The new White House stimulus idea: Get foreigners to pay for it.
WSJ and other outlets are reporting that Obama will unveil a scheme to attract $1 trillion in foreign direct investment over the next 5 years.
The truth is, that’s not all that ambitious. It’s only $50 billion each quarter, and as you can see, we already do that from time to time.
What’s more, the scheme mainly seems like it will be about cutting red tape, and more direct lobbying of foreign CEOs, rather than anything meaty, like tax breaks.
Still, $1 trillion is a good number, and it has Jeff Immelt’s endorsement.
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