For years American presidents have been judged by their first 100 days in office. That measure of political vigour came as a result of President Franklin Delano Roosevelt’s remarkable first 100 days in 1933 during the Great Depression. It was a time when a quarter of Americans were unemployed; people queued up at soup kitchens; shanty towns sprang up on the edges of US cities.
The 1930s American song Brother can you spare a dime captures the hopelessness of the period. The words touch the heart even now, a worker lamenting the death of the American dream and reduced to begging: "They used to tell me I was building a dream / With peace and glory ahead / Why should I be standing in line / Just waiting for bread?"
Roosevelt offered his “New Deal,” and in his first 100 days he managed to get 15 new laws pushed through the US Congress to kick start the US economy and do something more: to rebuild faith that government in America could actually help people. Since then, the start of presidencies has been marked by a search for similar landmark achievements.
In 1981, Ronald Reagan came into the White House during a very different crisis, trying to secure the release of US hostages in Iran. But he also had an ideological agenda exactly the opposite of FDR's. Roosevelt thought government was the solution to America's most intractable problems – poverty and the economy. Reagan thought government itself was the intractable problem. He used to quip that the scariest words he had ever heard were: "I'm from the government and I'm here to help."
Mr Biden's spending plans for insfrastructure and pandemic relief are of an order not seen since Roosevelt's time
Now it is Joe Biden's turn. At 78 he is the oldest person ever to assume the office of the presidency and that is said to be what spurs him on. In the past two weeks he has announced quite astonishing spending plans to pull the US out of the coronavirus crisis, and do much more besides. The first pandemic in more than 100 years has killed more than half a million Americans, and eliminated 10 million US jobs.
In Minneapolis, the trial of Derek Chauvin, the white police officer charged with murdering the African American George Floyd reminds all Americans of their deep racial divisions – while the storming of the US Capitol by Donald Trump supporters reminds the entire world that America's political and cultural divisions are equally intractable.
Mr Biden’s spending plans are of an order not seen since Roosevelt in the 1930s – so great they constitute a new “New Deal” for the 21st century. They address two serious problems which concern almost all Americans, whatever their politics.
The first is coronavirus. Mr Biden is spending $1.9 trillion on his pandemic relief act, much of which will go to help the least well off Americans. The second thing most Americans worry about is that for all their greatness and patriotism, quite a lot of things in America do not work very well.
Roads, bridges, airports, water supplies, railways, communications systems, ports and other parts of their infrastructure are creaking, substandard and in some cases, literally falling apart. That is why Mr Biden is spending another $2.25 trillion on rebuilding America’s infrastructure through a massive public works programme. The money involved is so great that for most of us, it’s almost incomprehensible.
But the politics behind the Biden new “New Deal” are easy to understand. It’s not just jobs and bridges and roads that Mr Biden is building, it is America’s faith in the idea that government can do things for ordinary Americans to make their lives better.
In 2016 Donald Trump also promised all kinds of immense infrastructure projects, a trillion dollars to be spent on “many, many bridges that are in danger of falling". But Donald Trump’s infrastructure promises, like building his famous “wall and making Mexico pay for it”, proved to be precisely the kind of loose talk that destroys faith in governments and politicians. For Mr Biden therefore the risks are enormous. If – like FDR and unlike Donald Trump – he follows through with his plans, and voters see real change in their neighbourhoods, roads, bridges and the rest, he will boost jobs, boost the economy and – to rework Mr Trump’s favourite phrase – make America great again, but for real.
The result will be that a country which has often been suspicious of Big Government may decide it's not so bad after all. With interest rates low, voters may even be able to have it all – massive public spending and no significant tax rises. More Americans will find work in all those building programmes, and high employment will increase the US government's tax take. That's the optimistic scenario, an American economic sweet spot.
If it goes wrong, and he raises corporate taxes rise significantly, Americans may not be so grateful. It’s worth recalling another of Mr Biden’s Democrat predecessors, Bill Clinton. He, too, wanted to follow Roosevelt but a right wing Republican backlash swept through Congress forcing Mr Clinton to say in 1995 that “the era of big government is over". Joe Biden’s spending spree means in the 2020s, America’s era of big government is back. The big political question is what the post-Trump Republican party can do about it, if anything.
Gavin Esler is a broadcaster and UK columnist for The National
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Quick%20facts
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Company%20profile%20
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Company%20profile
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WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
More on Quran memorisation:
More from Neighbourhood Watch:
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
more from Janine di Giovanni
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Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
It's Monty Python's Crashing Rocket Circus
To the theme tune of the famous zany British comedy TV show, SpaceX has shown exactly what can go wrong when you try to land a rocket.
The two minute video posted on YouTube is a compilation of crashes and explosion as the company, created by billionaire Elon Musk, refined the technique of reusable space flight.
SpaceX is able to land its rockets on land once they have completed the first stage of their mission, and is able to resuse them multiple times - a first for space flight.
But as the video, How Not to Land an Orbital Rocket Booster, demonstrates, it was a case if you fail, try and try again.
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
COMPANY%20PROFILE%3A
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
