Diary

"Buy America" (Part Deux)

From Bloomberg:

Obama’s advisers are looking at including a “buy American” provision in the economic-stimulus legislation that the incoming administration has made its first priority.

“We are reviewing the buy American proposal and we are committed to a plan that will save or create 3 million jobs, including jobs in manufacturing,” said Jen Psaki, a spokeswoman for Obama’s transition team.

So, economic nationalism is back with a vengeance. I guess the steel industry is not the only group that has not read its Bastiat.

They told me that when the “reality-based community” takes over on the policymaking front, things will get a whole lot better. Pardon me for not believing this line of hooey in light of reports that the Obama Administration is engaging in the economic policy equivalent of believing the Earth is flat.