Earlier this year, Cisco cut 550 workers as part of its decision to kill Flip and reorganize other aspects of its consumer business.
Cisco, once a tech darling, has fallen on hard times, but its not due entirely to competition. Though Apple seems to make no mistakes, HP has made plenty of them recently, and currently has a fairly lame management team.
These losses are hardly the trend needed at a time when Obama has lost a full 7.5 million jobs and counting.
A Obama now threatens to veto spending cuts, and to bring new taxes to most of those working in silicon valley, who enjoy the nations highest incomes, no question, the valley will be affected if Obama has his way.
Corporate jets, high salaries, and the chill from new piles of regulations will all have a negative impact on US high tech, an industry that will no doubt see a full onslaught of competition sooner, rather than later from China.