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DEFICIT FUELED CASH TRANSFERS COULD BACKFIRE: President-elect Joe Biden said Friday he is putting together a multitrillion-dollar package that would boost direct stimulus to $2,000, a central promise of the Georgia Senate runoff elections. Fulfilling that promise comes with $400 billion price tag. Even before the plan is finalised, sceptics are questioning the consequences of debt fueled stimulus. New research examining the impact of stimulus during the recession in 2008 by Boston University and Brown University economists showed higher direct cash transfers over a longer period boosted savings rather than spending, undermining its very objective. One need not be surprised if more voices of doubts are heard on the efficacy of deficit-fueled spending from the academia and politicians in the days ahead. [COMMENT BY: Babu Das Augustine, Business Editor]
Image Credit: Stock Photo
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HOW LOW WILL SOME PEOPLE GO?" During this pandemic, we have witnessed many of acts of kindness but sadly, there have been some truly disgusting stories emerging too. The worst by some distance has to be the UK conman who claimed he worked for the NHS before jabbing a 92-year-old woman with a fake COVID-19 vaccine. He then charged her £160 and went back to her a few days later demanding another £100. Police are on the hunt for this despicable man and they had better find him, and fast, before he tries this stunt again on another unsuspecting pensioner. It is still not known what substance was injected in to the victim but thankfully she showed no ill effects. But, how can someone take advantage of the elderly in such a sickening manner? People like this need to be removed from society. They serve no purpose except for their own twisted self. It was a disgraceful act that makes the blood boil and once he is found they should toss him in jail and throw away the keys. [COMMENT BY: Imran Malik, Assistant Editor]
Image Credit: Virendra Saklani/Gulf News
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ABU DHABI POLICE FINE DISCOUNTS A WELCOME STEP: In a welcome step, the Abu Dhabi Police has announced a range of discounts on traffic fines for those who choose to make payments early. These discounts can be up to 35 per cent, and discounts apply for all but serious offences. This measure will surely bring much-needed relief to people, especially those facing financial issues. However, it is hoped that this leniency on the part of the authorities should not be construed by a section of the population as a licence for reckless driving. Drive safely, and more importantly, responsibly. [COMMENT BY: Somshankar Bandyopadhyay, Assistant Editor]
Image Credit: Gulf News archives
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INDIA UP AGAINST IT IN SYDNEY: Some more top-level bowling and brilliant fielding from Australia had India on the ropes on Saturday, bowled out for 244 in reply to the hosts’ first-innings 338 on day three in the third Test. At Sydney Cricket Ground, India resumed on 96 for two. However, they dismissed just before the break with Pat Cummins taking 4-29. That included the prized scalp of Cheteshwar Pujara for 50 while Josh Hazlewood removed a dangerous Rishabh Pant, who suffered a nasty blow to his elbow on his way to a breezy 36. With Marnus Labuschagne and Steve Smith once again looking settled, India face a tough task as they hunt for a vital victory. [COMMENT BY: Matt Smith, Sports Editor]
Image Credit: ANI
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ACTIONS HAVE CONSEQUENCES: Rocker Ariel Pink has been dropped from his music label after it was revealed he was one of the many who attended the pro-Trump rally that turned into riots at the US Capitol. He’s not the first to face termination for being there – numerous other attendees have lost their jobs for being part in the violence. They have to face the music for participating in a shameful and dangerous act where people lost lives, property was damaged and hate was spread for the world to see.
Image Credit: instagram.com/arielxpink