2.02.2009

The Only Thing We Have to Fear is Fear of the Foreigner

Uh oh: President Obama appears to be favoring unions and protectionism in his economic stimulus efforts, as linked to by Greg Mankiw's blog: "Smoot, Hawley, and Pelosi" and "Summers vs. Obama". Meanwhile, Republican senator Chuck Grassley asked Microsoft CEO Steve Ballmer to spare the Americans and ax H-1B expats in its 5000-person layoff.

It's as I feared: as the pie dwindles, people clamor to guard their piece, even employing methods that will shrink the pie even more. And President Obama understandably does not appear willing to jeopardize his sky-high approval ratings or his 2012 reelection bid, not when protecting American jobs for Americans seems so unassailable. Alas, it looks like we may be in for a prolonged recession (a "U" instead of a "V"), and perhaps even a worse economy when we're done (the dreaded "L").
Post a Comment