Obama´s first budget is industry-unfriendly. The Environmental Protection Agency's budget will rise by 34% to $10.5 billion, with new money provided to crack down on industrial polluters. This means, my estimate, an increase of 3 to 5% in average production costs and a cumulative decrease in the GNP of about 10%. Also the SEC and the financial sector regulation receives larger budgets. This is happening in the initial phases of a probably prolongued depression.