Peter Morici: Globalism Is Out, America Is In
“Well if Donald can put his program in place, cut the taxes, finance the infrastructure program, get our defense posture where it belongs. And most of all, stand down China. Then America will grow at four percent a year with no problem. Those are no mean tricks. He’s going to have to have a focused administration that operates on a systemic theme. That’s going to be hard. But, you know, he’s a man who knows how to run a big enterprise.
I think if you bet on America, if you bet on the S&P 500, you can’t go wrong. Essentially you’re betting, you know what’s in now, the message to Carrier and Ford and Apple and IBM is: Globalism is out. Americanism is in. We’re no longer interested in pursuing policies that shore up this aethereal global village. But now, it’s about America first. After all, does Angela Merkel worry about us when she fashions German economic or foreign policy?
The CEO at IBM, the CEO at Apple and the other places have to get it through their heads, if they want to be American companies, have the support of American universities, the protection abroad of American diplomacy, then they have to start thinking like American companies not global companies. And if not, there should be problems with Donald. They should have a hard time from the Oval Office if they continue to march to an Indian drummer or a Chinese drummer.
My advice to this administration is: Figure out what you want to get done, wrap it all up in a budget reconciliation bill. When Nancy Pelosi cries, play her back a tape of the passing of the health care reform. And just do it. You know Congress can change all these regulations overnight simply by passing a law and Donald signing it. If he goes through the normal processes, it’s going to be a long time in coming and so will the growth. That’s why I think this rally is a little ahead of itself.”
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