Economists miss the point!
Talk of a crumbling housing market, loss of consumer confidence, malaise, lack of growth of the job market, insecurity in the markets and deficit reduction is just talk. After the horrible attacks in 2001 our country has been on lock down. This lock down resulted in a drastic decrease of influx of capital, manpower, ideas and business.
The subsequent creation by Congress of serious obstacles to facilitating migration, whether it was through immigration, or merely by stimulating influx of business has stumped any growth potential since 2002. This is the root cause of our current economic woes.
However, there seems no willingness to discuss the link between continued restrictive immigration policies and the lack of growth from the bottom up. Increased homeland security and defense spending for 8 years and a decrease in new influx is a recipe for decline. The unwillingness to open the discussion on reopening the borders is based on fear and understandably so.
If the choice remains to stump growth in exchange for perceived security, our economic forecast will continue to worsen and our true security will diminish. Our knee jerk reaction to the events of 9/11 will prove to have actually caused the damage that Bin Laden said he was going to inflict on the West. We should have an honest discussion on whether we want to overcome our fears and open up our society for business, people and ideas or whether we want to continue on this path of implosion.