The main features of president-elect Barack Obama’s economic agenda are increasingly taking shape, and we may be facing the full-blown four apocalyptic horsemen if all this gets implemented. That’s what Kevin A Hassett from the American Enterprise Institute is saying, anyway.
The First Horseman is the ‘Fair Currency Act’, favored by Obama for its potential of protectionist tariffs against China, which is likely to spawn a new international trade war.
The Second Horseman is the infamous ‘card check’, a pending bill that will do away with the fundamentally democratic secret-ballot-election at work places and enable trade unions to bully workers into membership.
The Third Horseman is his tax policy, because he will refuse to keep George W Bush’s tax exemptions for multinationals, which are vital to encourage investment during the economic downturn.
The Fourth Horseman is regulation. Obama is notorious for blaming deregulation for the present economic problems and he has promised to crack down with a barrage of new regulations – and not just on the financial industry.
Click here to read Hassett's full article.