OK, Sherlock, what do you make of this?
Whoa–bad news, what? Reuters explains: “Slack demand and lack of credit are forcing firms to cut capital spending and axe jobs, according to the survey. About 39 percent of firms said they planned to reduce payrolls over the next six months, while 17 percent expected to hire people.”
OK, let’s say you are the President of the United States and you wake up to headlines like that. What do you do? Do you set about trying to create an environment that is business friendly, that promotes growth by reducing red-tape and onerous regulations that make it more difficult for U.S. businesses to compete at home and abroad? Not If you’re Barack “I won” Obama. No siree. If you rule with his divine mandate you end your first week in office by making things more difficult for U.S. businesses, especially the suffering automobile industry:
Yes, that’s right, “U.S. President Barack Obama will start reversing former President George W. Bush’s climate change policies on Monday with steps to raise fuel efficiency standards and grant states authority to limit greenhouse gas emissions from cars.” It’s part of Obama’s promise “to take aggressive action to fight global warming and reduce emissions blamed for heating the earth.”