The Norman Transcript

Opinion

September 19, 2013

Global challenges could slow recovery

NORMAN — The long-predicted recovery looks like it’s going to take a little longer than originally predicted. Rebounds in Europe and Japan are not enough to push the needle upward in world economic growth.

Economists are now suggesting that global growth will remain below full health this year and next. One percent or slightly better growth is predicted for nations that use the euro, Japan and the United States.

The world’s economic challenges are getting the blame for the sluggish estimates. The Associated Press reports that there’s lots of blame to spread around: high government debt, rising unemployment in Europe, low spending levels by business and unstable economies in some emerging nations.

In the U.S., growth is expected to be 2.3 percent through the remainder of 2013 and climb to 2.6 percent in 2014. An expanding economy grows at 3 percent or better each year. The U.S. economy grew an average of 3.25 percent from 1976 to 2007, but it hasn’t reached 3 percent or more since 2005.

The relatively slow pace of job growth and salary increases is also a recovery stopper. Millions of jobs lost in the Recession are not coming back as workers have increased productivity and made better use of technology.

Congress could have a say in much of what happens before year-end. If the government spending cap is not increased, the U.S. could default on its debt and risk a downgrade of its credit rating.

1
Text Only | Photo Reprints
Opinion
  • Call up National Guard

    We’re not sure it will help, but you have to hand it to Texas Gov. Rick Perry. He deployed up to 1,000 Texas National Guard troops to help secure his state’s border with Mexico this week....

    July 23, 2014

  • It’s only getting worse

    Conditions for children in Oklahoma were starting to look up for a few years, according to the annual Kids Count reports. Now we know it wasn’t getting better. The recession was impacting the rest of the country, dropping their scores....

    July 23, 2014

  • Noting a life well lived

    James Garner never intended to be a movie and television star. He just kind of lucked into it, he would tell those who asked. If you have the itch to act, get a good-paying job and spend your free time at your local community theater, he ...

    July 22, 2014

  • Recount that really matters

    Americans have been hearing a lot about Congressional elections, but there’s another one halfway around the globe that will matter far more....

    July 22, 2014

  • Runoffs get no respect

    The Aug. 26 Republican runoff election for the Cleveland County District 3 commissioner post is one of only 18 races on ballots around the state. Only two races are statewide — the Democrat contests for U.S. Senator nominee and state ...

    July 22, 2014

  • Change some lines

    Editor, The Transcript: Looking at how our elected Republican friends are reacting to the refugee children crossing the border and now being housed in Lawton, I have a suggestion. Let’s edit the Christian Bible in several places to reflect ...

    July 21, 2014

  • New health care system demonized

    To the Editor: In October 2013, soon after we were asked to take over management responsibilities at our family business, we were visited by the company’s health insurance agent. She explained that a decision needed to be made regarding ...

    July 21, 2014

  • Norman Forward builds momentum

    The quiet campaign to build momentum for a citywide public works project is beginning to attract some attention....

    July 20, 2014

  • The longer the wait, the higher the cost

    Editor, The Transcript: Thanks for the great article of July 3 on the Norman chapter of the Citizens Climate Lobby group that recently went to D.C. as citizen lobbyists, working to get a revenue-neutral carbon pollution fee, refunded in ...

    July 20, 2014

  • Tax those trees out of here

    I read your editorial “Pesky red cedars” in the Norman Transcript of Tuesday, July 15, 2014. I have attended two meetings where the problem of the eastern red cedar trees was discussed. Because of the drought conditions in Oklahoma, we ...

    July 20, 2014