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December 08, 2009



Cap and trade isn't very good because it's relatively inefficient and prone to political gaming. As a general matter, however, I think the jobs *efficient* carbon prices would kill are uneconomical anyway. The "Employee Free Choice Act" is just plain bad. Terrible, in fact. I don't think it has any real chance of becoming law, but Obama's professed support still signals the possibility of destabilizing and ennervating labor laws. Agreed on the deficit, though I think it will only start becoming clearer early next year whether and how we're going to respond to the structural debt problem. I'm not sure that the health care plan will actually make the US a less competitive labor market.

Overall I'm not too worried because the market doesn't seem to be, based on the recent strength of the dollar in the face of good economic news.

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