions to control the disasters.
Obama did not create the mess. He has done his best. The only thing wrong about him is his colour, which still rancors with a lot of Americans!
“The International Monetary Fund's latest World Economic Outlook makes for gloomy reading. Growth projections have been revised downward almost everywhere, especially in Europe and the big emerging markets like China,” he notes. “And yet, when looking out over the next four years – and incidentally the next presidential term – the IMF projects that the United States will be the strongest of the world's rich economies.” Ken Rogoff, Harvard Professor
@Gita – Yes, Hussein has done his best. This is indisputable. That his best was woefully inadequate and has had tragic consequences is also indisputable.
Thanks for the details on that. Also, if you use his middle name in an attempt to other him, your readership will think you of little substance.
Not going to happen, without a lot of changes, in how this country does business.
Certainly not going to happen under Obama, who has zero fiscal ability or responsibility.
I find it so interesting that so many people seem to think that the President controls the economy. In other countries, yes, but in the U.S., no.
The economy cant recover from 16 trill + debt, do the math just for the interest. Oh hang on, lets just print more cash.
Why do some people vote against their best economic interest? If must be social... If you are in the bottom 98% economically why would you vote for Romney, unless it is social identification or alienation If you're in the top 2% why would you vote for Obama, unless you are truly concerned about fairness.. (A person rarely become wealthy or maintain wealth through concerns for fairness.)
The wealthy does not take care of the poor, if that was the case there would be no poverty. For most, only an insignificant portion of their weath is use for philanthropy so they can have that feel good moment. The poor has a reponsibility to not play into the stereotype and do something the change their state. Remembering 'violence is the last resort of a limited mind'. There is no place for it.
Some have not paid the full price and others have not faced the full cost...
Because they were fooled by American "dream". Get rich quick.
Sorry Sport, but you're the fool. Even in today's economic climate there is plenty of opportunity in America, more than in almost any other country. In '99 I made about $15k. This year I'll make about 10 times that. The dream is alive and well. I'm sorry to say, you just don't have the balls to grab it my friend.
I think next year will be a good one. Whoever is elected will claim it will be because of the election(or re-election).Although a President can only do so much involving the economy.
The U.S. is on the road to recovery? I beg to differ. The actual unemployment rate is above 10%. Even the 7.8% number that the liberal media had been so very willing to tout has been a lie. Anyone care to look at the revised number? Wait, you never heard that they had to revise the number? Well, let me be the first to educate you. The U3 unemployment number is back above 8%. Amazing what happens when you count the entire country instead of leaving out the entire state of California in your math...
Just like Clinton got credit for the Bush recovery.
Not the right place to post this but WHERE IS THE OUTRAGE ON NO NEWS ON BENGHAZI ON ANY STATION BUT FOX? The President lied to all of us about what was happening – 4 Americans were killed – it was a terrorist attack – and yet the phony story about a video continued to be told by everyone, even though the Situation Room, CIA, FBI and everyone connected were watching the event transpire in real time! There is no coverage anywhere about this and I can't believe it!! PEOPLE what are you thinking?
I agree with you totally! First ....Im commenting from 'outside the box' so to speak.......from Canada. Ive been observing the US election from here.................it's so polarizing! ANd yes............what was Mr Obama doing the night the ambassador was murdered? HE went to Vegas for a campaign dinner!?? I would like to see any picture of the situation room during those hours the embassy was being attacked! Lots of answers need to be had.........but where are the other media outlets??? Even CNN...........yesh! If this was a Republican President.......they would be all over this!
I am retired military. I feel due to the range of control the republicans would like to have the plan was put to action the day the begun to run to oust him on he next election. Republicans brought in a candidate and said you get in there and we will do the rest. Romney may be a so call business man but I doubt it seriously if he can clean up the 16years of bushes era. If he does which I doubt it will because congress republicans will now pass the bills.Wake up American and smell the roses it's all Black and White no matter how u look at it. God is in charge of this world not Man-In the end everyone will have to answer to all the wrong doing God bless Americia.........
Rock on Mr President.I am Pround of you and the way I see things recovery is on its way......Rock on
It is sad to not to see any mention of the energy boom occurring in the United States and it's important role in supporting our economy through the recession. This boom has the potential to be nearly as transformative as the technology boom of the '90's, but its impact is being offset by the rest of the economy's weakness. Not only has this helped mitigate the rise in energy prices (arguably a result of failed foreign policy and/or loose monetary policy), it has created many high paying jobs and kept the unemployment rate lower. It is especially ironic given this week's GPS episode includes a segment on fracking that at least seemed to dismiss the environmental concerns with this process. The reality is that environmentalists have banded together to fight fracking as it might limit subsidies to alternative energy projects, which have too often been examples of crony capitalism under the Obama administration rather than investments in the R&D needed to help these technologies make the leap to economic feasibility.
Personally, I lost faith in Mr. Zakaria takes and writings. I was one of the few who was happy to see someone like him make it in todays world as a good journalist and thinker, but after what he did (stealing someone else's ideas) I can't trust him anymore. Also, while I'm reading or even listening to him, in the back of my head thinking is it really his or is it......?
The only reason CNN/TIME kept him is to safe face and pressure from above. Fareed Zakaria GPS is long gone and forgotten ultimately will be cancelled soon. It is just a matter of time.
WOW ... this is INCREDIBLY sad and transparent ... Fareed and the rest of the State Run Media must really be afraid of Romney !!! NOT ONE STORY on the Obama Administrations continuing COVER UP in Benghazi ... and they run drivel like this ! The Economy is NOT better ... and EVERYONE knows it
In a related story Candy Crowley did successfully dust the Romney pet arrier for paw prints ! What we are witnessing is the death of a "free and independent press" !!! It is very sad to watch
Someone tell The Plagiarist that the economy will be in better shape shortly after next week's repeat of 2010.
no. student loans killed us. me anyway. no hope. walking dead.
Is Fareed RETARDED FOR ASKING THIS QUESTION?
no. its not coming back .
Mother nature took care of USA economy before discussion onother solutions even ran. Off course it will be reconstruction for a variety of areas. Public spendings, insurance money and new investments will go into local operations. This will call for planning, design, technichians and manlabor. Which will burst up American economy. American money will chose to do business locally in masonary and not war industry. Hopefully they will employ local people and not immigrants.
Public spendings cannot prop up the economy because the "public" no longer has money to spend. This is not China with an enormous capital reserve, we cannot expect the government to create jobs. Only the private sector can help with unemployment, and Obama is doing nothing to help improve their situation. This can be seen in lethargic job creation. The only reason the rate has dropped is because people have "left" the job market.
why don't they bring trucks of fuel in and get people out of those horrendous lines for fuel in a crisis. for what the oil companies spend bribing politicians (see dirtyenergymoney . com note how they vote accordingly) no wonder its $4 / gallon. they can help these people. its not like they don't use and abuse us.
try being good for once. you would probably make more money that you love so much.
By the way is it true that the Obama administration stopped secret war spending on Iraq and afghanistan by including it in the country's budget. That is during the Bush era funding for the wars was sought of hidden from the public but that changed when Obama took over. If Obama did that then i reckon its a big plus for him, and should not be blamed for growing the USA debt!
I am not sure what Fareed sees as a revival of economy. GDP growth barely achieving 1.5%? Yes, the unemployment rate is 7.8% now, but that is only because people have "left" the job market, not because they found jobs. It requires 150K a month in job growth just to make up for the people entering the job force (population growth). Labor participation rate is its lowest in decades, as working people are no longer looking for work or on things like disability. The household income has dropped to its lowest levels since 1994, and continues to drop. This simply means the economy CANNOT grow, because consumers cannot keep buying without income. This is Fareed's improvement?
why you think a man of colour isn't capable of being POTUS is a clear indicator that the US is still stuck in the race politics of the 40's-50's-60's!! BTW his name 'Barack" is also Hebrew for lightning........so I guess you're going to insist that he's now jewish??
HI TORONTO FAN! (GO ARGOS! ) Yes......the US electoral system is crazy eh???????? It's sooooo polarizing! We are very lucky about how our elections are held here................(federally) short and to the point..and elected! But you must say it's been very interesting to watch from north of the border!
What does color have to do with anything? Obama's had 4 years and hasn't done anything for the economy. Time to go, I don't care what color he is. You're the one bringing up color, you're the one that's stuck my friend.
Keep on dreaming ! As naive an article on the most serious crisis in my lifetime in this country as I have seen. Nothing will change untill Globalism is thrown out, borders get closed, importation of slave labor products stop-we can not compete with Communist China, a totalitarian state. Off shored jobs need to return, but above all -all wars must stop immediately to save money.
It is really funny to see Mr. B's picture behind (he is probably laughing at the nonsense) as if the speech was done in a totalitarian state, by a government functionary with a picture of Stalin behind him-it is all propaganda.
The interest rates are artificially squeezed by Mr.B to siphon off more money from the middle class-he rules this country, Obama or Mitt has little to say. Obama will win (see how accurate I was long ago), interest rates will go up till the U.S. dollar drops in value because of all the printing of paper by the Fed,a private bank. I love to quote Wyndham Lewis who wrote in 1937 : [The central reserve executive ( the guy on the picture behind you ) is able to run the market up or down at will, and overnight to break or make anybody and everybody in the chaos of some "slump".The gentle art of 'buying cheap and selling dear " has never known such a fabulously perfect instrument. ] Mr. B runs the show and it was known in 1937. Ron Paul was the only candidate to mention about ending the Federal Reserve,a private bank, and he was marginalized and viciously attacked by a group of powerful people.
The Global Public Square is where you can make sense of the world every day with insights and explanations from CNN's Fareed Zakaria, leading journalists at CNN, and other international thinkers. Join GPS editor Jason Miks and get informed about global issues, exposed to unique stories, and engaged with diverse and original perspectives.
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Check out all of Fareed's Washington Post columns here:
Obama as a foreign policy president?
Why Snowden should stand trial in U.S.
Hillary Clinton's truly hard choice
China's trapped transition
Obama should rethink Syria strategy
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