Final Word from Wednesday, January 25, 2012



In his State of the Union Address a few hours ago, BarackObama spoke of how to restore the American Dream. Hetalked about ways to bring jobs home, laying out a blueprintfor an economy based on manufacturing, energy, skills, andrenewed values. The CR has a slightly different problem butneeds many of the same solutions. The CR's challenge is moreto retain existing jobs than to attract new investment. A birdin the hand is worth two in the bush, esp. in times of crisis.Yet investors in the CR are still paying an excessive energy"tax" because of the cost-inefficient outlays by ČEZ's management;investors have to deal with frequent, unpredictable taxchanges, esp. with regard to VAT, making it less attractivefor consumer-goods companies; and Czech infrastructure isbogged down in bureaucracy and corruption. Some businessconsultants are already warning that the "center of Europe"risks moving somewhat to the east once all the new infrastructureis in place in Poland and Ukraine for Euro 2012.

Glossary of difficult words

Euro 2012 - the European soccer championships;

blueprint - something that acts as a plan, model or template;

to retain - to continue to have; to keep possession of;

a bird in the hand is worth two in the bush - it's better to be content with what one has than to risk everything by seeking more;

outlay - an amount of money spent on something;

bogged down - stuck, mired, hindered, overwhelmed.

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