Thomas Cooley, economics professor and dean of the NYT Stern School of Business, dreams of what a President Obama might do:
And here, I start to dream…
In a bold departure from campaign rhetoric aimed at comforting disaffected rust-belt voters, Mr. Obama is now able to affirm his commitment to free trade and the process of globalization. Importantly, informed by his University of Chicago and Harvard-based economic advisers, he has underscored his support for the North American Free Trade Agreement, to the great relief of our most important trade partners to the North and the South.
Not likely with the debt he owes the unions. Here’s another one that won’t happen:
To further underscore his commitment to free trade and take a swipe at the special interest politics of the past, Mr. Obama has moved aggressively to remove absurdly costly protections for ethanol production and opened the door to ethanol imports from emerging markets like Brazil.
Obama’s first primary win was in Iowa; I’m betting this would not be change they believe in. Cooley’s dream is more like a fantasy. The only thing he mentions that is even remotely possible is this:
Indeed, recognizing that the key to the future prosperity of the U.S. economy is–as it has always been–rising productivity driven by innovation, Mr. Obama has announced new immigration policies that will open America’s doors to talented workers to meet the needs of American companies–something that Bill Gates and other great innovators have been urging for many years.
This is change I can believe in and I hope he does something like this. Lift the limit on H-1B visas with the only requirement being a job offer, a downpayment for a house and a good credit rating. It would increase our intellectual capital and decrease our housing inventory – a win, win.
Cooley is of course just dreaming and doesn’t expect any of this to happen. It’s nice to dream but at some point the reality of Obama’s policies will have to be dealt with. I suspect that Mr. Cooley and a lot of other people are not going to be happy.